Privatebanker wrote “What average renter can afford to pay $2,500 per month?” I agree completely – not many. Median household income in San Diego is “according to the San Diego Association of Governments the county’s median household income is $64,273”. Deduct taxes and insurance co-pays of 20%, leaves $51,418. I will divide by 13 (2 months of the year have 3 paychecks, but you don’t plan your rent around that 3rd paycheck), to get monthly income of $3955. How much of that would you pay on rent? Half? Not even! You would pay 30-40%, max, on rent, making a median sustainable rent $1186 – $1582.

“The San Diego Association of Governments estimates that 172,000 local employees, or 13 percent of the work force, earn less than $8.35 an hour.

San Diego County’s high housing prices, coupled with its relatively low wages, make it the third least affordable major metropolitan area in the country. (National Association of Home Builders, 2006) ”

This is a low wage city. Each time I go to the County Fair, I realize this is a low wage city. Rents are driven by the masses, by the people at the fair.