What a home really costs in San Diego County, CA

The local math, in plain English

San Diego County’s median home value of $914,700 is about 2.5× the U.S. median of $360,600, and its property tax burden (~0.65% of value) is lower than the national typical (~0.89%). It is one of the five priciest counties in our 25-county guide (#3 by median value).

In our example, costs beyond principal and interest make up 27% of the monthly bill: property tax alone is about $495 a month, and PMI adds $412 until you reach about 22% equity.

Existing owners with a mortgage here reported median monthly owner costs of $3,243 (ACS table B25088, which counts mortgage, taxes, insurance, utilities and fees). Many of them bought years ago at lower prices or rates, so a buyer today at the median value should plan on a bigger number: about $7,799 in our example.

For comparison, the median gross rent (rent plus utilities) in San Diego County was $2,336 a month. For a 3-bedroom, closer in size to the typical owned home, it was $2,849. In our rent vs buy calculator, using its default assumptions (4.3% appreciation, 3.3% rent growth, 6% investment return, 7.32% rate), buying doesn’t catch up within 30 years; after 30 years renting is ahead by about $1,489,000. That’s a model output, not a forecast: a lower rate or a lower investment return can change it, so try your own numbers.

California’s Proposition 13 limits the base property tax rate to 1% of assessed value (plus voter-approved local levies) and caps annual assessed-value increases at 2%. Homes are reassessed when they sell, so a new buyer’s tax bill is based on the purchase price and is often much higher than a long-time neighbor’s. That’s one reason the Census median tax here understates what a new buyer pays.