Harsh Reality – Estimated 18 years needed to save to buy a home in San Diego

San Diegans who are between 25 and 30 years old may be graying by the time they can save enough to buy a median-priced home here.

A study released Wednesday by real-estate tracker Trulia says it would take 18 years for a San Diego household of college-educated young professionals earning the median income to afford a median-priced home in the county.

More specifically, a household earning $89,000 per year that can save 10 percent of its income for 18 years would then have enough money for the standard 20 percent downpayment on a median-priced home of $589,000 in the county, Trulia says. San Diego ranked as the nation’s fourth most difficult city to save to buy a home.

read more at: http://www.sandiegouniontribune.com/news/2015/jul/08/trulia-down-payment-savings-real-estate/

disclaimer: for information and entertainment purposes only

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