Study: San Diego Has Some Of The Most Cost-Burdened Homeowners In The Country
A recent study from the loan website LendingTree found San Diego has some of the most cost-burdened homeowners in the country with about 40% of homeowners spending one-third or more of their income on mortgages and other associated costs.
The study ranks San Diego third in the nation behind Los Angeles and Miami.
Phillip Molnar, who covers real estate and business for The San Diego Union-Tribune, said that while the cost of housing increased 20% during the pandemic shutdown, wages for many workers remained nearly stagnant creating a larger divide in housing disparities further pushing homeownership out of reach for some.
"During the pandemic low-income people were hurt the hardest by this stuff. So they probably are so far outside of their chances of buying a home at this point that we don't know if the study will change that much. If they couldn't get a house before, it's going to be way harder now with prices that have gone up more than 20% in San Diego County," Molnar said.
He joined Midday Edition Tuesday to talk about the study and what that means for San Diego homeowners and renters.