The Struggle for Homeownership in California's Competitive Housing Market.
The California Association of Realtors reported that a minimum annual income of $206,800 was needed to qualify for the purchase of a $911,000 median-priced, existing single-family home in San Diego County in 2022, assuming a 20% down payment. The association also found that San Diego County had an 11% affordability gap between Black people and the overall population last year, while the Latino affordability gap was 9% in 2022. The significant difference in housing affordability for Black and Latino households illustrates the homeownership gap and wealth disparity for communities of color, which could worsen as the economy slows and rates remain elevated this year, CAR said.