The monthly mortgage payment on a typical home in the city of San Diego jumped nearly 60% from a year ago, approaching $5,000, according to a report from Zillow.
The online real estate marketplace reported Tuesday that housing affordability across the nation is at a 15-year low, adding that buying a typical U.S. home at the current average mortgage rate of 5.78% would mean monthly payments of $2,127, 51% higher than a year ago.
That number more than doubles in pricey San Diego, of course: Here are some details from Zillow's report:
Housing in San Diego Metro
- The typical home value is $936,472, up 26.2 % year over year
- Mortgage payments on a typical home are $4,857 a month. That’s up 58.2%, compared with May 2021
- Typical rents are $2,999, up 19.7% since May 2021
- The share of listings with a price cut is 10.6%, compared with 4.7% in April
Wondering where we stand compared with our L.A. cousins, according to Zillow?
Housing in Los Angeles Metro
- The typical home value is $948,029, up 20.6.5% year over year
- Mortgage payments on a typical home are $4,870 a month. That’s up 51.6%, compared with May 2021.
- Typical rents are $2,922, up 16.1% since May 2021.
- The share of listings with a price cut is 9.6%
Zillow added that mortgage payments now are higher than rent in 45 of the 50 largest U.S. metros, a sharp reversal from as recently as 2019.
Also, demand for homes has pulled back in response to the latest market shift, easing price growth, slowing sales, boosting inventory and raising the share of listings with a price cut, Zillow reported.