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Local housing affordability rate lags

San Diego, 26%; statewide, 31%

Home affordability in San Diego County continues to lag much of the state, according to new statistics released this week by the California Association of Realtors trade group.

Roughly 26 percent of San Diegans could afford a median-priced single family home in the third quarter of 2016, unchanged from the last reporting period but up from 24 percent in 2015. Statewide, affordability rates are closer to 31 percent.

The area's median-priced home is currently pegged at $589,260. That would require a household income exceeding $114,000 and cash available for a down payment of about $118,000 in order to meet affordability standards specifying buyers should spend at most 30 percent of pre-tax income on monthly payments.

While already low, affordable-housing stats have been buoyed by mortgage interest rates hovering near record lows. In recent days, however, federal bond rates have spiked as investors fear inflation and increased federal deficits under the coming administration of president-elect Donald Trump. Mortgage rates, closely tied to Treasury bond rates, have jumped 15 percent since Tuesday — if the rise continues, expect an even bleaker picture when year-end reports are released in January.

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Home affordability in San Diego County continues to lag much of the state, according to new statistics released this week by the California Association of Realtors trade group.

Roughly 26 percent of San Diegans could afford a median-priced single family home in the third quarter of 2016, unchanged from the last reporting period but up from 24 percent in 2015. Statewide, affordability rates are closer to 31 percent.

The area's median-priced home is currently pegged at $589,260. That would require a household income exceeding $114,000 and cash available for a down payment of about $118,000 in order to meet affordability standards specifying buyers should spend at most 30 percent of pre-tax income on monthly payments.

While already low, affordable-housing stats have been buoyed by mortgage interest rates hovering near record lows. In recent days, however, federal bond rates have spiked as investors fear inflation and increased federal deficits under the coming administration of president-elect Donald Trump. Mortgage rates, closely tied to Treasury bond rates, have jumped 15 percent since Tuesday — if the rise continues, expect an even bleaker picture when year-end reports are released in January.

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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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