Report: Salary required to own home in San Diego nears $100K

SAN DIEGO - A new report has found that San Diego is the second least-affordable metropolitan area in the nation to own a home.

According to numbers released this week by real estate research company HSH.com, the annual salary required to afford a median-priced home in San Diego is $98,534. San Diego was cheaper than only one other metropolitan area, San Francisco, which came in at $137,129.

The report -- which ranked 27 metro areas -- considers the salary it would take to afford the principal, interest, taxes and insurance on a home.

HSN.com found that the median home price in San Diego was $483,000, a 17.1 percent increase over last year. The median monthly payment was $2,299. The median mortgage rate was 4.56 percent.

The most affordable city on the list was Cleveland, at $29,788. Rounding out the top five were Pittsburgh ($30,177), St. Louis ($31,275), Cincinnati ($31,850) and Detroit ($32,250). Three of the bottom five were in California, and included Boston ($79,820), Los Angeles ($85,964) and New York City ($89,788).

Pacific Northwest cities Portland and Seattle came in 20th and 21st respectively. Portland required a $60,307 salary, while Seattle needed a $73,851.

To read the full report, click here.

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