Contrary to what you might believe, homeownership in San Diego is not out of the realm of possibility. While San Diego remains one of the higher priced areas in the nation for housing, North County has continued to remain in the range where the average couple living and working in San Diego can make a mortgage payment for the median home price of $530,000.
According to the Consumer Advocate Mortgage Rate Calculator, the monthly payment for a $530,000 home would be $2440*. Of course, that’s assuming you have decent credit and have saved that downpayment. But as you can see, owning a home in North County is comparable to renting a home in North County. Most financial advisors recommend keeping housing costs at one-third of a household’s monthly income. In this case, that would be $7320.
The average North County couple (or co-buyers) would safely be able to cover the cost of a home in North River Farms at the median price of $530,000. And for military members and vets interested in buying, 50% of the homes built at North River Farms will qualify for VA loans. While it’s true that we also plan to build homes in higher price ranges, the fact is that the average couple or co-buyers would be able to afford to live in a new home at North River Farms.
The real issue with the cost of housing is a limited inventory of homes. With less housing, costs of homes will continue to rise. The reality is Oceanside needs housing and we do not produce enough to meet our needs. Over 60,000 people commute into San Diego from Temecula and Riverside County each day because of the cost and availability of housing locally. The repercussions of not housing our workforce are experienced in social, economic and environmental costs.
If you’re interested in seeing this agrihood come to life and finding a place to call home in North County, please let the Oceanside City Council know and fill out a support letter here: Click to Send a Support Letter!
*Payment based on a loan with a down payment of $100,000 on an average 30-year fixed-rate loan.