Study: San Diego is the fifth-most expensive housing market in the nation
A new index from the University of San Diego's real estate school ranks San Diego as the fifth-most expensive housing market in the US, with renters needing to spend 86.8% of their annual income to own a median-priced property. The index uses renter income to track homeownership costs and breaks down expenses across metro areas.
San Diego is the fifth-most expensive housing market in the US, according to a new index from the University of San Diego's Burnham-Moores Center for Real Estate. The index uses renter income to track homeownership costs and ranks the San Diego metropolitan area behind Los Angeles, San Jose, San Francisco, and New York. The data, based on the first three months of the year, shows that San Diego County renters would need to spend 86.8% of their $81,521 median household income on a mortgage, taxes, and expenses to own a median-priced property. The index breaks down the costs, with 2.1% of annual income going to insurance, 11.6% to taxes, 3.7% to utilities, and 4.6% to homeowner association fees. The developers of the index, Norm Miller and Ian Kennedy, conclude that while San Diego is expensive, some costs are relatively lower compared to other parts of the nation. The index will be updated quarterly.
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