January 16, 2004

SD Union Tribune: house prices impact recruiting in SD

The San Diego Union Tribune ran a story today about how house prices are affecting companies abilities to attract new employees to the area.

"Pricing is now almost on par with the Bay Area," said Brad Little, an executive recruiter for San Diego's R.J. Watkins & Co. "San Diego is at a distinct disadvantage."

The county's median home price has more than doubled in the past five years, ending 2003 above $400,000 for the first time. Just 16 percent of San Diego County households can afford a median-priced home, according to the California Association of Realtors.

"Some people we just can't attract," said Phil Williams, director of corporate staffing for Science Applications International Corp. "They tell us, 'As great as it is, I just can't afford the housing.' "

One of the engines that drives house prices is demand -- sounds demand is dampening as salaries fail to keep pace and / or justify house prices.

Posted by dapkus at January 16, 2004 01:34 PM | TrackBack