Only about 18% of households in San Diego County, where the median household income is $96,964, make enough money to comfortably afford a home. San Diego families need an income of nearly $275,000 a year to afford a mortgage on a home, which is nearly double what it was before the pandemic, according to a new report from the real estate website Zillow.
With that estimate, only about 18% of households in San Diego County, where the median household income is $96,964, make enough money to comfortably afford a home. According to Zillow, the average monthly mortgage payment -- including insurance, property taxes and maintenance -- after a 10% down payment in San Diego is $5,757, which would take an income of at least $273,613 to be able to afford, according to Zillow's analysis. At the time of the study, mortgage rates were about 6.6%. With those numbers, it would take a San Diegan nearly 17 years to save for a 10% down payment, assuming a household saves 5% of its total income a month
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KPBSnews - 🏆 240. / 63 Read more »