San Diego young homeowners trail national average
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Just 8.2% of homeowners in San Diego are under 35 years old, compared to roughly 10.7% nationally, according to the latest census data.
Why it matters: Steep housing prices and elevated mortgage rates continue to act as a barrier to homeownership for young people.
The big picture: Nationwide, the median age of first-time buyers reached 38 this year, up from 35 a year ago, according to new data from the National Association of Realtors.
- That's the highest age ever recorded in NAR's data, which goes back to 1981.
Zoom in: The largest share of San Diego homeowners was people between 55 and 64 years old, with those aged 65 to 74 making up the next largest group.
- Residents aged 35 to 44 made up 17% of homeowners. San Diego's 25.2% share of homeowners under 45 trails the national share of 27.3%.
Yes, but: San Diego's percentage of homeowners under 45 was higher than Los Angeles' (22%), San Francisco's (23.8%) and San Jose's (24%).
- It trails other western metropolitan areas though, like Denver (33.1%), Portland (31%), Seattle (31.8%) and Phoenix (28.1%).
What's next: Younger people are increasingly banking on family money for down payments, Redfin research shows.