How Expensive Is It to Own a Home in San Diego?

Exactly how expensive is it to own a San Diego home, anyway?
Owning in this coastal city requires much more than just making your mortgage payment. You’ll also budget for property taxes, homeowners insurance, HOA dues (if applicable), ongoing maintenance, utilities, and other costs of living in one of the most sought-after housing markets in the country.

Understanding all of these expenses before you buy helps you plan a realistic budget and avoid financial surprises. And Melina Rissone, Associate Broker with Coldwell Banker West, can help you do just that.

Why the Purchase Price Is Just the Beginning

When you see a San Diego home listed at $950,000, that’s only the starting point. The true cost of ownership depends on a variety of expenses:

Mortgage payments – The calculation here depends on your loan amount, interest rate, and loan term. For instance, with a 20% down payment and a 6.5% rate on a 30-year loan, this would come to about $4,800.
Property taxes – California’s base rate is 1% of assessed value, plus local voter-approved bonds. Most San Diego County bills come in slightly above 1%, meaning roughly $10,000 per year for a $950,000 home.
Homeowners insurance – It’s typically $1,300–$1,600 a year for around $300,000 in dwelling coverage, with rates influenced by zip code, coverage level, and provider.
HOA dues – In condos and planned communities, these costs pay for items like common area upkeep. San Diego County’s median is about $400 per month, but coastal and luxury communities often exceed $1,000 monthly.
Maintenance and repairs – Expect to set aside 1–3% of your home’s value annually for upkeep, depending on age, condition, and whether some aspects are covered by HOA.

These costs are why a home buying calculator that includes taxes, insurance, and HOA fees is essential for an accurate monthly budget. After over two decades as an agent in San Diego, Melina has seen firsthand how easily buyers can underestimate their true monthly costs.

How Location Shapes the Cost

Neighborhood choice impacts not only the purchase price but also your ongoing expenses. Here are a few examples of mid-2025:

Chula Vista / Eastlake – Family-friendly newer builds, $755K median home prices. That would mean an average mortgage around $3,800 a month, but with full monthly costs closer to $5,800/mo.
North Park / South Park – Highly walkable, historic charm, $943K–$1.05M median home prices. A typical mortgage might be $5,000/mo, but with all costs included, it may be more like $7,500.
La Jolla – Ocean views, luxury amenities, $2.4M–$2.5M median home prices. That translates to about $12,500 for the mortgage, but potentially over $18,000 a month in total costs.

Melina Rissone explains, “In San Diego, location affects more than just the price you pay up front. It changes your insurance rates, HOA costs, and even how much you’ll spend on utilities.”

Other Overlooked Expenses

Beyond your mortgage, property taxes, and insurance, there are smaller but important costs that add up. Closing costs typically range from 2–5% of the purchase price, furnishing and upgrading your home can run into the thousands, while commuting and transportation costs can be higher if your neighborhood lacks robust transit. Even lifestyle expenses can rise if you live near beaches, nightlife, or popular dining districts.

In some neighborhoods, renting may have a lower monthly cost, but it doesn’t build equity over time the way buying does.

Assistance Programs That Can Help

If affordability is a concern, consider these programs designed to make owning a home more accessible:

Home buying grants – for qualifying first-time buyers.
CalHFA programs – MyHome Assistance Program offers deferred-payment loans for down payments or closing costs, and the new CalReady first mortgage launched in 2025 can be paired with MyHome.
No-money-down loans – VA loans for eligible Veterans and USDA loans in certain rural parts of San Diego County offer zero-down financing.

Melina Rissone works with trusted local lenders who can help you determine if you qualify for one of these options.

Why Waiting Could Cost You More

San Diego home prices have risen steadily over the last decade, with strong demand in many neighborhoods from Chula Vista to Bankers Hill to Oceanside.

While interest rates fluctuate, desirable areas with strong employment and high-ranking schools continue to see upward price pressure. Waiting to buy could mean facing higher prices and potentially higher borrowing costs in the future. Melina’s seasoned perspective and knowledge help her clients weigh these factors carefully so they can make confident, well-timed decisions.

Approach Your Purchase the Right Way

If you’re ready to decide what home to buy in San Diego:

Use a home buying calculator to understand your true price range.
Include property taxes, insurance, and HOA fees in your monthly budget.
Research neighborhoods for both purchase price and ongoing costs.
- Get pre-approved before you start viewing homes.
Work with a San Diego real estate expert like Melina to navigate the home buying process from start to finish.

Final Thoughts

The expense of owning a home in San Diego includes not just your mortgage payment, but a broad range of costs, many of them ongoing, that come with living in one of California’s most competitive markets. From insurance and closing costs to taxes and maintenance, each element shapes your true monthly commitment.

With careful planning, the right financing strategy, and guidance from an experienced San Diego real estate agent like Melina Rissone, you can make a purchase that fits your budget today and supports your goals for years to come.

Melina Rissone, Associated Real Estate Broker Coldwell Banker Global Luxury, Certified Senior Advisor (CSA) and Real Estate Collaboration Specialist – Divorce (RCS-D) in San Diego. I help people going through divorce in San Diego figure out what to do with the house—whether you're ready to sell now or just need a neutral opinion. I help seniors looking to retire in San Diego figure out what to do with the house—whether you're ready to sell now or just need a neutral opinion.

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Melina Rissone

Having sold properties for more than 20 years and earning various prestigious awards throughout the course of her career, Melina Rissone has more than earned her reputation as one of San Diego's most skilled and trustworthy real estate brokers selling homes and luxury condominiums. Her loyal clientele would share that Melina brings structure and planning to chaos. She specializes in supporting her clients and their referrals; families and individuals going through divorce and seniors and active adults planning their moves and financial decisions during their retirement years.

Coldwell Banker Global Luxury and Institute of Luxury Home Marketing certified.

Certified Senior Advisor by the Society of Certified Senior Advisors
RCS-D Designation, a Real Estate Collaboration Specialist for Divorce.
SRES Certification through NAR is a Seniors Real Estate Specialist certification.
Melina is bilingual in English and German.
Recognized as the Top 4% of all real estate brokers in San Diego County in 2021 and the Top 3% of Coldwell Banker International.
Coldwell Banker Presidents Elite Award.
Recognize as the Top 2% of Coldwell Banker West in 2024.
Coldwell Banker Global Luxury and Institute of Luxury Home Marketing Certified.

We were looking to buy a place in SD Northpark and luckily we met up with Melina to show us multiple condo. She is very friendly, personable and very professional agent. We would not hesitate to work with her again.
-Chau N.