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How much you need to earn to buy a home in San Diego County

Posted: 7:58 AM, May 20, 2018
Updated: 2018-05-20 19:29:44-04
How much you need to earn to buy a home in SD
How much you need to earn to buy a home in SD

SAN DIEGO (KGTV) -- A new report from the California Association of Realtors shows how much San Diegans need to make to buy a home. 

According to the report, you'll need to make well over $120,000 to qualify for a home loan. $126,270 to be exact. And that's the minimum qualification. 

The report also places the median home price in San Diego County at $610,000, $60,000 above a report from April which indicated San Diego homes had a median price of $550,000. 

In the state of California, the median home price is more than $538,000, meaning that, on average, you'll need to make $111,500 statewide to pay for a home. 

What does the housing market look like in the rest of the U.S.? According to data from the association, the median home price in the rest of the country is a modest $245,500. You'd have to make $50,820 to qualify for a loan of that size. 

So why is the California housing market so expensive? There are a lot of reasons, but in a report from the Sacramento Bee , Brian Uhler of the non-partisan California Legislative Analyst's Office gives one reason. 

Uhler says many places in California are great places to live, so, in an effort to protect the status quo, residents in those communities turn to lawmakers to create barriers to building new housing.

Uhler added that California's coastal cities are, as far as housing construction, among the slowest growing in the U.S., comparing their growth to shrinking Rust Belt cities.