Total monthly cost to support a $1.3M house at 5% downpayment (30 year at 6.25%) is about $9,600/month. The owner, if they are in the highest tax bracket, can get about $3K in total tax deduction. Still, $9.6K is the gross cash cost assuming about 1.4% in total tax and HOA; about $300 in insurance and $200 in misc maintenance.

So what income is needed to support this? $240K ($20K/month) at the minimum? Basically, give 50% of your income to support this house. Two very good professional jobs will actually achieve that in San Diego, so maybe not everyone is doomed. What do you all think?