Tom York on Business: San Diego ‘Zoomers’ Face High Rents in Years Ahead
Published by Times of San Diego in Artificial Intelligence News · Thursday 18 Apr 2024
Tags: Times, of, San, Diego
Tags: Times, of, San, Diego
The youthful members of Generation Z — those born between the mid 1990s and 2012 — will spend $145,000 on rent before turning 30 — 14% more than what the Millennial generation paid, according to a new study by apartment rental website RentCafe.
In San Diego, the so-called “Zoomers” will pay even more — a whopping $220,770.
According to the study, despite renting inflation, the cost is much less than home ownership for the generation, with the ownership costs climbing to $315,000 by the age of 30 — a figure that includes the mortgage, taxes, and fees, but not the down payment.
“Renting is a no-brainer here in San Diego because the owning costs are much higher,” said a spokeswoman for RentCafe. “San Diego has the nation’s fifth highest cost difference between owning and renting for Gen Ze’rs younger than 30. Here, the cost difference reaches $94,093.”
The cities in the U.S. where Generation Z faces the highest costs for renting and owning are all in California, including San Jose, San Francisco and San Diego, she added.
The most expensive place to rent is San Jose, where the cost for Gen Z’ers reaches $300,000 before turning 30 years old.
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San Diego County’s investment fund which takes in retirement monies from more than 200 public agencies, has reached $18 billion — a new record, County Treasurer-Tax Collector Dan McAllister said in a news release recently.
This record follows another notable milestone — the office collected more than $1 billion in property taxes in a single day on April 8.
“The record $18 billion investment pool, along with our ‘AAA’ rating, underscores the county’s commitment and financial acumen in managing the public’s money,” said McAllister.
Mandatory participants in the pool include the county government, plus 42 local school districts, five community college districts and all of the county’s water and fire districts.
Voluntary participants include the San Diego Regional Airport Authority, SANDAG, MTS and several other special government districts.
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Forbes magazine has named San Diego’s Axos Bank, a subsidiary of Axos Financial, to its 2024 list of America’s Best Banks.
In compiling the list, Forbes considered the 200 largest publicly traded banks and thrifts by assets and ranked the top 100.
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Three-decade-old San Diego-based planning and engineering firm Latitude 33 recently opened an office in downtown Los Angeles.
According to a news release, the firm’s high-profile work includes San Diego International Airport’s $3.4 billion Terminal 1 expansion and UC San Diego’s $2.5-billion-plus Hillcrest Medical Campus Redevelopment.
For more information, click here.
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San Diego home prices were up 9.5% year over year at the end of March, according to a report released by Orange County-based housing data provider First American Data & Analytics.
The company’s March 2024 Home Price Index tracks home price changes less than four weeks behind real-time at the national, state and metropolitan levels
San Diego’s increase trailed only Anaheim and Miami, both of which were 10.5%.
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San Diego’s Chosen Foods has launched a line of three different sauces made with avocado oil.
According to a news release, the sauces are made with natural flavors and have no seed oils or artificial ingredients.
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San Diego’s California American Water said it is making available $8.3 million in bill relief for customers who faced financial hardship during the COVID-19 pandemic.