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.
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:
- Oceanside: 39.9%
- Chula Vista and San Diego: 39.1%
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.