Home prices and rent continue to rise in San Diego County, as competition for housing gets fiercer.
Recent reports highlight how difficult it is to find a home or apartment to rent or own in San Diego: The average cost of rent has increased 8 percent since March, according to a MarketPointe Realty Advisors report released last week.
Then, a report this week by real estate analyst CoreLogic detailed how the median home price has reached its highest point in nearly 11 years: $498,000, according to the San Diego Union-Tribune.
The all-time peak for home prices in San Diego was $517,500 set in November 2005, the U-T reports.
The recent trends show home prices steadily climbing since 2008, and analysts told the U-T that prices will likely exceed the 2005 record.
The rent report is equally as eye opening. KPBS reports that the average rent for is $1,743, with a two-bedroom apartment costing $1,821 a month.
That’s a sharp increase from earlier this year and 33 percent rise since 2010, KPBS reports.
Have you experienced this stifling rise in housing prices? Leave a comment below.