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.
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.
"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.
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.