Here's something you might be interested in.
Nationally, July home values in major metro markets rose 1.2% from a year ago, according to Zillow.com. But San Diego's values dropped 0.6% on a year-over-year basis. But San Diego home values are far more expensive: the median local value is now $344,200. That's the third most expensive among 25 major metro areas, topped only by San Francisco and Los Angeles. San Diego's monthly rents at $2,092 lag only San Francisco and Los Angeles. However, the local rent index rose only 0.4% from a year ago, lagging the national metro increase of 5.4%.
Nationally, July home values in major metro markets rose 1.2% from a year ago, according to Zillow.com. But San Diego's values dropped 0.6% on a year-over-year basis. But San Diego home values are far more expensive: the median local value is now $344,200. That's the third most expensive among 25 major metro areas, topped only by San Francisco and Los Angeles. San Diego's monthly rents at $2,092 lag only San Francisco and Los Angeles. However, the local rent index rose only 0.4% from a year ago, lagging the national metro increase of 5.4%.
While all this is bad news to some, it is great news to many more. That's because the area is becoming more affordable, oh so gradually. It might get to a point where those many local employees paid in a combination of real dollars and unreal "sunshine" dollars can actually live here in some sort of comfort.
Good point, but I would prefer to say "less unaffordable" than "more affordable." As you can see from the numbers, the SD median home price is extremely high. And San Diego incomes, while above average, are not that sturdy. Best, Don Bauder