San Diegans Spending More On Housing Than Most Americans
Monday, March 26, 2012
Kelly Cunningham, National University System, Institute for Policy Research
National University System, Institute for Policy Research, Economic Ledger
San Diegans spend more of their incomes on housing than residents in any other large U.S. city, according to a new report.
Kelly Cunningham, an economist at National University System's Institute for Policy Research, helped write the report. He told KPBS while the cost of buying a home has gone down, the cost of renting has increased 30 percent in the last three years.
"Which stands to reason, people who have lost their homes to foreclosure or whatever, had to go into the rental market, and that's created a lot more demand on rental prices," he said.
He also said San Diegans spend "a whole lot more" on housing.
"That's just one of the factors of living in San Diego," he said. "It's always been that way, but the recession hasn't improved that much at all."
Cunningham said 50 percent of San Diegans own a home, compared to 66 percent nationwide.
That is partly because of the city's large military presence, he said, but San Diego's population has also grown so that the military is no longer as dominant.
"It's a factor of just how high it is to buy a home here in San Diego," he said. "It's difficult for many people."
He added San Diegans pay less than the national average on utilities, mostly because of the moderate climate, and said locals eat out at restaurants more than the average U.S. citizen.
To view PDF documents, Download Acrobat Reader.