SAN DIEGO (KGTV) - Rent in San Diego is getting so high that thousands of locals could easily be paying off a mortgage instead.
The problem is many of them can't save enough cash for a down payment.
However, there are two reasons why those renters may be closer to buying a home than they think.
The agencies let homebuyers use money from family and gifts to qualify. The programs are meant for low- to moderate-income earners but can be open to anyone, depending on the property's location.
Loan officer Mark Goldman, also a San Diego State real estate lecturer, said the two organizations have become more aggressive in promoting the programs.
Wesley Hardin, 21, is renting a room, but hopes to soon have his own apartment. Then, he'd likely be paying rents that Zillow says could double as a mortgage payment.
The real estate tracker says the median rent in San Diego is now about $2,500 a month, which could pay off a $511,000 home.
"Even just normal living with groceries and all that, it's pretty high priced around here," Hardin said.
Zillow says the median priced home in San Diego is $558,000.