Future Buyers Will Have To Look At Houses Outside Of San Diego

March 15, 2017

In San Diego, permits for single-family homes fell 23 percent in 2016, while multifamily construction permits saw a 19.6 percent increase over the year.

The Los Angeles Times reports that the lack of new houses will push future homebuyers outside of the city.

Riverside County could be an option. Located 60 miles to the north of San Diego, the county had the state’s largest increase in single-family home permits last year. But while new homes are cheaper there, the commute is brutal: A trip from Temecula, on the southern tip of the county, to San Diego can last 90 minutes in rush hour.

The changes in housing types could affect various industries in unforeseen ways, like home re-modeler company Christopher Lee Home in Normal Heights. Owner Chris Hallisey said it mostly sticks to houses because condos can be difficult for his industry. … “But, of course, we all need to adapt,” Hallisey said. “If there’s not as many single-family homes being built, we will adapt to that.”

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PB-Economics,PB-New Construction Projects,PB-Multi-Family,PB-Single Family Homes,PB-Builders