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Affordability Report Ranks San Diego County Near The Bottom

Photo credit: Wikimedia Commons

The median price for a single family home in San Diego County is $545,000, while two-bedroom rentals are averaging nearly $2,000 a month, Sept. 5, 2016.

Affordability Report Ranks San Diego County Near The Bottom

GUEST:

Peter Callstrom, president & CEO, San Diego Workforce Partnership

Transcript

San Diegans are making lower salaries and paying higher housing costs compared to nine competing metropolitan areas, including San Francisco, Seattle and Denver.

San Diegans are making lower salaries and paying higher housing costs compared to competing metropolitan areas, including San Francisco, Seattle and Denver.

A new report from the San Diego Regional Chamber of Commerce shows San Diego County’s high cost of living is holding back the region's economic potential.

The study analyzed the cost of living in Raleigh, North Carolina; San Jose, California; Denver; Austin, Texas; Seattle; Boston; San Francisco; Los Angeles; and Portland, Oregon. All were found to be more affordable than San Diego, with the exception of Portland.

The lack of affordability means companies are losing the nation’s top talent to competing metropolitan regions, the report states.

“The key driver to that is housing,” said Sean Karafin, executive director of economic research and policy. “It’s directly impacting our economy in San Diego.”

Even San Francisco, where housing and other costs are substantially higher, was rated more affordable than San Diego because incomes are higher, according to the report.

The majority of households are spending 33 percent of their paychecks on housing, the report states. The median price of a single-family home in San Diego County averages $545,000, while two-bedroom rentals are $2,000 a month.

“It’s absolutely a housing crisis,” Karafin said. “The underlying cause of the housing crisis is about a lack of building.”

Document

Affordability Report By The San Diego Regional Chamber of Commerce

Affordability Report By The San Diego Regional Chamber of Commerce

The study analyzed the cost of living in Raleigh, North Carolina; San Jose, California; Denver; Austin, Texas; Seattle, Boston, San Francisco, Los Angeles and Portland, Oregon.

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Karafin blames the slowdown in development to community and environmental opposition.

“Almost every housing project is having difficulty getting to the finish line — especially the larger ones,” Karafn said. “There are planned developments that are taking decades to go through the process.”

San Diegans also face the second-highest income taxes and third-highest property taxes among the 10 metropolitan areas in the study.

The report is the second of three analyzing the region’s business climate as part of the chamber’s Regional Jobs Strategy.

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