EL CAJON, Calfi. (KGTV) — Age is just a number when it comes to home buyers nationwide, but according to the Lending Tree, San Diego is one of the top cities with the lowest rate of mortgage holders under 30.
Realtor Mary Zullo said she rarely sees buyers who are under 30 years old.
"There's not very many unfortunately," said Zullo. "So I would say maybe 10%."
Zullo, who's been doing this for 30 years, understands the challenges facing that crowd.
"Younger buyers have had it harder, especially within these last five years of getting into the market only because the market has increased more than their wages," said Zullo. "Wages are stagnant now. Homes have went up substantially in the last four five years, so it's hard for them to catch up."
Zullo said the nationwide median age for a home buyer is 47 and right now, there's a large gap between home prices and what people can afford.
"The homes in San Diego are 127% higher than the national average and the cost of living in San Diego is 40% higher than the national average so it's very very difficult to get into a home," said Zullo.
She said there are a lot of reasons why it's more difficult for young buyers to purchase a home in this market.
"I mean they just don't have the money, number one," said Zullo. "The savings. They have a lot of student debt, they have a lot of consumer debt. They lack putting the downpayment on the home. They're struggling really right now with rent prices right now in general. So to try and pay rent and also save for a down payment, it makes it really difficult."
Despite these difficulties, Zullo said young buyers should still try and tap into the market if they can get qualified.
