SAN DIEGO (KGTV) — When it comes to purchasing homes in metropolitan cities, affordability is a crucial factor. RealtyHop has conducted a recent study that has narrowed down the home costs in various regions of San Diego County.
The report looked at what metro areas throughout the county were the most and least affordable to live in.
In the June 2023 study, Carlsbad ranked the least affordable housing market in the San Diego Metro Area, where households spend 69.63% of their income on mortgage and property tax payments.
The median purchase price of a home in Carlsbad is $1,465,000.
Escondido came in second as the least affordable housing market where homeowners reportedly spend 65.34% of their income on housing costs.
The City of San Diego itself ranked third least affordable, where a home's median purchase price is $899,000.
Chula Vista, whose home-buying costs increased in May 2023, is deemed the most affordable market in the San Diego area.
Researchers say households in Chula Vista make a median income of $96,037 and only allocate 48.68% of that toward homeownership costs. The median purchase price for a home of $730,000.
Oceanside is ranked as the second most affordable market, with the average household only needing to spend 55.45% of their income on mortgage and tax payments.
RealtyHop says its Metro Affordability Report analyzes proprietary and ACS Census data to provide an index of housing affordability and homeownership burden across the most extensive metro areas in the U.S. Median home prices were calculated using all listings in the RealtyHop database over the month prior to publication.
