First time home buyers in San Diego who have become disillusioned with how much their housing dollar will buy, should look north to "Bang for your buckula"
"Bang for your buckula" was introduced in our last post for San Diego first time home buyersLike the mythical and mystical Xanadu and Shangri-La, "Bang for your buckula" (hereafter referred to as BFYB) is a state of mind. It's for that brave soul who is willing to look beyond his own backyard and wants to see his housing dollar go farther.
You might get the most bang for your buck in Temecula, or Murrieta. It might be found in Menifee, Wildomar or even the French Valley province of BFYB. It might be a bank owned home, or short sale, maybe even a new home will give you that sought after "bang"
Before you set out on your journey, you have to ask yourself if you're truly ready to take on the responsibility of homeownership.Just like any journey, the potential reward has to be great enough for the effort you will have to put forth.
Here's some examples of the rewards that await you in BFYB.
In San Diego the median price home is $328,000 and the average price per square foot is $264. Using those numbers your median price home would be about 1242 square feet.
In BFYB the median price home is $287,000 and the average price per square foot is $132. That means the median price home in BFYB would be 2174 square feet AND your monthly payment would be appx. $207 less per month (which might pay most of the additional commuting costs per month).
If your journey took you a little more north to Murrieta, your bang only gets louder. In the Murrieta area of BFYB the median sale price is $245,000 and the average price per square foot is $113. So your median price home would be about 2168 square feet AND your monthly payment would be about $420 a month less than in San Diego.
(Housing figures are estimates only from Trulia.com)
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