San Diego, CA

San Diego rent soars to $2,430 a month for a one-bedroom apartment

Beth Torres

Unfortunately for San Diego renters, last month’s decrease in median rent prices was short-lived. As we reported in our July rent report, rents seemed to be going in the right direction with median rent for a one-bedroom apartment down six percent over the previous month to $2,320 a month. Median rent for a two-bedroom apartment during the month was also down six percent, coming in at $2,910 a month.

A recent national rent report, however, shows the cooling trend in San Diego’s rents has now reversed. Median rent for a one-bedroom apartment increased 4.7 percent in the last month alone and a whopping 24 percent over the last year. You’ll now pay $2,430 a month for a one-bedroom apartment in San Diego and $3,080 a month for a two-bedroom unit.

San Diego families struggle to find affordable rent

Families looking for larger accommodations will experience even bigger sticker shock. Median rent for a three-bedroom home is now $4,250 a month, while median rent for a four-bedroom hovers just under $5,000 a month.

For the average San Diego family, household income has not gone up enough to accommodate such high rent inflation. The U.S. Census Bureau reports median household income in San Diego is $83,454 a year or approximately $6,950 a month.

While this may seem like a high income compared to other parts of the country, it’s not nearly enough for a family to pay the rent on a three-bedroom home in San Diego.

The National Low Income Housing Coalition (NLIHC) says a family in San Diego would need a household income of $123,960 a year to afford a three-bedroom home in the area without spending more than 30 percent of their income on housing.

The NLIHC says it’s important that families spend no more than 30 percent on housing. This ensures they have enough money left for other essentials such as food, clothing, education expenses, medical costs, and transportation.

What are your thoughts about San Diego’s high cost of housing?

Are government leaders doing enough to curb rent inflation? Should zoning laws be less restrictive to allow builders more opportunities to build affordable housing? What else could be done to reduce the high cost of housing?

Let us know your thoughts in the comments section. And if you appreciate this content, please like, follow, and share this article with others. Thanks so much for reading!

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