Homeownership remained out of reach for most San Diego County households during the second quarter, despite housing affordability holding steady from the previous quarter, according to a report released by the California Association of Realtors.<\/p>\n
In San Diego County, 17% of households could afford to purchase the county’s median-priced single-family home of $1.075 million during the second quarter, the same as the first quarter and up from 16% a year earlier, the association said. A minimum annual income of $268,000 was needed to qualify for the purchase.<\/p>\n
“Despite improving from a year earlier, affordability remains near historic lows as elevated housing costs and borrowing expenses continue to limit homeownership opportunities across many California communities,” the report said.<\/p>\n
Statewide, housing affordability fell to 19% in the second quarter from a four-year high of 22% in the first quarter as mortgage rates climbed and home prices rebounded. The statewide median home price rose to $916,750, requiring a minimum annual income of $228,400.<\/p>\n
The average effective mortgage rate increased to 6.54% from 6.24% in the previous quarter, the first quarterly increase in five quarters, while the statewide median home price rose 8.7% from the prior quarter, according to the association.<\/p>\n","protected":false},"excerpt":{"rendered":"Homeownership remained out of reach for most San Diego County households during the second quarter, despite housing affordability…\n","protected":false},"author":2,"featured_media":426324,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[74,76,75],"class_list":["post-426323","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-diego","tag-san-diego","tag-san-diego-headlines","tag-san-diego-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/426323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=426323"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/426323\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/426324"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=426323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=426323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=426323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}