A new study from StorageCafe, a self-storage website, revealed that homeowners who downsized to smaller homes or condos benefit from incredible savings, especially in the San Diego metro area. In comparison to 20 of the largest metropolitan areas across the country, homeowners in San Diego joined the second largest amount of savings. Within city limits, homeowners can expect their savings to amount to even more.
The average cost for a four-bedroom home in the country is more than $910,000, while a two-bedroom home sells for around $570,000. Accounting for the decreased taxes and closing costs, homeowners who downsize can save nearly $264,700 in savings. Homeowners within city limits can stand to save at least $315,000 from downsizing.
If you’re in the market for a new home or condo in the area, there is currently real estate for sale in downtown San Diego. Many people are deciding to move to the area to utilize its many benefits, beautiful climate, and accessibility to life sciences resources. Mayor Todd Gloria anticipates the population in the area to nearly double over the course of the next two decades. Investments in office buildings indicate that many expect San Diego to be a hotspot for business.
As a result of the ongoing pandemic, house prices are rapidly increasing. The prices of other goods including gas, vehicles, and groceries are also increasing. Many people who no longer need four-bedroom homes may consider downsizing as money remains tight. This will create a demand for two-bedroom homes in the area, which may cause their prices to inflate as well. The best advice for future homeowners in the downtown San Diego area is to act quickly.
The market is forever changing as the federal and state governments continue to figure out how to handle the economic impact of the pandemic. Many who were unable to buy before were renting, but the cost of rent increased as well. The rent increase forced people content with renting into the housing market, with loans available with low interest rates. Downtown San Diego is a popular area where desired housing won’t last long on the market.