News Summary
A new study reveals that San Diego has the second-oldest homeowners in the United States, with an average age of 54. This demographic shift reflects challenges for younger Americans entering the housing market. While Salt Lake City has the youngest homeowners at 48, rising costs and economic conditions in San Diego have led to increased rental demand and limited homeownership among younger residents. As approximately 48% of households in the area are renters, the economic landscape presents ongoing challenges for the region’s growth.
San Diego has been ranked as having the second-oldest homeowners in the United States, according to a recent study from LendingTree. The average homeowner in this metropolitan area is 54 years old, slightly younger than Los Angeles, which holds the top position with an average age of 55 years. This trend reflects a shift in homeownership demographics, as younger Americans increasingly find it challenging to enter the housing market.
The study analyzed data from the 50 largest metropolitan areas in the U.S., utilizing one-year estimates from the U.S. Census and publicly available real estate information. In contrast to San Diego’s aging homeowner population, Salt Lake City boasts the youngest homeowners, with an average age of 48 years, followed by cities like Austin and Oklahoma City, where homeowners are typically 49 years old.
The nationwide average age of homeowners stands at 51 years, underscoring a growing concern that homeownership may be slipping out of reach for many younger Americans. Local economist Ray Major notes that a significant outmigration trend from San Diego includes individuals aged 20 to 24, many of whom are college graduates seeking employment opportunities in more affordable areas.
Several factors contribute to San Diego’s high average homeownership age. Historically, the region has been viewed as a retirement destination, attracting older individuals to settle down. Additionally, Proposition 13 plays a pivotal role by keeping property taxes relatively low, incentivizing older homeowners to stay in their residences rather than move. Furthermore, the metropolitan area has a lower concentration of corporate headquarters, which may limit job opportunities and wage growth necessary to support young families looking to buy homes. As a result, many residents find themselves unable to match the rising costs of living against their wages.
The average age of the general population in the San Diego metropolitan area is 39 years, placing it in the middle range when compared to the other cities analyzed. Pittsburgh holds the oldest average population at 43 years, while demographic averages for Tampa and Miami are 42 years.
Living arrangements in San Diego are shifting, with rental properties becoming a more feasible financial option for many residents. The median monthly housing costs, including mortgages, amount to $3,211, contrasting sharply with the median monthly gross rent of $2,243. This disparity highlights the increasing number of individuals and families opting to rent rather than purchase homes, as the latter option becomes financially prohibitive amid rising costs.
Moreover, San Diego County is currently facing economic challenges, including a rising jobless rate that reached its highest point in two years at 5.2% in July. The region also reports the highest inflation rate in the nation at 4% for the same month. Compounding the economic difficulties, San Diego is ranked as the 10th most unaffordable metropolitan area globally for housing purchases, trailing behind cities like Hong Kong and Sydney.
In terms of housing demographics, about 48% of households in the San Diego metropolitan area are renters, which is lower than other cities like San Jose (52%), Los Angeles and Orange County (51%), and New York (49%). This statistic further illustrates the trend of shifting away from homeownership and highlights the ongoing economic challenges facing potential homebuyers.
As the landscape of homeownership continues to evolve, San Diego’s aging homeowner demographic may present ongoing challenges for the region’s economic growth and attractiveness for younger generations seeking stability through homeownership.
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Additional Resources
- San Diego Union Tribune
- Wikipedia: Home ownership
- NBC San Diego
- Encyclopedia Britannica: Real estate
- CBS 8
- Google Search: homeownership demographics San Diego
- Axios San Diego
- Google News: san diego housing market
- NBC San Diego Video
- Google Scholar: san diego real estate
Author: STAFF HERE CORONADO
The Coronado Staff Writer represents the experienced team at HERECoronado.com, your go-to source for actionable local news and information in Coronado, San Diego County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Coronado Island Film Festival, productions at Lamb’s Players Theatre, community workshops at John D. Spreckels Center, and iconic celebrations at Hotel del Coronado. Our coverage extends to key organizations like the Coronado Chamber of Commerce and Visit Coronado, plus leading businesses in hospitality, dining, and tourism that drive the local economy. As part of the broader HERE network, including HERESanDiego.com, HEREHuntingtonBeach.com, HERELongBeach.com, and HERELosAngeles.com, we provide comprehensive, credible insights into Southern California's dynamic landscape.
