Living in San Diego can get pretty pricey — to the point that U.S. News & World Report ranked it the most expensive place to live in the US in 2023-2024. That cost continues to climb; in September the US Bureau of Labor Statistics reported a 4.7% inflation rate compared to a year prior.
📈 What’s up?
We know San Diego is above average in many areas, and our annual inflation rate is no exception. In September 2023, it exceeded the national average of 3.7%, and local costs have increased in the majority of categories measured by the US Bureau of Labor Statistics. Compared to September 2022, prices have increased in key areas including:
- Electricity: 16.2%
- Rent: 8.8%
- Dining out: 5.8%
- Gasoline (motor fuel): 5%
- Medical care: 2.5%
- Alcoholic beverages: 2.1%
You can’t bank on inflation to decrease, but you can make adjustments to help reduce electric and car costs. If you’d rather not rent, you can also take advantage of homebuyer resources.
📉 What’s going down?
While price increases can really add up, inflation rates in other categories have decreased in San Diego, including:
- Utility (piped) gas services: -11.4%
- Used cars and trucks: -7.7%
- Fruits and vegetables: -5.8%
- Consumer durables (like electronics or appliances): -3%
- Meat, poultry, fish, and eggs: -2.7%
There’s more good news — inflation has been slowing in the US this year, and San Diego is no different. The 4.7% rate is lower than annual inflation measured in the past two years: 8.2% in September 2022 and 6.5% in September 2021.
