San Diego is a top market for overleveraged mortgage debt.According to a new report from Wallet Hub, thecity ranks in the top 11% percent, with an average homeoverleveraged score in the 89th percentile. The reportanalyzed 2,500 cities across the country. The difference betweenmedian house price and income is driving the high leverage.
"San Diego is among the cities with the highest mortgage debts,"Jill Gonzalez of Wallet Hub, tells GlobeSt.com."This is because the median house value in the city is very high,at almost $600,000, while the median income is only about $55,000.This makes housing affordability a serious issue. However, peoplewant to own a home, and they end up taking mortgages that can putstrains on their household budgets."
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