What Salary is Necessary to Afford The Median Home in San Diego? | By Emily McGowan

How Much Do You Need to Make to Buy a Home in San Diego

The San Diego Union-Tribune recently published an article on the affordability of San Diego homes, specifically about the income necessary to buy a median-priced home. Through calculations on a mortgage website called HSH, the median home buyer needs to make a whopping $131K a year to be able to afford a home in our beautiful city.

What has exacerbated the already difficult market?

Inventory

The inventory nationwide has recently been sparse. Due to economics, the sale price rises when the demand is not met by the supply. Don’t sweat it yet: the supply in some metropolitan areas at certain price ranges is still at normal levels, and the inventory of homes is rising (0.5% in June, according to the NAR)

Taxes/Insurance

The rising costs of taxes and insurance are outpacing buyer’s income raises. The San Diego Union-Tribune quotes that a buyer’s income would need to rise by 10.58% yearly to keep up.

Prices

The prices just keep rising. With so many millennials still renting, the labor market at a good place, and the economy steadily growing, the sales prices and mortgage rates will continue to be driven higher.

Want to read more? Read the full article here.

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Written by

Helping others has always been a passion of mine. After years of teaching at UC San Diego, I decided to focus my energy on real estate. I love instilling confidence in people and watching them succeed whether it be in a classroom or in their financial goals. Read my blog, list or buy a home with me, or collaborate on a project and you'll see how inspired I am by unique spaces, architecture and design, and helping people feel right at home. From my experience in teaching, it's so important to provide unique service to each individual. As a mentor in real estate, I'll do just that: help your individual interests and desires in this crazy real estate market! ​ I grew up in Northern California on a farm, surrounded by almond orchards and rice patties. The beautiful weather, the bustle of a big city, and the opportunities waiting for us called my husband and I down to San Diego in 2013. California's diversity inspires my eclectic design and enabling attitude.

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