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Updated almost 3 years ago,
San Diego Ranks As The Least Affordable City In USA To Buy a Home
A few weeks ago, San Diego was rated as the least affordable city in America to purchase a home. This does not mean that we have the most expensive homes, but rather wages have not caught up to the skyrocketing prices of homes on the market. When I moved to San Diego from Los Angeles 3 years ago, one of the first things I noticed was that companies were paying their workers ~25% less than what they would pay in L.A. Fast forward 3 years and here we are with record housing prices. In February 2022, the AVERAGE sale price in San Diego was $1,002,871. That is crazy! On top of it all, interest rates have almost doubled since this time last year. With all of this being said, how do you think we will get through this situation? Will the market crash? Will wages increase? And how does this situation affect the way you advise your clients? For me, I don't foresee a crash considering there is still an extreme shortage in properties available. I think that wages will catch up with this housing trend as well, considering how hard it is to find a good employee these days. I would love to know what you all think about this!