SD-2nd most expensive in the country (Los Angeles, San Diego: transplants, 2014)

[1AngryTaxPayer]

Typically, people that can't afford to live here move to another place not so expensive. There is a lot of "old money" in SD. There are also a lot of people that did military careers and bought homes when they were relatively inexpensive. These houses are then handed down to their kids and grand kids. That is how a lot of the people live in the wealthier areas. They aren't "wealthy" they just have no debt. Now, they can be "wealthy" but that would require selling and moving to some place not so expensive to live.


That is my game plan somewhere in the near future.

[Encinitan]

Originally Posted by 1AngryTaxPayer

Typically, people that can't afford to live here move to another place not so expensive. There is a lot of "old money" in SD. There are also a lot of people that did military careers and bought homes when they were relatively inexpensive. These houses are then handed down to their kids and grand kids. That is how a lot of the people live in the wealthier areas. They aren't "wealthy" they just have no debt. Now, they can be "wealthy" but that would require selling and moving to some place not so expensive to live.


That is my game plan somewhere in the near future.

But then again, some people who are born and raised in "wealthy" areas (whatever that means) bought their homes there without any help from their parents, but instead on hard work and living within their means. My parents still live in their home in Solana Beach (which they bought in 1967 for $25,000). I live one off ramp away in a home my wife and I bought and paid for ourselves.
Not everyone who owns in SD was handed their fate on a silver platter.

[sfosyd]

Originally Posted by erin_elise_

yes true...and to be honest, the same is going on in L.A. city area....many historically lower-income parts like Echo park, Highland Park, and all of DTLA are now being gentrified.

Very true but Los Angeles has a lot more going on economically than SD. Google actually just bought a huge amount of real estate in Playa Vista which I believe will help the LA tech scene tremendously.

San Diego is purely a "destination". Of that list of expensive cities, SD has by far, the least amount of opportunity and the lowest salaries. By far.

[1AngryTaxPayer]

Originally Posted by Encinitan

But then again, some people who are born and raised in "wealthy" areas (whatever that means) bought their homes there without any help from their parents, but instead on hard work and living within their means. My parents still live in their home in Solana Beach (which they bought in 1967 for $25,000). I live one off ramp away in a home my wife and I bought and paid for ourselves.
Not everyone who owns in SD was handed their fate on a silver platter.

Of course, as did I. I wish I had bought 2 homes. I could have sold one and lived in the other all paid off.

[wymore]

Originally Posted by aboveordinary

I would've thought New York City, Los Angeles, Boston, Seattle and Washington DC would be more expensive than San Diego. I think the cost of living in San Diego is ridiculous. San Francisco and the cities mentioned above have the high wage jobs and a robust economy. San Diego has very few high wage jobs. I don't know what the people that live in La Jolla, Del Mar, Rancho Sante Fe etc do for a living to afford those kind of houses. There really aren't any huge high paying industries here.

I think New York City gets skewed in this type of study because they aren't measure cost per square foot but just median values. I believe if they were doing by square foot, New York would top San Diego.

I grew up in San Diego and then joined the Army. I recently retired, and I was very concerned about moving back. The sticker shock is huge. The condo I ended up buying in Santee literally cost more than the three houses I had bought in Texas combined. That's nuts. What doesn't get mentioned in studies like these though is that Texas also has substantially higher property taxes, so the monthly payment, while still larger, isn't proportional to the difference in purchase prices.

[1AngryTaxPayer]

Originally Posted by wymore

I think New York City gets skewed in this type of study because they aren't measure cost per square foot but just median values. I believe if they were doing by square foot, New York would top San Diego.

I grew up in San Diego and then joined the Army. I recently retired, and I was very concerned about moving back. The sticker shock is huge. The condo I ended up buying in Santee literally cost more than the three houses I had bought in Texas combined. That's nuts. What doesn't get mentioned in studies like these though is that Texas also has substantially higher property taxes, so the monthly payment, while still larger, isn't proportional to the difference in purchase prices.

I've been looking at real estate there. You can literally get a like house with a 350 dollar a month mortage(another 100 for property tax) compared to a 2200 (plus property tax) mortgage here.

[sfosyd]

Originally Posted by wymore

I think New York City gets skewed in this type of study because they aren't measure cost per square foot but just median values. I believe if they were doing by square foot, New York would top San Diego.

Remember New York City is not just Manhattan. If it was just Manhattan or even including Brooklyn, New York City would top San Diego. But Queens, Staten Island and the Bronx bring the median and cost per square foot way down.

[NYSD1995]

Originally Posted by 1AngryTaxPayer

Of course, as did I. I wish I had bought 2 homes. I could have sold one and lived in the other all paid off.

That's our plan, keep our current home as a rental and move up into a larger one. Then when we retire we have an income stream or asset to sell. It's that or we move away, there is no way I can earn enough to retire here without some kind of non-job income.

[ucctgg]

Originally Posted by 1AngryTaxPayer

I've been looking at real estate there. You can literally get a like house with a 350 dollar a month mortage(another 100 for property tax) compared to a 2200 (plus property tax) mortgage here.

$350 vs. $2200

That's saying houses are Six times more expensive inb San Diego than in Texas.
Seems a bit high to me, unless you talking about somewhere really in the boonies.

[1AngryTaxPayer]

Originally Posted by ucctgg

$350 vs. $2200

That's saying houses are Six times more expensive inb San Diego than in Texas.
Seems a bit high to me, unless you talking about somewhere really in the boonies.

Not the big City and not in the boondocks either. About an hour away from Dallas. You don't need to make a lot of money if your mortage is 450 bucks. My nephew just bought his first house for 75K.