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New study: Cheaper to buy than rent In Chula Vista

Posted: 3:54 PM, Jul 11, 2019
Updated: 2019-07-11 21:24:16-04
Chula Vista home for sale
Chula Vista home

CHULA VISTA, Calif. (KGTV) - New studies show San Diego County is among the worst places in the nation to be a first-time homebuyer, while another study shows it's cheaper to buy than rent in Chula Vista.

WalletHub's study "compared 300 cities of varying sizes across 27 key indicators of market attractiveness, affordability and quality of life. [The] data set ranges from cost of living to real-estate taxes to property-crime rate."

On the list:

216. Chula Vista
221. San Diego
241. Carlsbad
253. Escondido
256. Vista
257. Oceanside
280. El Cajon.

A study by Go Banking Rates shows it's cheaper to buy in Chula Vista than rent, comparing an average $2,566 per month rent to $2,475 per month mortgage. That will save you about $100 a month, if you can afford the down payment.

Realtor Gayle Montisano said there's a reason Chula Vista is more affordable than other parts of San Diego.

"There's not a whole lot of land in San Diego and Chula Vista hasn't been touched. Over the past 20 to 30 years they started building and now you have this gorgeous community out here and we're only seven miles from the bay."

She also said empty-nesters are downsizing, leaving room for those first-time homebuyers to move up into their dream home.

Montisano said there are homes in Chula Vista for every buyer and every budget.

"The difficult part is getting what you want at the price you want without the fees," Montisano said, alluding to HOA and Mello-Roos.

She said the homes of the future are also budget conscious, adding they are low maintenance, energy efficient and many are created to house multiple generations.