San Diego 10 most “impossibly unaffordable” city
New report compares average income and median home prices. Four California cities appear on the list.
SAN DIEGO — Once again San Diego has made it onto a list of the most unaffordable places to live.
In a new report, San Diego ranks 10th of places that are deemed, “impossibly unaffordable.”
The study, conducted by the Center for Demographics and Policy at Chapman University and The Frontier Centre for Public Policy out of Canada, looked at housing affordability in 94 major markets across the globe.
Specifically, the report looks at price-to-income ratios in eight nations – Australia, Canada, China, Ireland, New Zealand, Singapore, the United Kingdom, and the, United States. Price-to-income ratio, according to researchers is measured by dividing the median house price by the median household income.
San Diego’s median home price for May 2024 was $1,091,750 for single-family homes and $685,000 for a condo or townhome. The median income is $119,500.
According to the recently released study, the most expensive, or as researchers call it, the most “impossibly unaffordable” market was Hong Kong, followed by Sydney, Australia, then Vancouver, and San Jose.
San Diego was ranked tenth, just behind San Francisco and Adelaide, Australia.
This article was originally published by a www.cbs8.com
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