Having observed this area for decades, I feel that San Diego is a city that has been consistently undervalued and does not follow trends. The first concern that comes to mind is, 'Being at the southern tip of California, is there still room for growth?'

The population of San Diego County has seen slight increases or has remained stable in recent years. Unlike other major metropolitan areas in California, there has not been a significant outflow, but the influx of younger generations is not as rapid as it used to be due to high housing prices, which is a noticeable change in the local real estate market.

In terms of industrial base, the biotech and life sciences cluster stands out prominently. Investments from pharmaceutical and biotech companies continue around the research facilities near Torrey Pines, and employment related to the defense industry and naval bases has long been a pillar of the local economy. Recently, in addition to these two industries, there have been increasing cases of attracting companies in clean tech and advanced manufacturing, which is being recognized as a diversified economic structure that does not rely solely on specific industries.

The unemployment rate fluctuates between the high 3% and low 4% range, which is lower than the California average, and income growth is showing a gradual increase, particularly in biotech and technology sectors. However, the wage growth for those in the service and tourism industries is relatively slow, indicating a clear disparity across industries.

In terms of infrastructure, long-term projects are underway, including the expansion of the San Diego International Airport terminal, the extension of the trolley light rail line, and the redevelopment of downtown and the Midway district. These investments are designed to improve city accessibility and increase new housing supply, which is expected to help alleviate the housing supply shortage in the long run.

Institutions like Forbes and the Milken Institute often refer to San Diego as a sustainable growth city based on biotech and advanced manufacturing. However, the high cost of living and housing prices are risks that could hinder the attraction of new talent.

From the perspective of Korean households, San Diego is appealing as a market supported by stable rental demand from residents in areas with good school districts and those working in biotech-related fields. Approaching from the perspective of rental income and long-term holding rather than capital gains seems to align well with the city's steady but gradual growth trend.

In fact, areas with excellent school districts like Carmel Valley and Poway often see properties sell out immediately when they hit the market, and the condo market near downtown and Little Italy is experiencing a steady increase in rent due to demand from young biotech and tech tenants. Having observed this market for a long time, I strongly feel that San Diego is a city where one can expect stable asset value appreciation through long-term holding rather than short-term spikes.

The first concern that comes to mind is, 'Isn't it already too late to buy now?' However, in coastal cities like San Diego, where supply is structurally limited, I have seen that a strategy of staying in the market consistently within a manageable budget has proven to be more effective in the long run than trying to time the entry point across various cycles.