A new study released Wednesday is shining the spotlight on just how hard it is to afford to live in San Diego.
The study by the San Diego Regional Economic Development Corporation looks closely at the high costs and challenges homeowners and renters face trying to make ends meet. It also suggests a goal: create 75,000 more affordable households in San Diego by 2030.
Among the key takeaways from the study:
— San Diego is 47% more expensive than the average U.S. metro;
— Half of all San Diego homeowners don’t make enough money to meet the region’s cost of living, with 60% of local renters falling short thousands of dollars per year;
— The median home price in San Diego is listed in the study at $655,000;
— 57% of San Diegans paying more than 30% of their income on rent;
— The average cost to put one infant in childcare is more than $18,000, slightly above the state average; and
— The average household spends $14,000 per year on transportation.
"Salary and benefits packages alone are not adequate to address the problem," San Diego State University human resource director Thom Harpole said. "Affordability in San Diego must be addressed to ensure the health of our communities and the success of our organizations in delivering on their missions."
According to the study’s findings, San Diego’s high home prices, long commute times and childcare problems “adversely impact regional employers’ ability to attract and retain talent.”
If the costs of living continue to rise at the current, the EDC said the region will no longer be an attractive place for young talent. The agency recommends creating more housing, transportation and childcare options with the goal of increasing the proportion of households that could afford to live in the region from 47% to 55% by 2030.
Part of that includes growing household incomes by creating more high-quality jobs and developing more local skilled workers.
