Edit ModuleShow Tags

The Affordability Crisis

Last month, Realtor.com found San Diego to be the least affordable city in America. You may now panic.



Published:

So what does that mean?

Median priced home: $517,000 (Mortgage $2,300/month)
Salary you need: $101,000
Median salary in San Diego: $62,962

In 99 of the 106 zip codes in San Diego county, less than half the households can afford a median-priced home.

Why does it matter?

“Homeownership long has been central to Americans’ ability to amass wealth; even with the substantial decline in wealth after the housing bust, the net worth of homeowners over time has significantly outpaced that of renters, who tend as a group to accumulate little if any wealth… As a means to building wealth, however, there is no practical substitute for homeownership.”—Editorial Board, New York Times, November 29, 2014

36x

The average net worth of a homeowner is 36 times greater than the average net worth of a renter ($194,500 vs. $5,400)*

 

*According to the Federal Reserve Board’s 2013 Survey of Consumer Finances


More in Neighborhoods

Edit ModuleShow Tags
Edit ModuleShow Tags

More »Related Stories

San Diego Neighborhood Guide: Little Italy

The epicenter of all things cool and culinary in San Diego continues to reinvent itself

San Diego Neighborhood Guide: Oceanside

Oceanside remains one of San Diego's most creative corners

San Diego Neighborhood Guide: La Jolla Village

The walkable village is packed with locavore dining, indie shopping, and upscale spa-ing
Edit ModuleShow Tags
Edit ModuleShow Tags

Most Popular

  1. Vote Now for San Diego's Best Restaurants 2019
    From pho to fries, you can choose San Diego's best eats and drinks in 99 categories
  2. Puesto's Next Top Taco
    Submit your best taco recipe for the chance to win a grand prize
  3. The Best Soup Dumplings in San Diego
    My hunt for the best xiao long bao in the city unearthed two surprising winners
  4. Behind the Brands 2019
  5. 21 Ultimate Road Trip Itineraries from San Diego
    These getaways will take you through California, Arizona, Nevada, Utah, and Mexico
  6. Win a Luxury Hotel Stay in Puerto Vallarta
    Soak up the sun during a three night stay at Garza Blanca Preserve Resort & Spa
Edit ModuleShow Tags

Promotions

Puesto's Next Top Taco

Submit your best taco recipe for the chance to win a grand prize

Not Your Grandma's Orthotics

New year, new – shoe? Staying on your feet for long hours at a time just got a whole lot more comfortable with Wiivv’s BASE custom insoles
Edit ModuleShow Tags
Edit Module
Edit Module

Connect With Us:

Edit ModuleShow Tags

Sponsored

Whale Watching Report from Hornblower for March 6–12

Whale watchers get their fill of gray whales, dolphins, and more

Shaping San Diego 2019

San Diego is a premier catalyst for innovation, creativity, and entrepreneurialism
Edit ModuleShow Tags
Edit Module Edit Module
Edit ModuleShow Tags
Edit ModuleShow Tags