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SAN DIEGO — A new report shows buying a home in San Diego has never been harder.
The majority of homes for sale in the city of San Diego are over $1 million, that’s according to a recent report by real estate website Point2Homes.
Four cities in the state of California rank among the top five places in the country selling homes over that price tag, San Diego came in fourth place with nearly 60% of home listings above $1 million.
“I don’t think it’s fair because a lot of Americans are working hard. They sometimes have to work two full time jobs to be able to pay their mortgage,” said frustrated San Diegan, Ruben Miranda.
“We’re in the midst of inflation so prices are going up, but I believe there’s a lot of manipulation in the market,” added another San Diegan, Kim Yeater.
The report looked at home listings in 30 of the largest markets in the U.S. A total of 58.6% of homes listing are above the million-dollar mark in San Diego.
The medium home price in San Diego is $910,000.
Adam Roark, a broker associate with Compass Real Estate, says another reason for the high price tag is the housing supply has not caught up with demand.
“I think San Diego right now is the only major metropolitan area in California that had a net population gain last year because more people are moving here than are leaving which really can’t be said for LA or San Francisco,” said Roark.
Roark believes it should be more streamlined and easier for people to build so that there are more options for buyers.
“I think it’s no surprise that are frustrated and have felt left behind,” he continued.
He adds that there are a lot of people that are coming from places where housing was even more expensive – which only adds to the problem.
“They’re just people with resources that can keep those prices going up,” added Roark.
Renting is no easier – another report by Zillow states that San Diego is among the country’s 10 most expensive rental markets, beating San Francisco for the first time and ranking third most expensive in the nation.
“Rent situation is high, I’ve been living here for 12 years, and it pretty much doubled since I got here,” added Miranda.
“It’s tough to see rents continuing to climb and you know that makes it that much harder for people who are renting to save money to put towards a down payment,” added Roark.
The average monthly rate in June in San Diego was $3,175, surpassing San Francisco’s average rent of $3,168.
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