San Diego is Named Least Affordable City; Who Can Afford to Buy Your Home?
Homes in San Diego aren’t as expensive as those in San Francisco or New York, but a new study by Realtor.com says San Diego still has more people who can’t afford to buy a place in their own back yard.
The study, released last week, gives San Diego the honor of being least affordable because fewer of its residents can afford to buy homes in their neighborhoods. That’s because incomes haven’t kept up with home price appreciation.
To determine whether a city was affordable, the analysts measured how many people could afford to buy a home in their ZIP code. The study found that in 99 of San Diego’s 106 ZIP codes, or 93.3 percent, fewer than half of the households could afford the median priced home because they couldn’t qualify for a loan. That made for the highest ratio of any city in the study.
San Diego, Los Angeles, San Francisco, San Jose and New York rounded out the five least affordable in the nation.
Disclaimer: for information and entertainment purposes only
This entry was posted in Uncategorized
. Bookmark the permalink