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Just over one-quarter of San Diego-area households could afford a median-priced home in the region during the first three months of this year, the California Association of Realtors reported Monday.

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The CAR study found that 28 percent of households could come up with enough funds for the $564,000 median price of a single-family home in San Diego County, compared to 29 percent in the same period last year.

The minimum-qualifying household annual income to purchase a median-priced San Diego-area home was $115,900, according to the CAR. The monthly payment, including taxes and insurance, was $2,900.

Statewide, 32 percent of households could afford California’s median price of a house — $496,620 — during the first quarter of 2017. That required a yearly income of $102,050, and monthly payments of $2,550.

A little over four years ago, 56 percent of California households could afford to purchase a single-family home.

Forty percent of home buyers were able to purchase the $414,940 median- priced condo or townhome in the first quarter of this year. An annual income of $85,270 was required to make a monthly payment of $2,130.

Nationwide, 57 percent of households could afford a median-priced home of $232,000 in the quarter, requiring an annual income of $47,690, and monthly payments of $1,190.

–City News Service

72 Percent of San Diego Families Can’t Afford Area Median-Priced Home, Study Finds was last modified: by

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