housing

People Migrating from NorCal Find San Diego Housing Market Affordable, Expert Says

Potential homebuyers in San Diego are finding more competition for a limited housing inventory

NBCUniversal, Inc.

A local real estate expert says a new trend has people leaving more expensive housing markets in Northern California and coming to San Diego because it is more affordable.

"Your seeing people move to San Diego from places like the Bay Area where it's more expensive," said Jeff Rosa who is the founder of Market Real Estate. "San Diego, believe it or not, is a cheaper alternative to the Bay Area."

This, in turn, is creating more competition in an already tough housing market for San Diegans.

Housing experts say there are two main factors that may support this:

First, interest rates are lower, which gives more buying power to a potential homeowner because they are able to afford a larger loan. This creates more interest.

Second, the inventory in San Diego County is low which creates fewer options for homebuyers.

With a stronger local economy and more jobs in industries like bio-tech, San Diego is becoming very attractive to outsiders.

"With the economy here to support the skills and the jobs they are seeking...anybody who may be leaving San Diego, I feel like they are being replaced," Rosa said.

Rosa also thinks next year will continue the trend of being good for homeowners and a struggle for homebuyers.

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