Interest rates are on the rise in San Diego. In fact, rates in 2006 have not been higher since the summer of 2002. The California Association of Realtors reports that this rise is due to inflation and interest rate expectations. But don’t let the housing market deter you from purchasing a home in San Diego. Many residents find the benefits from living in such a diverse and beautiful state to outweigh the high housing prices. We encourage you to keep reading to find out more about purchasing a home in the sunshine state.
Quick San Diego Housing Facts
Percent of Homeowners in San Diego: 49.5%
Percent of Renters in San Diego: 43.1%
Median San Diego Household Income: $45,733
Average San Diego Credit Score: 690
Best Cities to Live in California: Mill Valley, Coronado, Saratoga, Santa Barbara, Benicia
Median San Diego Home Value: $233,100
How much Real Estate Can I Afford in San Diego?
California is one of the most expensive states to buy a home in, but don’t let that fact deter you from buying a home in San Diego. Check out our mortgage calculators; they will help you determine your financial standing in the San Diego housing market. We also suggest that you seriously consider the following questions:
- How much am I willing to spend on monthly mortgage payments? If you currently rent, keep in mind that mortgage payments will probably be a little more than rent payments.
- What kind of payment plan will work well for me? Fixed Rate and Adjustable Rate programs are very popular, so you may want to consider those first.
- What are the property taxes like in San Diego?
- What are the interest rates in the area of San Diego I want to live in?
Refinancing in San Diego
Refinancing can be a powerful economic tool. The main purpose of a refinance is to take advantage of low interest rates. If the market interest rate is 2% lower than your current interest rate, its probably a good idea to refinance and lock in that interest rate before it goes up again. It’s also a good idea to refinance if your credit score had significantly improved and you now qualify for a lower interest rate. Refinances are designed to better your economic situation, so if the situation is right, take advantage of it.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.