Wave of Americans Arrive in Tijuana Due to High California Home Prices
- July 16, 2024
- 0
High Cost of Housing in San Diego County, California the most expensive region to live in the united states todayis forcing more and more Americans to seek an
High Cost of Housing in San Diego County, California the most expensive region to live in the united states todayis forcing more and more Americans to seek an alternative in the Mexican border city of Tijuana.
IN TijuanaMost of the potential home buyers and renters are Californians, he said. EFE Luis Bustamante, a Baja California real estate expert who has clients on both sides of the border.
“Every month, about two million people cross the border from California into Baja California through the San Ysidro border crossing, including about 5% come to see the real estate market, and although only a portion of them stay, buy or rent housing, it brings in a good amount of money,” Bustamante explained.
Last year, about a thousand condominiums were sold in the so-called “coastal zone.” Beaches of Tijuana, Beaches of Rosarito and Ensenadaand foreigners, mostly from California, purchased at least 300 condominiums.
“But now there is a trend to also buy condominiums, but in the central area of Tijuana. Last year, about 500 apartments were sold in this area. 90% of buyers are from California“He explained that because of its proximity to the San Ysidro Port of Entry, just a few minutes away, it is one of the largest ports of entry for vehicles and pedestrians in the United States.
Photo: Cuartoscuro
The largest number of Americans moving to the coast are over 55 with adult children looking for second homes on the Mexican side of the border, as well as many younger Americans who can work online from home.
Young families with minors prefer to stay in California because that is where their children’s schools are located.
Exorbitant prices
According to the latest June statistics from consulting firm Realtor.com, the median price of a single-family home in San Diego County is $998,000.
A real estate agent who wished to remain anonymous calculated that with current interest rates around 7%, anyone buying a home at that price now would pay about $9,000 a month, including taxes, and if rented out, it would cost about $5,000.
On the other hand, in Mexico, rental listings in Playas de Tijuana for homes with similar features are priced at around $2,000 per month.
A person would need 47% of his current budget in San Diego or Los Angeles County to maintain the same standard of living in Tijuana that he currently enjoys in Southern California.
But “the problem is in the past” as she crosses the border daily to work, said Leticia Cuevas, an American nurse from San Diego who lives in Tijuana’s central area.
“There is no average time to cross the border: one day you can drive for a few minutes, and the next day for more than an hour” on the fastest border crossing lane, he explained.
About 43,500 vehicles daily cross the Tijuana-San Diego route through San Ysidro, and another 2,700 through the Otay Port of Entry, about 10 kilometers (6 miles) to the west, according to the Transportation Department.
Additionally, according to Customs and Border Protection (CBP), between 20,000 and 35,000 pedestrians from Mexico pass south of San Diego every day.
But for Leticia, the savings make up for the delays.
He says he rented a single room with a private bath in San Diego for $1,250 a month, and an apartment costs $3,000.
“On the other hand, in Tijuana I pay $975 for an entire small house.”
Mexican authorities now have a process to make it easier for Americans to cross to the Mexican side of the border.
Families purchase a Household Goods Importation Certificate, a document issued by Mexican consulates for $169 that exempts those moving to Mexico from paying import taxes when bringing a refrigerator, washing machine, stove, appliances into their new home, furniture and other items from California.
EFE
Source: Aristegui Noticias
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