Salary of $131K needed to afford San Diego home, study says

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SAN DIEGO — San Diego was one of the least-affordable U.S. metro areas for buying a home in the second quarter, said a recently-released study from mortgage website HSH, the San Diego Union-Tribune reported.

Potential buyers needed to make $130,986 a year to afford the median-priced single-family house.

Only two other metro areas were less affordable — San Jose and San Francisco — said the study, which crunched numbers for 50 regions across the United States.

HSH determined rankings by looking at quarterly home price data, local property taxes, homeowner insurance costs and income needed to qualify for a loan. It also assumed that prospective homebuyers made a 20 percent down payment.

Read the Union-Tribune’s full story here.

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