San Diego ranked in the top 10 cities that are “impossibly unaffordable”

SAN DIEGO (KGTV) — Ryan Tannenberg, who just turned 25, moved in with his parents in Scripps Ranch after graduating from college. He is now trying to buy his first home.

“It’s not shocking. We all saw it coming. In every housing market report, the prices go up,” Tannenberg said.

According to Tannenberg, most people he knows live at home.

“…This far out of college, you want to move beyond that. You want your own place, he said.

But making that jump isn’t easy. Tannenberg has been looking for over a year but is not the only one. A new report labeled San Diego one of the ten cities that are “impossibly unaffordable.”

The report compared average incomes with average home prices. Right now, the median home price in San Diego is $925,000. The national average for a 30-year fixed mortgage rate is 7.06%.

“My biggest struggle is not having enough money. If we could all get a loan for zero percent APR for $500,000, we could all buy a house,” said Tannenberg.

Real estate experts say inventory for homes on the market has increased in the last 12 months, but it’s still a sellers’ market. 

Bridget Potterton, a real estate broker with Keller Williams San Diego Metro, said one of the challenges home buyers face is the payment, and they think they will not be able to afford the home. 

“The most important thing for a buyer is to be realistic. Get educated by hiring a great team,” Potterton said.

Tanneberg has found something he can afford and has an offer on a home. He is ready to make the next move.

“It’s the age,” Potterton said. “You wait long enough, and it’s time for change. Housing as an investment vehicle is still an advantageous place to me.”