Typical monthly mortgages in San Diego are $4,457, up 105% since 2019, according to a survey of the housing market.
That pace, powered by housing demand and rising interest rates, has made home ownership far more costly, while putting the goal out of reach for many residents in the region.
Though wages are up in California over that same period, they rose by just over 18%, according to the Federal Reserve Bank, far trailing the rise in mortgage costs.
Inflation also has eaten away at the real value of the wage gains. The Bureau of Labor Statistics estimated that consumer prices – notably in fuel and energy costs – jumped 9.1% in the 12-month period that ended in June.
Zillow.com, in its November housing survey, acknowledged “affordability challenges” that “are keeping markets cool.”
Other findings from the survey:
- San Diego’s typical home value is $877,278, down 7% from its peak.
- Median time on the local market before listings shift to pending is 23 days, 15 days longer than a year ago.
- Inventory is 17.2% higher than in November 2021, but still down 30.9% since 2019.
- Typical rent is $3,056, down 0.8% month over month.
For comparison nationally, the typical home value is almost $358,000, with listings taking 22 days to sell. Zillow’s index shows monthly rents across the country at $2,008.