San Diego may be a very desirable city to live in, but it’ll cost you. A recent analysis of 25 metro areas conducted by SNL, a real estate research firm, reveals San Diego is the most difficult market for renters to become homeowners.
According to SNL, this research indicates that in 2013, San Diego buyers needed to earn $81,570 annually in order to be able to purchase a median-priced home of $476,790 in San Diego. The analysis revealed that there are only about 5.49 renters per every 100 housing units who are eligible to purchase that median-priced home.
Many first-time buyers in San Diego may not qualify to purchase a home without the help of family, grants, and government loans such as, FHA and VA.
Source: “Toughest Markets for Renters Looking to Buy,” The Wall Street Journal (May 7, 2014)
About Daniel Di Matteo
THE REAL ESTATE BUSINESS HAS LESS TO DO ABOUT SELLING PROPERTIES AND EVERYTHING TO DO ABOUT HELPING PEOPLE.
