However, home prices in the county have jumped 16.6% year-over-year, so brick-and-mortar is still a much more solid investment than, say, the Dow, which cratered about 6.7% in roughly the same period.

The latest Case-Shiller Index figures, which are for July, came out this week, and show a dip in local home prices of 2.5%, month-to-month. 'You either have to make a big amount of income or you will have to have come from another place where the housing market is also pretty high, where you can sell your home and make a good amount there and that gives you enough then to put a bigger down payment then on the house.'Įven if you make that kind of cheese, you may be wondering if now is the time to buy. 'Unfortunately, just to get a starter home, most people are priced out of that market, most households are priced out of that market,' Gin said. How about the Big Apple? A mortgage of $3,453 will, 30 years later, pay off a $495,000 starter home - so what is that? a 300-square foot studio? - and will require an annual income of $138,101.Īlan Gin, an associate professor of economics at the University of San Diego, told NBC 7 that even if there are two earners in a household, many of them simply won't be able to afford a starter home in America's Finest City.

That's a little over 20 bucks an hour for a SINGLE breadwinner. While there, their households will need to rake in $41,849 in order to be able to hit the bank with $1,046 every 30 days. Louis can move into a starter for the low, low price of $150,000. Those numbers almost - almost - make one wish they were living in the Gateway to the West, where the denizens of St. Those Bay Area residents lucky enough to find one will need to make $239,933 per annum to shell out their monthly $5,998. The only place pricier than that in the report- surprise! - is San Fran, where a similar home will set you back $860,000 - if you can find one. Staggering, right? It's even worse up north: LA folks need to shell out 700 large for a starter, and they'd need to make $195,294 to pay the $4,882 nut. Get the NBC 7 San Diego app for iOS or Android and pick your alerts. Stay informed about local news and weather.

Rea tor com