San Diego is world renowned for it’s beautiful coastal wild life, historical and modern cities, and of course its sunny, beach culture. There is no doubt that San Diego attracts tourists and visitors from all around the world to experience the San Diego lifestyle. Both locals and outsiders can both agree that San Diego is a beautiful place with an overabundance of exciting activities and new adventures to embark on, but one also has to wonder if San Diego is also a good place to invest in property or to own a home?
Currently, the overall US housing market is thriving and many individuals are looking to invest in property all over the country, but of course there are some specific location that would be better than others to invest in property. Experts conclude that San Diego housing prices will continue to increase, and even if there is an unexpected decline, it will still be above the rate of inflation. In the NAR Quarterly Report released in February, 2016 it was that San Diego ranked 5th in the most expensive housing markets in the United States where the median sales price was up 5.9% at $486,000. However like many other cities, economists predict that San Diego’s surge up in home prices will start to slow as some estimate that it is close to peaking.
In terms of rent prices, San Diego was ranked number 10 in American cities where rent was growing the fastest. There is a high level of competitiveness among renters in San Diego since the rent-ability is only around 5% in latest statistics, however this can mean great news for property investors and landowners. If the property you are investing in is decent condition in a fairly nice location, you will receive many applications and options to rent out your house or apartment. With this level of competition and demand, owning a property and renting it out is an effective and smart way to have another solid source of income and increase cash flow.
San Diego is also one of the few places in the US where out-of-town investors are encouraged and willing to invest and buy property. Due to San Diego’s low crime rates, comfortable climate, and a bustling economy in the tourism, technological, and medical fields, non-San Diegans have goods reasons to safely invest in property with minimal risk. Finally, the cultural and ethnic diversity in San Diego makes its a very warm and welcoming city; on top of which, San Diego is also renowned place to live for it’s top rated schools, efficient public transportation, and is environmentally aware and friendly. There is no question that San Diego is a great and amazing city and owning or investing in a property here would only be beneficial and positive!