The growing cost of San Diego homes is not a recent development. A new study however, provides some insight into the effects of a pricier city and who gets to call San Diego, home.
An analysis conducted by Property Shark of home prices and rent costs in 50 of the largest cities in the U.S. was compared with the incomes of men and women. The study resulted in what Property Shark referred to as a "bleak picture of the urban housing market." Women in major cities were disproportionately outpriced.
In San Diego, both genders are in the same predicament. Neither men nor women can afford to buy or rent in the city without being a part of a duel income household. The study used the traditional method of not allocating more than 30 percent of monthly income to housing.
Both men and women will find mortgage rates relatively low with conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent while 15-year rates are near 3.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.