San Diego is facing one of the biggest crises of our time: the American Dream of homeownership is slipping away for working families and young people.
Today, the median home price in San Diego County has surged past $900,000, making it one of the least affordable housing markets in the country. Fewer than 17% of households can afford to buy a home at today’s prices. To purchase a median-priced home, a household now needs roughly $180,000 for a down payment and an annual income of $180,000 to qualify. Meanwhile, our median household income is only $130,800.
Across the nation, housing is the most expensive it’s ever been in U.S. history, now costing more than seven times the average annual income. This isn’t just a housing problem—it’s an economic and generational fairness problem.
Making matters worse, foreign investors are increasingly targeting entry-level and single-family homes as investments. International purchases rose 44% last year, totaling $56 billion nationwide—15% of those sales were in California. Many of these buyers make all-cash offers, pricing local families out of the market entirely.
That’s why on Tuesday, I’m bringing forward legislation to put San Diegans first by:
- Urging the State to enact bans or restrictions on foreign purchases of entry-level and single-family homes, especially near military and critical infrastructure.
- Exploring local policies to prioritize homeownership opportunities for San Diego residents.
- Expanding first-time homebuyer support programs to help close the growing affordability gap.
If we don’t act, we risk a future where only the wealthiest or international investors own homes—while working families are left behind.
I’m asking for your help to spread the word. Let’s make sure people know that Item 6 on Tuesday is about protecting the dream of homeownership for San Diegans—not foreign speculators.