October 30, 2015
It may be the city with perfect year-round weather, but San Diego was ranked the worst of 18 cities in America to build wealth, even surpassing Los Angeles, San Francisco, and New York.
Bankrate.com released the wealth study, with considerations including personal debt, unemployment rate, access to education, and retirement. The findings show that San Diego landed dead last because of extremely high rent and home costs, coupled with low salaries.
San Diego residents have a home ownership rate of 53 percent. Although New York, San Francisco and Los Angeles all have lower home ownership rates, the high rent and low salaries in San Diego make it much more difficult to build equity there.