SAN DIEGO — According to a new study, several cities in the San Diego metro area rank within the top 20 cities with the most cost-burdened homeowners in the nation.
A survey conducted and released by Chamber of Commerce in April 2023 shows four in 10 homeowners in Oceanside, San Diego and Chula Vista are considered “house poor.”
The expression “house poor” is used to described homeowners that are spending more than 30% of their income on housing costs, as explained in the study. Chamber of Commerce says this a popular standard for budgeting.
For many homeowners, however, it appears this isn’t an easy tactic to follow.
To determine rankings of cities with the most “house poor” homeowners, Chamber of Commerce says it analyzed median household income and median monthly housing costs across more than 9 million households located in the most populated 170 census-defined places via the U.S. Census Bureau’s American Community Survey.
Those cities were then ranked based on the percentage of homeowners who spend more than 30% of their household income on monthly housing costs, including payments for mortgages, deeds of trust, contracts to purchase or similar debts on the property. Other factors considered, according to the study, included real estate taxes, natural disaster insurance, utilities and fuels.
Chamber of Commerce says it also took into account monthly condominium fees, plus mobile home costs like personal property taxes, site rent, registration fees and license fees.
Oceanside, California ranked as the 16th most “house poor” city in the nation. Here’s a look at the study’s highlights for this North County area.
- Percentage of “house poor” homeowners in Oceanside: 39.9%
- Median household income: $129,403
- Median monthly housing costs: $2,492
- Median yearly housing costs: $29,904
Closely following Oceanside is Chula Vista, California with a ranking of 17th most “house poor” city in the nation. Here’s a look at the study’s highlights for this South Bay area.
- Percentage of “house poor” homeowners in Chula Vista: 39.1%
- Median household income: $133,618
- Median monthly housing costs: $2,692
- Median yearly housing costs: $32,304
Trickling in behind Chula Vista is the City of San Diego in the 18th spot for most “house poor” city in the nation. Here’s a look at the study’s highlights for this metropolis.
- Percentage of “house poor” homeowners in San Diego: 39.1%
- Median household income: $138,584
- Median monthly housing costs: $2,777
- Median yearly housing costs: $33,324
According to the study, 27.4% of homeowners nationwide are considered “house poor.”
