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Happy Valentine's Day, singles: It will take you 22 years to own a home in San Diego

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Posted at 1:36 PM, Feb 08, 2018
and last updated 2018-02-08 16:36:55-05

SAN DIEGO (KGTV) - San Diego singles who'd rather skip over Valentine's Day have another aspect of the single life to frown about: Homeownership.

(Though real estate is a pretty inclusive problem in San Diego nowadays.)

Single San Diegans will spend about 22 years saving up for a down payment on a home in San Diego, compared to 11 years for a couple, according to real estate website Zillow.

RELATED: Down payments stopping San Diegans from owning a home, report says

While a number of factors could play into the time it takes to save for a down payment, home inventory is still an issue. The report states:

  • Single buyers can afford a $234,123 home, or 3 percent of San Diego area homes.
  • Couples can afford a $471,840 home, or 40 percent of San Diego area homes.

Nationally, that time is slashed in half to about 11 years for a single homebuyer and less than five years for a married couple on average.

While the timeliness of the study so close to Valentine's Day is evident, the message resonates stronger with anyone looking to buy a home. Across the U.S., less than half of all homes are affordable to a single homebuyer. Zillow reported.

RELATED: San Diego 2018 rent forecast: It's not going to get better

"Single buyers typically have more limited budgets, which means they are likely competing for lower-priced homes that are in high demand,” Aaron Terrazas, a senior economist at Zillow, says. "Having two incomes allows buyers to compete in higher-priced tiers where competition is not as stiff."

For San Diegans who couldn't bear to leave, there's a silver lining: It's not the worse city in California, the report indicates.

San Jose is the state's worst area for single homebuyers, where they have to save for 30 years for a down payment. That's longer than the lifespan of a typical home loan.

RELATED: More single-family homes now for rent in San Diego

The best metro for singles to save for a down payment in Zillow's study is Indianapolis, Ind., where singles save for less than eight years on average.