Transitioning from renter to owner can be a challenge but a new report shows that to do so in San Diego is particularly difficult. In fact, personal finance website Bankrate states that the greater San Diego area is among the most difficult in the nation.
In a new study Bankrate examined the 50 largest metropolitan markets in the U.S., determining their accessibility for first time buyers based on affordability, job market, safety, culture, property taxes and more. San Diego was ranked as the seventh worst based on these factors.
Six of the top 10 worst places for first-time buyers were in California. While San Diego ranked well in culture, having plenty of recreation options, affordability challenges dragged it down.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 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.