Rent vs. Buy in San Diego, CA – The housing market is in a new era in San Diego, CA where rent prices are almost the same as purchase prices. During a home showing this weekend, a military couple couldn’t believe the deal in front of them.
A brand new home with 4 bedrooms, 21/2 baths, granite countertops in kitchen and baths, stainless steel appliances, large travertine tiles throughout ground floor, landscaped front and backyard, large masterbedroom with walk-in closet all for $349,900.
So, what would be the monthly cost? $2500 to include principal, interest, HOA and taxes. The interest rate offered was 3.87% with good credit. The husband said, ” It’s a no brainer. Why pay rent when I can put my BAH to work for me?”
Here are more reasons why buying makes sense in the San Diego housing market especially for military families.
1. VA funding has been reduced -recent changes have now made it cheaper for Veterans to get VA home loan financing.
2. House prices have been almost cut in half over the last 3-5 years. Current single family home price average is $305K.
3. Record low interest rates.
4. VA home loan transactions can close fast in 30-45 days.