The median priced home in San Diego County is about $1,280 less expensive per month than it was 5 years ago. Right now homes are more affordable than they have been in a very long time!
In the spring of 2006 the median asking price for a home in San Diego County was a little over $539,000 and interest rates were fluctuating at close to 6.75%. An 80% mortgage for that home, at that median price, would be $2,850 per month. At today's median asking price of $360,000 and at today's interest rate close to 4.75% the monthly payment for an 80% mortgage would be $1,565 per month. That is a $15,360 savings per year or over the life time of the 30 year mortgage a savings of more than the purchase price of the home. This median price is for the entire county so if you live in Del Mar of University City or Mission Valley or a Condo in LA Jolla or on a ranch in Ramona your prices and situation are going to be unique to you. The Ruth Mills Team can help with specific information to you and your situation.
