Tannenberg expressed understanding of the inevitable rise in housing prices, making it challenging for many young adults to afford their own place. Despite his efforts over the past year, finding an affordable home remains difficult due to the city’s high cost of living.
San Diego was recently identified as one of the ten cities where buying a home is nearly impossible, given the disparity between average incomes and home prices. The median home price in San Diego currently stands at $925,000, with a national average mortgage rate of 7.06%.
Tannenberg voiced his financial struggles, emphasizing the need for more affordable loan options to make homeownership feasible for young individuals.
Although the housing market inventory has slightly increased in the past year, buyers still face tough competition in a seller’s market.
Real estate broker Bridget Potterton advised prospective buyers to be realistic about their financial capabilities and seek guidance from professionals to navigate the challenging market successfully.
Despite the obstacles, Tannenberg managed to find a home within his budget and is eager to finalize the purchase, recognizing the importance of homeownership as a sound investment.
“It’s the age,” Potterton remarked. “You wait long enough, and it’s time for change. Housing remains a valuable investment opportunity.”
