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I'm not sure what the OP is trying to say with this thread. For me personally living in So Cal, prices were sky high long long before the pandemic. If that is the link he's trying to make.
Homes in Compton and other areas with bad reps are 500k plus in many cases.
LA is built out, there is no where to go unless you go further and further out east to get cheaper pricing.
If you go south it's just as expensive, you go north this pricing is expensive.
East is about the only direction you can go, but then you've got literally a hellish commute that just isn't worth it to me.
Where I live a single family home can cost as much as 500k. It's ridiculous. I mean even a 75k house would be too much for me considering I'm not trying to stay here but I don't understand why it's like half the price of San Diego.
Then again why is San Diego still so much money as well? I thought everyone was trying to leave there because of fires or whatever and now there's a strict lockdown in CA? I doubt anyone is trying to move there as everyone who discovers that I'm trying to live there looks at me like I have two heads.
I would say 1/10th of San Diego County is tremendously wealthy with huge mansions overlooking beaches but 1/2 of the County has living conditions that are considered 3rd world conditions.
Each time I have rode the blue line trolley is South San Diego to San Ysidro half the people on the trains have kennel cough from the third-world living conditions in San Ysidro, older sections of Chula Vista, National City. Tremendous overcrowding in much of San Diego County.
San Diego has a median household income of $78,000 and per-capita income of $38,000.
The median household is $78,000 but households tend to be very large in San Diego County with large families mainly residing in small houses.
It is about 13 times the median household income to purchase a average saled price home in San Diego.
A majority of San Diego County is not very nice except for the scenery. The household sizes and family sizes are huge and many people always like they have a bad virus there from the living conditions with many people crowding in small homes because of the high housing costs.
Alot of Chula Vista, El Cajon and Oceanside I notice many people have what is like a "Kennel Cough" from having huge families residing in outdated, small homes that were poorly construction.
San Diego has a medium-sized ultra-wealthy population on the northern coast of the county that reside in massive mansions and large homes over looking the ocean.
Per-capita income in San Diego is about 10% higher than Little Rock, Arkansas or Charleston, West Virginia
American middle-class just needs to work a little harder so they win the dozens of bids many of which hedge funds, wealthy elites buying homes as a hard asset and pension funds.
The average home equity gained in cities like San Diego and Denver the last year is about three times what the typical job in those cities pay before tax.
Interesting how there are 2 million more vacant housing units than 2000 but yet there is massive scarcity of homes for sale.
I guess this is what happens when money supply goes from 3.9 trillion to 18.1 trillion in a year and ZIRP policies.
Nothing more than contrived sham to manipulate middle to upper-middle to buy, buy, buy and using the pandemic to do so.
San Diego average home price up 160,000 in a year!
Denver average home price up 154,000 in a year!
Dallas up 28% home price
Galveston, TX up 44% home price
That's one more reason I love small towns. My wife, daughter, and I live in a nice little 2 bed house with full basement, 1/2 finished, with an attached garage, and a large 2 car unattached garage. We paid $115,000. I live 6 blocks from work, and it takes me 10 minutes to get to my hunting spot.
I'm not sure what the OP is trying to say with this thread. For me personally living in So Cal, prices were sky high long long before the pandemic. If that is the link he's trying to make.
Homes in Compton and other areas with bad reps are 500k plus in many cases.
LA is built out, there is no where to go unless you go further and further out east to get cheaper pricing.
If you go south it's just as expensive, you go north this pricing is expensive.
East is about the only direction you can go, but then you've got literally a hellish commute that just isn't worth it to me.
Southern California has not been sky-high for that long.
These extremely high real prices have only really built over the last 5 years.
I remember an article about home prices there in 1995 when they had a recession and they were very low affordable compared to much of the country.
Even 2008, homes could be had for very low prices in certain neighborhoods.
I am from the Denver area and it was one of the cheapest devoloped cities in the devoloped world back in the late 1980s and early 1990s.
2008 median home price, I could not find an average for 2008.
Los Angeles $354,000
San Diego $332,000
Inland Empre $201,000 (Riverside and San Bernadino County)
In LA and So Cal in general the "median" metric value can pull down the real numbers in my opinion.
I've tracked home pricing here in so cal for about 20 plus years now. The market really took off in the 2000's. We bought our place in 98 and just a few short years later the market really went nuts. It took a dip just like everything did in 2008 but to my point, it's been nuts here long before the pandemic.
And I’m being generous there. I’d argue the 1970s.
Put up the average home price from 2008 for Cleveland, Buffalo, and Pittsburgh.
This is what happens when alot of people want to live in Los Angeles, but there isn't enough room for everyone. Remember, the city of Los Angeles is in a coastal valley. It's also boxed in by other cities/suburbs.
Cleveland, Buffalo, and Pittsburgh have markedly lower housing prices because those cities, based on their population declines, are places alot of people don't want to live in.
DFW is an extremely hot and high priced market. We sold our home last year, height of pandemic, over asking, with multiple offers within days of listing. Texas is no longer the “huge house, low price” situation it once was.
Don’t you live in TX?
Quote:
Originally Posted by RMESMH
jcp123 was responding to the OP.
The OP referenced the city of Dallas, not the DFW market overall.
jcp123 didn't say Texas is the huge house, low price situation it once was.
Yes, jcp123 lives in the Tyler area.
The average price of a home in the city of Dallas being 500k of not, and the DFW area being hot (high percentage increases) are two different things.
Yeah, so here’s the thing.
You’re both right in some way. I haven’t monitored the Dallas or DFW home market for about a year, but there were mondo houses for around or even under $200k last I checked. Zillow places the DFW market at $278k
Either way, $500k homes are more than available in Dallas proper or DFW metro, but I don’t see anything resembling a median or average price close to that, and a lot closer to where I thought they would be by gut feeling.
Now, again using the same place for consistency, San Diego proper was also a lot lower than I thought, $755k.
Supply and demand. Alot of people want to live in Denver, Austin, San Diego, and Dallas. There is a reason it's cheaper to live in Buffalo or Cleveland than in the aforementioned cities. There is a reason for this.
No offense but this is a bit of a non-answer. Everybody sort of already knew this, although Dallas is a surprise to me. It doesn’t explain the precipitous and unsustainable rate of growth that is also occurring almost everywhere else too including Cleveland and Buffalo.
And will only get worse as these illegal border crossers are dumped into local cities and economies winding up with subsidized/third party money for housing which turn will drive up rents and houses. Throw in those that can't wait to get out of their apartment let alone city the pricing ladder will continue to go up.
This is very true. I own rental properties in one neighborhood in West Palm Beach. I was able to buy the properties outright so could charge $500 a month for a 3 bedroom on 1/4 of an acre, and pocket half for profit, the rest goes to insurance and taxes. About 10 years ago, a large lot that was once a small orange grove was sold to a developer and he turned it into an apartment complex. It gets even better, he gets tax credits for allowing his apartments to become section 8 and he gets a full $2000 a month per apartment. All of the tenants are Black, and mostly immigrants from Haiti, so he gets even more tax credits and even charity money to keep the buildings nice. And because of this, the property values in the area has skyrocketed because developers want to come in, buy up the old homes and do what this guy is doing. I have a house now that is right smack in the middle of a group of lots bought by a developer. I bought it for $40,000 in 2005, and they have been giving me offers, but this year, the guy goes from $500,000 all the way to $2.2 million. It sucks, but I'm going to sell it, and with it, I can buy all my tenants houses of their own in a cheaper county.
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