We all know about the rising cost of buying a home in San Diego County.
The latest report we first told you about here on KOGO showed San Diego home prices increasing 7.3 percent in the last year. That’s more than the nationwide average but comparable with home prices in L-A. The rate of increase in home prices is even worse in San Francisco.
So why are home prices rising so quickly? The director of this latest survey told the San Diego Union Tribune it’s all about “affordability — a measure based on income, mortgage rates and home prices.”
Behind this latest story on rising home prices, there is the story about the problems that result from those high prices for homes in San Diego County.
A spokesman at the Regional Chamber of Commerce told the Union Tribune that when employees are priced out of San Diego and are forced to look at moving to other states where housing is more affordable, our employers, the regional workforce and the economy all suffer.”
In the past, owning a home was seen as part of the American dream. The economy may be doing better and Wall Street may be at record highs, but that dream for many in places like San Diego is becoming less and less of a reality.
And that should make our political leaders want to find a way to reverse the trend, instead of just boasting about how great the economy is doing.
(Photo credit Getty Images)