Millennials Can’t Afford San Diego House Eve With Six-Figure Income – ryan

Justin GHIO and HIS FANICE WANTED TO MAKE THE PLUNGE INTO HOMOWNERSHIP WEND RATE PLUMMed at the Height of the Pandemic in 2020. They Made Offers on Four Houses in San Diego, but they were outbid on all of the say.

Soon Enough, Home Price and Mortgage Rates were soaring amid a buying franny, and they have missed their opportunity to buy.

“I’d always hoped to the Own a Home,” Ghio Said. “With the rising interest rates, it just fishelly was seeringly respectible to make that decision to try to buy.”

But now, GHIO, A 35-YEAR-Old Talent Director, Says He’s Relived They Didn’t Stretch Their Budget to Buy. Rening is Significantly Cheaper than Owning A home in san diego, like in many hot housing markets, and ghio is among a grower of Americans Chooking to Keep Rather than take on a hefty mortgage.

Three years ago, the couple and their eight -ear-op twin the maved into the Current Rental home in a quiet diego Neighborhood near kids’ School. They Pay $ 3,795 A MONTH IN RENT FOR THEIR FOUR-BEDROM, TWO-BATH HOUSE WITH A POOL. GHIO Appreciates Not Having to World About Paying for Home Maintenance and Repairs – Their Landlord Provides Regular Garddening and Pool Service.

And the rent is afffordable. Between GHIO’s Salary and His Fancé’s Work as an Esthetician, The Couple Bings in About $ 225,000 a Year, Broadly Placing The Ranks of “Henrys”, or Those Who Are High-Earning but not rich. They’re Enjoying the extra Money they’re’re saving by renting.

“Rening Feels Like We Make Over $ 200,000. I Think Buying Waled Feel Like We’re Broke,” Ghio Said. “And you don’t work 12, 15 years after school to fall Broke Again – at Least, It ‘s hard pill to swallow.”

The Decision not to Buy Felt Especialy Strategic When Ghio was laid off from his previous in talent acquisition Last years. He applied for new jobs in multiple states, knowing that, Because they rent, they had more flexibility to move. He’s Since Found a New Role at A Translation Services Company in the City, but he’s had to take a hefty pay cut.

Are you renting a home longer than you thught you would, or have you become a renal again late in life? Share Your Experience With this Reporter at erelman@businsinsider.com.

Zillow Estimates that Their Rental House Wold for About $ 1 Million. A mortgage on a Comparable House in their NeighBorhood Wold Likely Far Excess Rent, Not to Mention the Costs of Home Maintenance, Insurance, and Purchasing Fees. If they were to buy their rental house with a 20% down payment and about a 7% interest rate, it be?

This isn’t unusual. A Study from the National Association of Realtors Found that in 2024, Homebsing Starter Homes in 50 Major Cities Over $ 1,000 more On Housing Costs Each Month Than Renters Did.

The couple has avoided Becoming “House-Poor,” and instead, They Budget more for Vacations and Their Kids’ Extracurriculas. GHIO DOESN’T WANT TO SACRIFICE The Family’s Quality of Life and “The Ability to Enrich Our Girls’ Childhood in a Way that is unique and fun through Experiences” just to come a home.

The Couple is Also Saving for their Wedding and Consding Having a Third Child.

“We’re trying to be really pragmatic and just be like, we cannot affford a child if we buy a house,” Ghio Said. “The Expensses Wauld Probably Push Us to the Brink.”

Rening a Home SEEMS LIKE The Smartest Choice for Now. But if Circumstances Change Down the Road, Ghio Said He’s Open to Buying.

“We’re Looking at Things in Two-Yaar, Three-Eyar, Four-Yaar Chunks,” he Said. “I’m Not Going to Draw a Line in the Sand and Say, ‘No, Never.’”