Home ownership rates in San Diego went down 1.17 percent between 2010 and 2013 according the National Association of Realtors. That gives San Diego the 5th lowest homeownership rate (52.77 percent) of the 100 most populous metro areas in the US.

Rising home prices in many metro areas have helped homeowners build housing wealth in recent years, but the continued decline in homeownership means the gains are going to fewer people. According to the same study this resulted in an increase in inequality of 4.56 percent in San Diego over three years. This was primarily caused by how a typical home in San Diego appreciated $95,241 between 2010 and 2013 according to the survey. Renters were unable to harvest any of that growth.

By contrast, hourly wages for the average worker, across all non-farm sectors, rose three cents in April 2015 to $24.87, but have been stuck in a tight range of 1.8 percent to 2.2 percent annual growth since 2011.

Those looking to buy their first home or grow their housing wealth will find mortgage rates near all-time lows. Conforming no point 30-year fixed mortgages averaging 3.875 percent while 15-year mortgages averaging 3.125 percent.

This was originally featured as a blog post from The ARAMCO Group and can be found here.