What Is the Median Income in San Diego?
Gain insight into San Diego's median income, its importance as an economic indicator, and what shapes local finances.
Income levels within a city offer valuable insights into its economic landscape and residents’ financial well-being. Understanding these figures provides a snapshot of the local economy, reflecting job opportunities, industry strengths, and the overall cost of living. For San Diego, comprehending income statistics helps paint a clearer picture of its economic health and the financial realities faced by those who live and work there.
Defining Median Income
Median income represents the exact middle point of all incomes in a given group; half are above this figure and half are below. This statistical measure differs from the average, or mean, income, which is calculated by summing all incomes and dividing by the number of earners. The median is often considered a more accurate reflection of typical earnings, particularly in areas with significant income disparities, as it is less skewed by extremely high or low outliers. This measure effectively highlights the typical financial standing of a city’s population.
Current Median Income in San Diego
The median household income in San Diego was $104,321 in 2023. This figure represents the total earnings for a household, which can include multiple individuals. In contrast, the median individual income for San Diego stood at $49,109 in 2023. These statistics are compiled from data collected by the U.S. Census Bureau’s American Community Survey.
Family households in San Diego reported a median income of $123,400 in 2023, while non-family households had a median income of $77,447. The city’s median household income in 2023 was approximately 132.83% of the overall U.S. median household income. These figures highlight varied financial situations within the population, influenced by household composition.
Influences on San Diego Income
San Diego’s income levels are shaped by a diverse economic base, featuring prominent industries. The defense and military sector plays a significant role, with a large naval presence and numerous defense contractors contributing to employment. Technology and life sciences, including biotechnology and advanced manufacturing, also provide high-wage job opportunities, fostering innovation. Tourism, driven by the city’s climate and attractions, supports a substantial number of jobs.
The city’s high cost of living, particularly for housing, influences how income is perceived. Housing costs in San Diego are substantially higher than national and state averages, requiring a larger portion of income to cover basic living expenses. Even with above-average incomes, residents may find their purchasing power constrained. Demographic trends, such as education levels and workforce age distribution, also contribute to income statistics.
Understanding Income Data Sources
Information regarding median income originates from official statistical agencies, with the U.S. Census Bureau being a primary source. The American Community Survey (ACS), conducted by the Census Bureau, is an ongoing survey that provides detailed annual data on social, economic, housing, and demographic characteristics. This survey collects information from a large sample of the population.
Figures reported can sometimes exhibit slight variations depending on the specific year of data collection or the methodology used by different reporting entities. Relying on official and recent data from reputable sources like the U.S. Census Bureau ensures the most accurate and up-to-date understanding of income trends.