The American dream of buying a home keeps getting more and more out of reach for many. With one study showing you need to make close to $300,000 a year to comfortably afford a typical home in San Diego. Another study says it will take couples more than a decade to save for a down payment on a home. CBS. Eight's Abby Black is live in Claremont tonight. She's working for you to explain how this is even attainable. Abby. The latest average medium list price for a home in San Diego is around a million dollars. I'm working for you and spoke to a financial advisor who says that owning a home is an arm's reach. Just will take a lot of discipline. $273,613 is the household median income that Zillow says is needed to comfortably afford a typical home in San Diego. That's a lot of money. That's a lot of money. A broach is the vice president at D AC Investments. He's a financial advisor who says this report should not crush your dreams of owning a home in America's finest city. It's attainable with a lot of proper discipline and obviously a very defined goal set. Roach says after you've figured out what you can realistically afford and what the down payment will be. Let's break this down to an acronym, I call it the Carrot method C is create a monthly annual and projected budget and analyze your income and expenses. And a is set up an automated savings account, whether that be from a paycheck via direct deposit or after you've paid something off, that's usually the easiest like car payments or cell phone payment as things automatically get paid, that's going to make it a lot easier is reduce your spending and see where you're throwing away money and do this annually by checking your bank and credit card statements. Do you have Netflix, Hulu Disney? You name all the media type subscriptions you may have on top of cable, on top of maybe a radio subscription is for increased income that you can tuck away side hustling doordash. They're doing these delivery type services out there. Um Maybe they are selling items from their homes that they don't necessarily need anymore. I mean, I have kids that are constantly rotating through older ages of their sports. I have a lot of sports gear once a year, I'm doing garage sales and finally t is for track your progress and monitor it consistently to make sure that you're still closer to meeting your goals, your timeline to when you may be a buyer of a home is going to dictate how successful your initial plan is. Broach says, if you follow the carrot, you can achieve the American dream of owning a home. If that is one's goal, then there's abilities to achieve it. It's just here in San Diego specifically, it's gonna take a lot of discipline and likely a lot of sacrifice to get you into that position to buy a home. He also says that once you are down that path of getting closer to buying a home, you need to reach out to mortgage co, they can give you some insight into first time home buyer programs as well as low down payment options to make it possible. And I know why this car acronym may sound elementary, but I can attest that can work. My husband and I before the pandemic were interested in buying a home, but we just financially were not there. And that's when we took some of these methods from car and really disciplined and limited our budget and our spending and we're able to buy a home in 2020. But it was really tough. You just have to strap down.
