If you buy a house in Temecula instead of in more expensive San Diego, you save nearly $200 a month in costs even when the price of the commute is factored in, according to a recent study.
That begs one serious question.
Is it worth it?
Couldn’t you cut out cable? That’s $100, according to one estimate. So you’re halfway there.
And say you also kill your daily Starbucks habit. A Venti coffee is $2.45. If you go five days a week, in one month, that costs you $49.
Getting closer …
How about canceling the newspaper … Oh, you already did that …
This is actually serious business. San Diego is losing a lot of its workers to Riverside County — particularly to the Temecula/Murrieta area — because of housing costs.
Recently, the National University System Institute for Policy Research crunched data to see just how much money people are saving by doing so.
The report took into account median home prices, and the cost of commuting that the Riverside residents have to endure. That includes both gas and wear and tear on the car.
As noted, a move to Temecula shaves off nearly $200.
However, since that estimate is based on San Diego’s median housing price — which is $504,000 — it might be low-balling the situation. It’s not easy to find a house in that price range in San Diego because they’re in low supply and snapped up quickly.
If one looks at houses in pricier San Diego neighborhoods, the difference becomes much more stark.
The report also looked at Rancho Bernardo, for instance. The median price there is $636,500. Since the median price in Temecula is $393,200, the monthly cost difference turned out to be $768.88.
So cutting out cable won’t do you much good in that scenario.
It might be why another 13,000 former San Diegans recently moved to Southern Riverside, according to the U.S. Census, adding to the 42,000 who live in Riverside County but work in San Diego.
Might this pattern change if gas prices, which have fallen, rise again?
Not likely, according to Erik Bruvold, president of the National University System Institute for Policy Research.
“Fuel costs would need to more than double to close the gap and would need to more than triple in the comparison we drew between single-family homes in Rancho Bernardo,” he said in a statement.
The San Diego region needs to address its housing situation to stop the migration, the report said.
The report cautioned: “The wider and more persistent this gap gets, the more we would expect San Diego workers to consider housing options in Southern Riverside County. That migration puts additional strain on the region’s transportation system and makes meeting regional environmental goals around air pollution or greenhouse gas reduction targets.”
And it makes people have to live in Temecula. San Diego has beaches, the zoo, a thriving downtown …
Temecula? Of the top 10 attractions listed by Trip Advisor, eight are wineries. One is a casino.