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Study says you must make over $80k per year to own a decent home in SD

 
Study says you must make over $80k per year to own a decent home in SD

Are home prices in San Diego forcing you to be "house poor?"

10news

SAN DIEGO - A report released Tuesday shows a salary of about $81,500 is needed to buy a median-priced home in San Diego.

The report, conducted by consumer news site HSH.com, examined mortgage rates and median home prices in 25 of the country's metropolitan areas to determine how much one would need to earn to cover the principal and interest payments on the average home. The report did not factor in property taxes or insurance.

The report shows "affordability has increased significantly since the third quarter of 2013 as home prices and mortgage rates have fallen," according to an HSH.com press release.

Below are the 25 metropolitan areas, ranked in order of the salary needed in those areas to afford a median-priced home:

1.     Cleveland: $19,435.17
2.     Cincinnati: $22,226.95
3.     St. Louis: $22,397.54
4.     Atlanta: $24,390.94
5.     Tampa: $24,650.88
6.     Orlando: $28,298.47
7.     San Antonio: $29,305.47
8.     Dallas: $29,751.24
9.     Houston: $31,298.99
10.   Chicago: $32,388.90
11.   Phoenix: $32,811.94
12.   Minneapolis: $33,800.09
13.   Philadelphia: $36,836.47
14.   Baltimore: $41,155.40
15.   Sacramento: $42,832.20
16.   Miami: $43,918.66
17.   Portland, Ore.: $45,872.78
18.   Denver: $48,122.72
19.   Seattle: $59,129.86
20.   Washington, D.C.: $62,809.63
21.   Boston: $63,673.13
22.   New York City: $66,167.27
23.   Los Angeles: $72,126.90
24.   San Diego: $81,570.40
25.   San Francisco: $115,510.06

Visit HSH.com for the full report.

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