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Still unaffordable

Rising home prices mean fewer households can afford to buy, despite low interest rates

A report out yesterday from the California Association of Realtors trade group announced that the state’s housing affordability index dipped below 50 percent in the third quarter of 2012.

Rising home prices across the state contributed to affordability, which the Association defines as the percentage of households that could afford a median-priced home assuming they have a 20 percent down payment available and can qualify for a market average interest rate. Though interest rates remain near historic lows (the survey assumed the typical rate for a new borrower to be 3.72 percent), increasing values still found that only 49 percent of households that could obtain such terms would be able to purchase a median-priced home, down from 51 percent in 2012’s second quarter.

In San Diego the numbers are even worse, though they show signs of improvement as compared to the statewide dip. Forty-three percent of local households can now afford a median-priced home here, down from 44 percent three months ago but still up a tick as compared to a 42 percent affordability rating last year.

To buy one of San Diego’s median-priced homes, currently valued at around $394,000, prospective owners would need an income of $76,370 to afford the $1,910 estimated monthly payment.

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A report out yesterday from the California Association of Realtors trade group announced that the state’s housing affordability index dipped below 50 percent in the third quarter of 2012.

Rising home prices across the state contributed to affordability, which the Association defines as the percentage of households that could afford a median-priced home assuming they have a 20 percent down payment available and can qualify for a market average interest rate. Though interest rates remain near historic lows (the survey assumed the typical rate for a new borrower to be 3.72 percent), increasing values still found that only 49 percent of households that could obtain such terms would be able to purchase a median-priced home, down from 51 percent in 2012’s second quarter.

In San Diego the numbers are even worse, though they show signs of improvement as compared to the statewide dip. Forty-three percent of local households can now afford a median-priced home here, down from 44 percent three months ago but still up a tick as compared to a 42 percent affordability rating last year.

To buy one of San Diego’s median-priced homes, currently valued at around $394,000, prospective owners would need an income of $76,370 to afford the $1,910 estimated monthly payment.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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