Want to Avoid Being 'House Poor' in San Diego? Make More Than … – Times of San Diego
Times of San Diego
Local News and Opinion for San Diego
A new study has found that household incomes in San Diego lag far behind what is needed to afford rent for a one-bedroom apartment, much less a mortgage payment.
According to an analysis by a research group, ChamberofCommerce.org, San Diego residents need to earn more than $100,000 a year in order to afford median rent for a one-bedroom apartment in the city.
The sum, $101,720, however, is $35,184 more than the city’s median income of $66,536.
Those who make less and yet are still paying high rents – researchers relied upon a median rent of $2,543 in the study – are considered rent-burdened, or “house poor.” That means they spend more than 30% of their income on housing.
Women in particular feel that burden, the researchers found.
Based on the median income for full-time, working women in San Diego, they would need to earn an additional $39,811 per year to afford a one-bedroom apartment.
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The study looked at the true cost of rent in more than 120 cities across the country by determining how much annual income is needed in order to afford a one-bedroom apartment in each city.
The three most burdened cities were Los Angeles, Miami and New York, but California holds 14 spots among the top 30 – three of them in San Diego County.
Palmdale, Long Beach and Oxnard sit in the top 10. Seven California cities round out the top 20 – Oakland, Anaheim, Oceanside, Chula Vista, San Diego, Santa Ana and Santa Rosa.
In the three local cities, based on the median, a large number of residents devote more than 30% of their income to housing costs:
In the worst cases – in Hialeah, Fla., the total reaches nearly 60%. Almost half of Los Angeles residents feel the housing pinch, and more than 45% in New York.
Wonder where it’s possible to stay on budget with housing? The study examined those areas too. Around 60% of residents in Huntsville, Ala., Cary, N.C., Pittsburgh, Raleigh, N.C. and Fort Wayne, Ind. spend less than 20% of median income on housing.
No California cities made it onto that Top 30.
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