San Diego homes near main job clusters see highest appreciation
It is no surprise that homes along the coastline have the highest prices.
January 15, 2020
- It is no surprise that homes along the coastline have the highest prices. However, the story is the recent mid-cycle to current cycles contrast of where home appreciations are clustered. The denser neighborhoods that are closer to the main job clusters of Sorrento Mesa/UTC, Mission Valley, and South Park have seen the highest appreciation.
- Access to affordable homes, local amenities, and job centers has contributed largely to these higher levels of appreciation. These communities offer all these assets for the younger first time homebuyer.
- According to Forbes and Zillow, both San Diego and Boston are expected to see uptick in first-time homebuyers for people in their 30’s in the next few years. This is primarily from rising wages and a tech established job market.
- It is forecasted that over the next five years, owner-occupied housing should increase from 50.9 percent to 51.3 percent, which will impact housing appreciation even further in the more affordable and job centric neighborhoods.
Source: JLL Research, ESRI, Zillow