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SAN DIEGO (FOX 5/KUSI) — National reports indicated that buying a home in 2024 became more affordable than in the year prior, but San Diego remained one of the most expensive places for prospective homebuyers.
According to a recent report by Redfin, the five least affordable major metros in the U.S. were all in California — San Diego being among them.
In San Diego, someone making the median income would have had to spend more than 67% of their earnings on monthly housing costs if they purchased a median-priced home at $905,463. The change in the share of median income needed to buy a median-priced home went up 0.6 percentage points from 2023.
The household income needed to afford a median monthly housing payment of $6,064 in San Diego was $108,115, according to data on Redfin.
Los Angeles topped the list of least affordable metros, where someone would have had to spend at least 77% of their earnings on monthly housing costs on a median-priced home of $896,060. It was followed by San Francisco (76.2%), Anaheim (75.9%), San Jose (73.9%) and San Diego.
Nationally, someone earning the median household income of $83,782 in 2024 would have had to spend 41.8% of their earnings on monthly housing costs for a $429,734 median-priced home.
That’s just a slight decrease from the prior year, when a homebuyer would have needed to spend 42.2% of their earnings on monthly housing payments.
The good news? In 2024, 25 of the top 50 metros reported improvements on housing affordability in the U.S.