SAN DIEGO (CNS) - San Diego County homebuyers got some good news in the third quarter of 2024 with housing affordability improving slightly from the previous quarter, the California Association of Realtors announced.
Twelve percent of county households could afford to buy the $1.01 million median-priced home in the third quarter of this year, an improvement over the 11% during both the third quarter of 2023 and second-quarter 2024, according to a report released by the association on Nov. 7.
A minimum annual income of $253,600 was needed to make monthly payments of $6,340, including principal, interest and taxes on a 30-year fixed-rate mortgage at a 6.63% interest rate, the report said.
Sixteen percent of California households could afford to purchase the $880,250 statewide median-priced home in the third quarter of 2024, up from 14% in second-quarter 2024 and up from 15% in third-quarter 2023, CAR said.
A minimum annual income of $220,800 was needed to make monthly payments of $5,520, including principal, interest and taxes on a 30-year fixed-rate mortgage at a 6.63% interest rate, the report said.
Also statewide, 25% of home buyers were able to purchase the $670,000 median-priced condo or townhome. A minimum annual income of $168,000 was required to make a monthly payment of $4,200, according to the association.
Copyright 2024, City News Service, Inc.
