Thinking about buying… Is now the right time? Can I afford this? Have I saved enough? Should I rent or buy? What will my monthly payments be?
Everyone knows that San Diego is one of the most expensive metropolitan areas in the United States being ranked in the top five, next to New York, San Francisco and Washington D.C. The average person needs to earn just over $100,000 to qualify for the median home prices in San Diego County of $517,800. If one qualifies for an interest rate of 4.28% that is approximately a monthly payment of $2372. In the last year home prices in San Diego County have increased about 7% while the median household income remains at $64,373 according to the US census. So what does this mean for you? Whether you are single or married how much you can afford ultimately comes down to your income level. Based on an income to monthly mortgage amount here are some figures to help put it into perspective home prices in San Diego someone could afford.
|Annual Gross Salary||Amounts Can Potentially Afford*|
|$60,000||$252,000 w/ $20,000 Down|
|$120,000||$323,000 w/$20,000 Down|
|$300,000||$721,000 w/$50,000 Down|
*Vary based on down payment and debt amounts, see your lender for more details.
One item you will want to think about as well is that our rents are significantly higher than most places. In Downtown San Diego rents range anywhere from $1500-$5000 per month depending on certain factors. In certain scenarios your mortgage may be less than what it costs to rent in Downtown San Diego.