San Diego, a city that consistently ranks high on the list of the most desired metropolitan areas for Americans.

With over 300 days of clear and mild weather each year, it's known as the 'Jewel of California'.

Yes, we are talking about San Diego.

Living here, where you can jog every morning while looking at the Pacific coastline and wear shorts even in winter, is a dream that many people have at least once.

However, the moment you open a real estate app (like Zillow or Redfin) to turn that dream into reality, you face the harsh wall of high living costs.

"The weather is so nice it brings tears to my eyes, but looking at home prices makes me cry blood," let's take a look at the San Diego real estate market.

The current median sale price for single-family homes in San Diego County is about $900,000 (around 1.3 billion won).

Not feeling the scale? Compared to the national average home price, it's more than double, and it closely follows the expensive areas of LA and the San Francisco Bay Area, making it a top-tier California market.

After skyrocketing during the COVID-19 boom, it seemed like prices were finally stabilizing, but not quite.

With so many buyers waiting to see if prices will drop, they remain high in the sky.

Even when narrowing it down to the city of San Diego, the median price fluctuates between $850,000 and $950,000.

Extreme differences by neighborhood: The dream of La Jolla vs. the survival in East County

San Diego has a huge disparity in home prices by area. It's as if neighborhoods from different worlds coexist.

Heavenly Line (La Jolla, Del Mar, Rancho Santa Fe, Coronado):
Here, the starting price easily exceeds $2 million (about 2.6 billion won). Homes in La Jolla or Coronado Beach, where the wealthy retire and gather, sound luxurious even when the sprinklers are running in the yard. If you think, "I can slightly see the ocean view," you might witness the miracle of an extra zero on the price tag.

Reality Compromise and Value Line (El Cajon, Santee, Spring Valley):
For those who say, "I don't need to see the ocean! I'll live in my house with the air conditioning blasting!" the East County area is where they turn their eyes. The median price here is around $600,000 to $700,000. Coming from the heavenly neighborhoods, this price suddenly looks like an incredible sale item, but it's still not a small amount. You have to endure the downside of it being a bit hotter in summer than coastal towns.

If single-family homes are tough? Consider condos and townhomes as Plan B

If you coolly acknowledge that "I don't have the fate to mow the lawn," your options widen.

The median price for condominiums or townhomes in the county is around $600,000 to $700,000, which is relatively lower in terms of entry barriers.

Young professionals or those who want to enjoy a sophisticated urban life in downtown can find decent condos in areas like downtown San Diego, Mission Valley, or Mira Mesa, where many Koreans live. However, be aware that there might be hidden HOA (Homeowners Association) fees, so it's essential to check how much the management fees are.

While home prices are one thing, the real challenge is the 'mortgage rates'. The low-interest era of 2-3% a few years ago is now a thing of the past. Currently, the 30-year fixed mortgage rate hovers around 6-7%.

Now, let's do some brutally realistic math. Let's assume you're buying a home at the median price of $900,000. If you painfully save up and put down 20%, which is $180,000, you'll need to borrow $720,000.

Applying a 6.5% interest rate? The pure monthly principal and interest payment alone exceeds $4,500 (about 6 million won). Adding property tax and home insurance, over $5,500 disappears from your account every month. With such a structure where a large sum goes out every month just for breathing, today's buyers are opening their wallets very cautiously.

The reason why there's still a line of people wanting to buy homes at this price is clear. San Diego is not just a retirement city with good weather. It has a solid foundation of global biotech companies, IT technology sectors led by Qualcomm, and a massive U.S. defense industry infrastructure that continues to attract high-income professionals.

Moreover, to the west is the Pacific Ocean, to the south is the Mexican border, and to the east are deserts and mountains, making the land to build homes absolutely scarce. Especially in prime coastal areas like La Jolla and Del Mar, there's no land left for new development. With supply tightly constrained and demand pouring in from around the world, prices simply cannot drop.

The current San Diego real estate market is still a seller's market, where sellers have the upper hand due to a lack of supply. If you're waiting for prices to drop, the sunshine of San Diego is too precious, and if you're hesitant to buy because of the mortgage you have to pay every month, there's only one way.

Monitor the latest MLS (Multiple Listing Service) data daily and team up with a quick real estate expert who knows the local situation.

Hoping to find a bargain or a good-condition townhome, let's keep fighting until the day we can grill barbecue in a yard with a view of the Pacific Ocean!