San Diego Renters Outnumber Owners

For any one of you considering selling your own place to move in your retirement, it might benefit you to know what the current market for homes looks like, especially in San Diego.

High home prices in America’s largest cities have resulted in more households choosing or being forced to rent, including San Diego.

The growing number of people choosing leases over loans has resulted in renters increasing in each of the 50 largest cities in the U.S. since 2006. As of June 2018, 35.7% of all occupied homes nationwide were rented, according to Zillow. This is up from 31.1% in 2006 and 32.5% in 2000.

In many large cities, where home prices are more expensive, renters now outnumber homeowners. In Miami, for example, 69.9% of homes are rented — the highest among the top 50 cities. This was followed by New York (68%) and Los Angeles (64.1%). In San Diego, 54.3% of households are renters.

In total, 29 of the top 50 markets had more renters than owners.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.5%, 15-year rates are near 4.0% and the 5-year ARM is averaging 4.125%.

Article Originally Posted in the Union Tribune 8/26/2018
Article has been edited from its original
Article Originally By Mehran Aram