When it comes to buying a home in San Diego that will hold its value during a recession, it’s important to consider factors like location, amenities, and job market stability.
What happened to San Diego home prices during the last recession?
Some people are wondering what happens to the San Diego Real Estate market if there’s a recession. While most experts do not believe a future recession will match the severity of that seen in The Great Financial Crisis, it is noteworthy to reflect on which San Diego real estate markets performed best during the last downturn.
The subprime mortgage crisis hit California particularly hard. Thousands of homeowners lost their homes to foreclosure, and the state’s economy took a nosedive. Since then, San Diego home values have not only recovered, but most have doubled or even tripled their value since their lows.
So, if you’re considering buying a home in California, you may be wondering which housing markets are most likely to hold their value during a recession. Here are four safe bets in San Diego, CA.
Carmel Valley 92130
Carmel Valley is one of the newer communities in San Diego, having only been incorporated into the city in 1987. Since then, it has undergone rapid growth and development. Thanks to its central location and top-rated schools, Carmel Valley is an appealing option for families and young professionals alike. It’s also worth noting that Carmel Valley was largely unscathed by the foreclosure crisis.
Carlsbad 92010, 92008, 92011, and 92009
Carlsbad offers an amazing combination of business-friendly environment, top talent, and balanced quality life.
While homes near the ocean are generally less likely to be greatly impacted by a recession; they’re also one of first places that will recover from any economic decline – especially if it comes with beautiful beaches as its bonus! However there’s so much more than just this going on in Carlsbad.
Carlsbad’s Life Sciences, Clean Tech and Information Technology industries have grown exponentially since the last recession. The 9000 residents who work in these fields have an average salary of $136 254, which is 2-and a half times greater than nationwide average!
Rancho Bernardo 92127
If you haven’t heard, Apple planned to add 1,200 new jobs in San Diego for hardware and software engineering in San Diego, but now that expectation is up to 5,000 by 2026.
While Apple didn’t have a significant presence in San Diego a decade ago, it would be logical to expect the influx employees to keep demand high for the Rancho Bernardo and Poway housing markets.
La Jolla 92037
La Jolla California is a great option for those who want a safe investment. The community is consistently ranked as one of the wealthiest zip codes in the country, and it is also home to UC San Diego – one of the world’s leading research universities.
These factors make La Jolla a safe bet for long-term appreciation.
All four of the markets mentioned above have proven to be recession-resistant thanks to their desirable locations and strong economies. So if you’re looking for a safe investment in California, these San Diego markets are worth considering.
If you’re relocating to San Diego and need the best housing information, contact us today to learn more about our services and schedule a consultation with Jeff or one of our multilingual team members! 圣地亚哥地产专家