A recent study conducted by the personal finance website WalletHub to determine the best large cities in which to live in the United States. San Diego came in ranked fourth on the list.
How Rankings Were Determined
50 different metrics were used to determine the best of the best, with 62 major municipalities being included in the study. Some of the areas where San Diego shines are crime rate and several different economic factors. In fact, San Diego has the third-lowest crime rate of these cities. The economic factors where San Diego ranks highly are health, education, unemployment rate and overall quality of life.
Where San Diego didn’t rank as well as affordability. Our fair city ranks 51st out of the 62 cities researched in terms of cost of living. Of course, it makes sense it would cost more to live in a city as great as ours, with ideal year-round weather, great job market and excellent commerce. We all know why it’s so desirable to live in San Diego!
How San Diego Measures Up
In the overall rankings, San Diego trailed only Virginia Beach, Seattle and Pittsburgh. Though not all metrics are in our favor, I’m certain we rank far ahead of those cities in terms of weather. I can’t speak for everyone, but I’ll definitely take San Diego’s sunny skies and coastal temperatures over Virginia Beach’s humidity, Seattle’s rain and Pittsburgh’s winters.
Several other Southern California cities were studied by WalletHub, and San Diego outranked all of them by quite a bit. Los Angeles ranked 29th. Riverside was 40th. Anaheim was 42nd, Santa Ana was 55th and Long Beach was 56th.
How it Affects the Local Mortgage Market
In San Diego, we continue to see home values rise. At Transparent Mortgage, we are dealing with a lot of first-time home buyers taking advantage of current low interest rates to get purchase why they can. Many current homeowners are moving up to leverage their equity, but many are staying put and choosing to refinance. Conditions right now (high home values + low interest rates) make it an ideal time to refinance mortgage loans, and in some cases, cash-out some of that equity in the process.
When you are ready to buy a home or refinance your mortgage loan in San Diego County, let the team at Transparent Mortgage answer all your questions and help you make the right loan decisions. Get started with your pre-approval process and call us at (619) 929-0199.