SAN DIEGO — The traditional rules for home buying are becoming increasingly difficult to follow in San Diego’s expensive housing market, according to experts. The long-standing advice of putting 20% down on a house and spending no more than 30% of income on housing is no longer feasible for many San Diego residents.
With the median home price in San Diego County around $900,000, it could take up to 29 years to save for a down payment, a new study by credit firm Upgraded Points reveals.
“Housing is just really expensive in San Diego, and it’s a serious problem for households,” said Alan Gin, economics professor at the University of San Diego…