SAN DIEGO (KGTV) — Finding a home in America's Finest City seems like a dream come true for many people, but a new study shows how long it may take to save money to buy a home in Sunny San Diego.
According to RealtyHop, which examined the barrier to homeownership across the top 150 U.S. cities by population, a family in San Diego would need to save for 10.23 years in order to afford a $183,000 down payment on a home.
The study also shows California outranking all the other states with the number of years needed to purchase a home.
Glendale beats out every U.S. city with a median listing price of $1,125,000, and buyers would need to spend 15.10 years saving for a 20% down payment of $225,000.
Sensibly, Los Angeles follows behind with a median listing price of $940,000, and buyers would need to spend 13.47 years saving for a 20% down payment of $188,000. And that's if they're saving at least 20% of their income each year.
On a list of worst to best cities for homebuyers in California, San Diego ranks at #6 after Glendale (15.1), Los Angeles (13.47), Long Beach (10), San Francisco (10.5), and Garden Grove (10.24).
On a national scale, San Diego makes the top ten list with a #9 ranking following Glendale, LA, Miami (12.49), New York (12.45), San Francisco, Hialeah (10.42), and Garden Grove.
A report released by Redfin in November 2022 said buyers had to be able to afford a $5,314 mortgage payment to buy a median-priced home in San Diego. It also said buyers need to earn $212,577 annually, which raised by 43.4% from $148,225 in 2021.
RealtyHop says it calculated the median asking price by city using over 1.8 million residential sales listings on its site between July 2022 and December 2022.
