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Status:
" Charleston South Carolina"
(set 7 days ago)
Location: home...finally, home .
8,814 posts, read 21,280,851 times
Reputation: 20102
Thanks for that link. Very interesting . What I do not understand is that we on the island have an average income of $93,000 and an average home price in the mid $400s. Not too unreasonable .
San Francisco has an average income of $86,000 and their average homes are in the mid $800,000 range.
How can anyone afford to buy a home there? Or, do you have to already have a home there in order to live there?
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People may not recall what you said to them, but they will always remember how you made them feel .
Ahh, good question. At what point do the specific numbers matter when the undercurrent of economic woe is the same. SF and LI on two completely coasts, diametrically different in many ways, but what similarities can be found in comparing the plight of communities within each. At the top of the list would be rent ratios and wages to housing costs that were bubble inflated from 2001-2007. How each area will respond to the forced changes brought by the new economy is what will be fascinating to observe. This is the stuff that economics 101 will some day be made of.
Thanks for that link. Very interesting . What I do not understand is that we on the island have an average income of $93,000 and an average home price in the mid $400s. Not too unreasonable .
San Francisco has an average income of $86,000 and their average homes are in the mid $800,000 range.
How can anyone afford to buy a home there? Or, do you have to already have a home there in order to live there?
Are you comparing the CITY of San Francisco versus LI? Yes it will be extra "unaffordable" as the city of SF is more comparable to Manhattan than to the suburbs of Manhattan (and we all know how high it is in Manhattan!). However, it does seem that according to reports on this thread that the suburbs of SF are quite high too. Well that's one part of Cali that does not seem to be suffering like some of the other areas. I know a person in the city of SF who sold, invested the money, and is now renting because it's significantly cheaper to rent than own there and he wanted to make money while prices were up.
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At what point do the specific numbers matter when the undercurrent of economic woe is the same. SF and LI on two completely coasts, diametrically different in many ways, but what similarities can be found in comparing the plight of communities within each. At the top of the list would be rent ratios and wages to housing costs that were bubble inflated from 2001-2007. How each area will respond to the forced changes brought by the new economy is what will be fascinating to observe. This is the stuff that economics 101 will some day be made of.
