Report: San Diego housing costs more than 1/3 income
10:26 PM, Apr 19, 2018
10:33 PM, Apr 19, 2018
SAN DIEGO (KGTV) -- New numbers show San Diego housing costs are taking up more than a third of people’s income. 57 percent of renters spend more than a third on housing and so do 40 percent of homeowners.
That's the result of the annual Equinox Project released Thursday by the Center for Sustainable Energy in San Diego.
Mikaella Bolling, the project’s manager says it boils down to supply and demand.
“A lot of people say well we don't want development in my neighborhood or we don't want infill development in our neighborhood, but this is actually the solution that's going to allow us to have more affordable units,” she said.
She points to the need for more partnerships to bridge the gaps and educate the public.
“We need to have a better conversation between our residents, between our policymakers, and between our developers,” she said.
The cost of a median single-family home in the county jumped 6.5 percent from 2016 to 2017. It’s now upwards of $605,000.
“We're seeing that increase every year. Great for homeowners...but not great for buyers,” Bolling added. Krysta Cordill is a certified financial planner with D’Arcy Capital in Carmel Valley.
“There's really no magic to it,” she said. “You have to make saving for a home a priority.” Cordill is a past president of the San Diego Financial Planners Association and has seen more clients worry about whether they can afford the high cost of living.
“If you have a Roth Ira or traditional IRA, they allow you to take $10,000 of that penalty-free for first-time home-buyers," Cordill said.
She says people should consider starting in a condo or townhouse. “Just know that that's part of the process of home ownership,” Cordill said.
As for saving, she offered up some simple tricks. “I've never talked to anyone who cannot pair down their expenses,” she said. First, she suggests cutting out easy online spending. Instead, say to yourself, ‘If I really need it, I'm going to go to the store.’”
Cordill also suggests that you make your morning cup of coffee at home. And - despite San Diego’s tempting restaurant scene - limit dining out to once or twice a week.
To check out the entire Quality of Life Dashboard report, click here.