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.