Home affordability for first-time buyers in the San Diego region reached a record-high last quarter, made possible by historically low lending rates and slight drops in median home price, according to an index from the California Association of Realtors late this week.
Sixty-two percent of first-timers in the region can afford starter homes, rising from 60 percent in the third quarter and 57 percent one year ago, the quarterly barometer shows. Last quarter’s figure was also the highest level of home affordability in the county in data going back to 2000.
By comparison, just 23 percent could afford that starter home in the second quarter of 2006, the all-time low for housing affordability in San Diego County.
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