Housing affordability takes a dive in San Diego

Housing affordability takes a dive in San Diego

fox5sandiego.com

SAN DIEGO — With home prices continuing to rise, so is the number of people who can’t afford to purchase a house in San Diego County, the California Association of Realtors announced Monday.

Across the state, the percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California during the second quarter of the year was 36 percent, down from 44 percent in the first quarter and down from 51 percent in the same quarter last year, according to CAR.

house moneyIn San Diego County, 32 percent of home buyers could afford to purchase a house, down from 38 percent in the first quarter and 44 percent in the second quarter of 2012.

CAR’s Housing Affordability Index measures the percentage of households that can afford to purchase a median-priced single-family home and, according to CAR, is considered the most fundamental measure of housing well-being for home…

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