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\f0\fs24 \cf0 >> Joanne: SAN DIEGOANS SPEND\ MORE OF THEIR HOUSEHOLD INCOMES\
ON HOUSING THAN ANY OTHER U.S.\ METROPOLITAN AREA.\
THAT'S ACCORDING TO NEW NUMBERS.\ JOINING ME TO DISCUSS THIS MORE\
IS KELLY CUNNINGHAM ECONOMIST\ FOR THE INSTITUTE OF POLICY\
RESEARCH.\ THANK YOU FOR BEING HERE, KELLY.\
>> THANK YOU.\ >> Joanne: WE'RE SPENDING MORE\
MONEY ON HOUSING, WHY IS THAT?\ >> WE SEE HOUSING PRICES DOWN\
BUT THE COST ON SPENDING IS UP.\ THERE PART OF THAT IS IT'S HOW\
MUCH WE PAY EACH MONTH OR YEAR\ FOR HOUSING.\
IT'S DIVIDED BETWEEN THOSE\ BUYING A HOME AND RENTING A\
HOME.\ WE SEE THE COST OF BUYING IS\
DOWN BUT THE COST OF RENTING HAS\ INCREASED SOME 30% FOR R. OVER\
THREE YEARS.\ STANDS TO REASON.\
PEOPLE WHO LOSE THEIR HOMES TO\ FORECLOSURE OR WHATEVER HAVE TO\
GO INTO THE REMEMBER THE AL\ MARKET CREATING A DEMAND ON THE\
RENTAL PRICES.\ >> Joanne: WE HAD NUMBERS ON THE\
SCREEN.\ 29% IS WHAT WE SPENT OF OUR\
INCOME ON HOUSING.\ THAT'S THE HIGHEST IN THE\
NATION.\ >> FOR THE METROPOLITAN AREAS.\
FOR NATIONALLY THAT'S 20%.\ WE SPEND MORE ON HOUSING, THAT'S\
A FACTOR OF LIVING IN SAN DIEGO.\ IT'S ALWAYS BEEN THAT WAY.\
LIKE YOU SAID THE RECESSION\ HASN'T IMPROVED THAT MUCH AS\
ALL.\ >> Joanne: ANOTHER SHOCKING\
NUMBER IS OUR HOME OWNERSHIP AND\ HOW WE COMPARE TO THE REST OF\
\page COUNTRY.\ HOW MANY PEOPLE IN SAN DIEGO OWN\
HOMES.\ >> MAYBE WE SHOULD LABEL IT AS\
HOME INDEBTEDNESS, BUYING A\ HOME.\
THAT'S WHAT THE MEASURE AND\ THOSE BUYING A HOME IS 50%.\
THAT COMPARED TO THE NATION AT\ 66%.\
HISTORICALLY IT'S BEEN THAT WAY\ PARTLY BECAUSE OF THE MULL\
TEARY.\ THE MILITARY IS DEVELOP\
TRANSIENT OF COURSE.\ WE HAVE THE LARGEST MILITARY\
CONTINGENT HERE.\ THAT'S PART OF THE REASON.\
OUR POPULATION HAS GROWN AND NOT\ AS DOMINATED BY THE MILITARY.\
IT'S A FACTOR OF HOW HIGH IS TO\ BUY A HOME IN SAN DIEGO.\
WE'RE ONE OF THE LESS\ AFFORDABLE, I CAN POINT OUT WE\
DON'T HAVE THE HIGHEST HOUSING\ PRICES BUT WHEN YOU COMBINE IT\
WITH THE INCOME LEVEL THE\ PERCENTAGE IS THE REASON WE ARE\
THE HIGHEST -- HIGHEST\ EXPENDITURES ON HOUSING.\
>> Joanne: THESE NUMBERS LOOKED\ AT SPENDING OVER ALL NOT JUST\
HOUSING.\ SPENDING SO MUCH ON HOUSING DO\
