Housing affordability in California has been a topic of interest, and concern, for years, with median home prices rising to amazing levels in some communities, to the extent that many would-be buyers were not able to afford them (well, until the days of 100% financing).
While Southern California home prices remain high compared to many other parts of the country, affordability has improved substantially, relatively speaking, in many communities since the median price of a single family detached home hit its peak in June 2007 for San Diego County at about $670,000. The median for the county for single family detached homes now stands at a little over $361,000, although it is still substantially higher in many communities including Carlsbad.
At the peak, about 8% of San Diego County residents could afford the median priced home, a pretty small number. That number has increased significantly to 29% in North County (and higher for the rest of the county), with some communities higher, but those near the coast are still showing challenging affordability levels.
Housing affordability assumes buyers put down 20% and pay no more than 1/3 of their income (with an annual income of $86,895 needed to purchase the median priced single family detached home for North County San Diego.
Here's how housing affordability (single family detached homes) stacks up for the communities in my service area as of the end of January 2009:
Carlsbad (92011) - 8%
Carlsbad (92009) - 11%
Carlsbad (92008) - 19%
Carlsbad (92010) - 21%
Encinitas (92024) - 9%
Cardiff (92007) - 2%
Del Mar (92014) - 2%
Solana Beach (92075) - 4%
Carmel Valley (92130) - 5%
Rancho Santa Fe (92067) - 0%
Oceanside (4 zips) - 33% - 43%
San Marcos (92078) - 19%
San Marcos (92069) - 38%
Median prices in these communities are well above the county median, with the exception of Oceanside and the 92069 area of San Marcos, ranging from a low of around $548K in Carlsbad at the end of January 2009 to a high of $3,487,500 in Rancho Santa Fe. Cardiff and Del Mar median prices were also over $1 million.
[NOTE: Data were taken from extensive reports prepared monthly for the North San Diego County Association of REALTORS® by Robert Brown, Ph.D. Department of Economics California State University, San Marcos.]
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If I can provide more information about Cardiff, Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.
All content copyright © 2008 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
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