$117,865 (San Diego: rentals, loan, neighborhood)

[NORTY FLATZ]

Originally Posted by cruitr

Maybe you can't afford to live here. My wife and I bought our first home in Phoenix AZ. Using my VA benefits, we put $20 down with a house payment of $366 a month. All of our friends laughed at us for paying such a high monthly house payment.

Even Phoenix is getting pricy. And no, I can't afford to live here. Accepting donations/gifts presently.

I don't want to tell you what my first house cost...I'll just say that I really scored with a 10% loan!

[92greenyj]

Ironically, prices continue to soar here. We bought our 3 bed 2.5 bath 1k sq ft home in Spring Valley 7 years ago for 320k. It is currently worth about 600k so it has essentially doubled in value over the 7 years we have been here. All of the comps in my area have sold for over asking price and we’re under contract within a week. Thanks to me always paying a bit extra each month on our mortgage payments and having put 20% down on it, we are going to walk away from this house in June with over 320k (what we bought it for) in cash. This is allowing us to buy our new 6 bed 5 bath 5500 sq ft home on 24 acres in Maine for cash and we won’t have a mortgage payment at all anymore.

[malcorub16]

Originally Posted by 92greenyj

This is allowing us to buy our new 6 bed 5 bath 5500 sq ft home on 24 acres in Maine for cash and we won’t have a mortgage payment at all anymore.

Nice I love San Diego but 24 acres with no mortgage sounds much nicer than a lot in Spring Valley.

[JoeSanDiegoHomes]

Originally Posted by SDSurfer3

I think 740K includes condos and townhomes. If you look at the City of San Diego and not county. The average for a SFH is 1.3+ million according to Redfin. I know of a couple that recently moved down from the Bay Area that says San Diego is much cheaper. So it will only get worse as more folks move to SD and continue to WFH and mostly keeping their Bay Area/NYC area salaries.

Local wages are not rising with the home prices and is going to squeeze the locals out even ....

740k is the median for detached SFH. Average is a touch over a million.

[JoeSanDiegoHomes]

Originally Posted by Astral_Weeks

I assume that is for a single-family residence? I think the median condo price in SD is around $475,000 to $500,000.

Also, I am not in the market but I assume lenders are still requiring 10 to 20 percent as a down payment. So in your hypothetical a prospective buyer will need to bring a certain amount to the table to get a loan like that.

You can get a conventional loan for that price for 5% down. A little higher and you go to a jumbo loan and need a larger down payment.

[DKM]

Originally Posted by NYSD1995

even if you put 20% down you are looking at a 3500/mo nut on a 740k house. After taxes 117k is going to be around 7k. So you are putting 50% of your after-tax income into housing. Doesn't seem like a smart move to me.

Including taxes and insurance yes. But that also means you will be putting an average of 25k into your equity each year. And if prices go up 3 to 4% a year, you are making another 25k in equity. Not so foolish anymore if building wealth is a goal here.

[1AngryTaxPayer]

Originally Posted by hitman619

It really isn't a smart move, but neither is paying $2800 a month in rent either. Renting in a decent neighborhood still comands a premium here in San Diego.
3 of my Neighbors on my block are living together in multi generational Homes. I know one of the places is renting for $3100 a month, that's nuts.
I would rather everyone pool their Money together and just buy something.

There are 8 houses total on my block that are being rented for over three grand and they are all owned by foreign investors. Mostly Chinese. It's the same Company too buying most of them up.

[NORTY FLATZ]

Originally Posted by 1AngryTaxPayer

There are 8 houses total on my block that are being rented for over three grand and they are all owned by foreign investors. Mostly Chinese. It's the same Company too buying most of them up.

You must be in a very nice neighborhood then. They don't buy junk.

[1AngryTaxPayer]

Originally Posted by NORTY FLATZ

You must be in a very nice neighborhood then. They don't buy junk.

Bay Park for the win

I'll admit we just got lucky. Actually, we had a real richard landlord while living in Crown Point. That was the tipping point that got us to buy. I wanted to seriously knock him out. My wife was preggers and this clown was trying to get us out so he could raise rent.


Best thing that ever happened, thanks richard

[SNicewarner]

Originally Posted by Hemlock140

That doesn't seem too bad for San Diego, especially when compared to here in Sammamish, WA where the median home price is now $1,055,726. Even the less expensive Seattle has a median price of $804,487.

Yes, but Sammamish is a lot smaller and Carnation or Duvall, with much lower prices, are just a few miles away. San Diego prices are insane throughout the metro area.