WE HAVE MONEY TO BUY ANYTHING\ ELSE?\
>> WE CERTAINLY HAVE LESS.\ THAT COMES OUT IN THE FACTOR,\
BECAUSE YOU SPEND SO MUCH ON\ HOUSING YOU HAVE TO REDUCE\
EXPENDITURES ON OTHER ITEMS.\ THERE ARE THINGS WE SPEND LESS\
FOR THAN NATIONAL AVERAGES.\ OF COURSE THE BEST EXAMPLE FOR\
US IS UTILITIES.\ WE SPEND LESSON UTILITIES.\
ABOUT 15% LESS.\ IT'S NOT BECAUSE UTILITY PRICES\
ARE LOW OR THE RATES FOR\ UTILITIES BUT WE DON'T USE IT AS\
\page MUCH.\ THAT'S A BENEFIT OF LIVING IN\
SAN DIEGO.\ WITH DON'T HAVE TO SPEND SO MUCH\
FOR HEATING AND COOLING IN THE\ SUMMER TIME.\
>> Joanne: ANOTHER DIFFERENCE\ BETWEEN US AND THE COUNTRY, WE\
SPEND MORE MONEY EATING OUT.\ >> YES WE LIKE TO EAT OUT.\
I DON'T KNOW IF THAT'S BECAUSE\ WE'RE TIMED CONSTRAINED, EASIER\
TO GO OUT.\ I WOULD LIKE TO THINK IT'S\
BECAUSE WE HAVE GOOD\ RESTAURANTS, WE'RE A VISITOR\
DESTINATION.\ PEOPLE COME HERE TO EAT OUT.\
SO, THE LOCALS.\ THIS REFLECTS CONSUMERS, LOCAL\
RESIDENTS.\ WE LIKE TO EAT OUT TOO.\
APPARENTLY CATER AND BE PATRONS\ OF THE RESTAURANTS.\
>> Joanne: THE SURVEY LOOKED AT\ TRANSPORTATION COSTS, HEALTHCARE\
COSTS.\ WITH TRANSPORTATION MORE OR\
LESS?\ >> WE SPEND LESS IN EVERY\
CATEGORY OF TRANSPORTATION, THE\ COST OF BUYING AND MAINTAINING\
CARS/VEHICLES.\ OUR MASS TRANSIT.\
IN ONE IMPORTANT CATEGORY WE\ SPEND MORE ON AVERAGE, THAT'S\
GAS PRICES.\ BECAUSE GAS PRICES ARE SO HIGH\
AND WE HAVE TO USE IT TOO.\ WE HAVE TO DRIVE TO WORK AND DO\
EVERYTHING.\ >> Joanne: WE SPEND LESSON\
HEALTHCARE, LESS TO CHARITIES.\ 30 SECONDS LEFT, FOR PEOPLE AT\
HOME WHAT'S THE TAKE AWAY?\ IF YOU HAD TO DESCRIBE A PICTURE\
OF A SAN DIEGO HOUSEHOLD ON\ THESE NUMBERS HOW WOULD YOU\
DESCRIBE IT.\ >> THERE IS A COST TO LIVE IN\
\page PARADISE.\ SAN DIEGO IS A GREAT PLACE TO\
LIVE BUT THERE IS A COST.\ THE BIGGEST FACTOR IS HOUSING.\
THEN YOU HAVE TO DO OTHER THINGS\ LESS.\
ONE OF THE THINGS WE GET TO\ ENJOY THE OUTDOORS.\
WE ARE HEALTHIER, DON'T SPEND AS\ MUCH ON HEALTHCARE.\
THAT SHOWS ON THE STATISTICS AND\ LESSON ENTERTAINMENT.\
THERE ARE PLUSES AND MINUSES BUT\ AIR COST TO LIVING IN A GREAT\
PLACE LIKE SAN DIEGO.\ >> Joanne: WE HAVE THESE SURVEY\
RESULTS ON OUR WEBSITE.\ FASCINATING STUFF, THANK YOU,\
KELLY CUNNINGHAM, FOR BEING\ HERE.\
>> THANK YOU.\ }