Where to Find an 'Affordable' Home in SD | NBC 7 San Diego

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Where to Find an 'Affordable' Home in SD

Homes selling for under $400,000

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    NEWSLETTERS

    As home prices start to rise, young families are struggling to get into the housing market. NBC 7’s Consumer Bob takes a look at where you can find these affordable homes. (Published Tuesday, Oct. 27, 2015)

    Most of the country would not believe this, but a first-time homebuyer in San Diego would be lucky to find a house for under $400,000. That's considered an "affordable" home.

    But San Diego is not like the rest of the country. The median house in American is somewhere around $230,000 while the median house in San Diego is about $565,000. That's more than double the median price in the United States.

    So where can you find a detached home for under $400K in San Diego? Mark Goldman is a real estate lecturer at San Diego State and a senior loan officer for C2 Financial Corporation. He says the further away you move from San Diego, the better your chances. Homes under $400,000 can be found in Alpine, Fallbrook and Borego Springs. But what about closer to San Diego?

    Goldman says the biggest concentration of homes can be found in Chula Vista, National City, Spring Valley, El Cajon and Escondido. But even then the homes don't last long.

    "It is slim pickings," said Goldman, "if you do find one that you like you'd better act quickly because it won't be on the market very long."

    Goldman says it may not be your dream home. "Its age, its condition, there may be other factors that would influence price."

    Most homes in that price range will be older, around 1,500 square feet with two bedrooms and one bathroom. But who an afford a home in that price range?

    Goldman says that depends on debt, down payment and other factors but says the average family should be making at least $75,000 a year.

    Alternatives to single family homes would be condominiums and manufactured homes that would most likely be cheaper.

    Most of the country would not believe this, but a first-time home buyer in San Diego would be lucky to find a house for under $400,000. That's considered an "affordable" home.

    But San Diego is not like the rest of the country. The median house in American is somewhere around $230,000 while the median house in San Diego is about $565,000.  That's more than double the median price in the United States.

    So where can you find a detached home for under $400K in San Diego? Mark Goldman is a real estate lecturer at San Diego State and a senior loan officer for C2 Financial Corporation.  He says the further away you move from San Diego, the better your chances.  Homes under $400,000 can be found in Alpine, Fallbrook and Borego Springs.  But what about closer to San Diego?

    Goldman says the biggest concentration of homes can be found in Chula Vista, National City, Spring Valley, El Cajon and Escondido.  But even then the homes don't last long.

    "It is slim pickens," said Goldman, "if you do find one that you like you'd better act quickly because it won't be on the market very long."

    Goldman says it may not be your dream home. "Its age, its condition, there may be other factors that would influence price."

    Most homes in that price range will be older, around 1,500 square feet with two bedrooms and one bathroom.  But who an afford a home in that price range?

    Goldman says that depends on debt, down payment and other factors but says the average family should be making at least $75,000 a year.

    Alternatives to single family homes would be condominiums and manufactured homes that would most likely be cheaper.