SAN DIEGO (KGTV) - A new study breaks down the factors that are making it difficult for many families to afford living in San Diego.
The study, conducted by San Diego Regional Economic Development Corporation (EDC) researchers, examines the “affordability crisis” in the San Diego region and the specific challenges many San Diegans face as they deal with the rising cost of living.
The EDC study lists San Diego among the “high” end U.S. cities when it comes to cost of living. Other cities on the “high” end include San Francisco, New York, Los Angeles, Chicago and Portland.
Other key takeaways from the study:
-- San Diego is 47% more expensive than the average U.S. metro; some major cities less expensive than San Diego include Miami, Atlanta and Houston
-- 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
-- With housing prices continuing to rise in the region, many San Diego families can’t afford to own a home on an average salary; the median home price in San Diego is listed in the study at $655,000
-- Rent prices remain an issue, with 57% of San Diegans paying more than 30% of their income on rent
-- The average cost in San Diego to put one infant in childcare is more than $18,000, which is slightly above the state average
-- Child care options are lacking throughout the San Diego region, forcing some to not work in order to provide care
-- The average household spends more than $14,000 per year on transportation; more than 62,000 households in the region don’t have vehicles
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.”
ADDRESSING THE PROBLEMS
In light of the study results, the EDC’s Inclusive Growth Steering Committee is working to create 75,000 “newly thriving households” in San Diego by 2030.
EDC officials said the regional goal, supported by some of San Diego’s top employers, will look to address some of the factors cited in the study that have driven the “affordability crisis.”
EDC President and CEO Mark Cafferty said, "While San Diego's affordability crisis impacts everyone in the region, it has a disproportionate and devastating impact on African American and Hispanic communities. The lack of affordable housing is a significant part of the problem, but those impacted are also the same residents who are dealing with the longest commute times, childcare deficits, limited connectivity to public transportation, and other barriers that make access to high-wage, high-skilled jobs particularly more difficult and burdensome."