San Diego’s homeowners are among nation’s oldest

San Diego further cemented its reputation as a city of renters with a new study that finds it has the second-oldest homeowners in the nation.

The average age of a homeowner in the San Diego metropolitan area is 54 years old, according to a study from mortgage website LendingTree. The only metro area with older homeowners was Los Angeles at 55 years old.

LendingTree looked at the 50 largest metro areas in the nation, using the latest U.S. Census data, called one-year estimates, and other publicly available real estate data. Salt Lake City had the youngest homeowners at 48 years old, followed by Austin and Oklahoma City at 49 years old.

To be fair, the average age of a homeowner in the U.S. tends to be older: 51 years old. Yet it reflects the anxiety of younger Americans who have said the ability to own a home is further out of reach.

“Our biggest outmigration from San Diego has always been people who are 20 to 24 years old,” said local economist Ray Major. “It’s people who are graduating from college and finding jobs elsewhere.”

Major said there are several factors, besides the median home price, which skews the average homeownership rate higher: San Diego can be a retirement community, at least historically; Prop. 13 keeps property taxes low so it makes sense for older homeowners to stay put; lack of corporate headquarters here; and wages not keeping up with the cost of living.

LendingTree said San Diego metro, which includes all of San Diego County, has an average age of 39 years old, which puts it about in the middle of the pack of the 50 metros. So, it’s not like San Diego County’s homeownership rate is necessarily the result of an older population. Pittsburgh had the oldest average population at 43 years old, followed by Tampa and Miami at 42 years old.

LendingTree noted that renting would be cheaper in the short-term for many San Diego workers. It said the median monthly housing cost, including a mortgage, was $3,211. That compares to the median monthly gross rent of $2,243.

It’s been a rough few months for San Diego economic reports. The county hit its highest jobless rate, 5.2%, in two years in July; San Diego County had the highest inflation rate in the nation at 4%, also in July; and an international housing report pointed out the region’s high costs. The Demographia International Housing Affordability report ranked San Diego as the 10th most unaffordable metro in the world for purchasing a home. Hong Kong and Sydney, Australia, were listed as the most expensive metros.

About 48% of households in San Diego metro are renters, said Redfin, only behind San Jose metro (52%), the Los Angeles and Orange County metro area (51%) and New York (49%).