San Diego Housing Market: Among Most Expensive in the Country
San Diego remains among the most expensive housing markets in the country, despite a current downward trend. According to a recent study by home improvement series “This Old House,” the region ranks as one of the U.S. metros with the highest average down payment for a house.
The study determined the average down payment by state using median home sale values from November 2023, assuming a 15% down payment for all home buyers. In San Diego, the average median home value is $980,000 with an average down payment of $147,000, making it the third highest metro area in the country for down payments.
The top two spots for highest average down payments belong to San Francisco and San Jose, with median home prices of $1,605,000 and $1,620,000 respectively. Collectively in California, first-time home buyers have an average down payment of $65,280, while repeat home buyers average $155,040.
To assist prospective homebuyers, “This Old House” recommends developing a home savings budget, researching state/local first-time buyer programs, creating a separate account for down payment savings, and exploring state-based assistance programs.
Overall, the data shows that significant financial resources are needed to secure a home in San Diego’s competitive housing market. For more news, weather, sports, and streaming video, visit FOX 5 San Diego & KUSI News.