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Old 04-20-2007, 03:19 PM
 
4 posts, read 32,388 times
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I don't understand something about San Diego. I have read that the median household income is $42,000 per year. But the median house price is $400,000, and it seems like to rent a decent apartment with at least two bedrooms it would cost about $1,500 a month in rent.

How do people afford to live there only making $42,000 (maybe $84,000 with two incomes) a year?? Does the majority of the population live in poverty???
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Old 04-20-2007, 03:37 PM
 
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I'd say that, unfortunately, yes, a good amount of San Diegans are house-poor, living off of payments that they can barely afford to make.
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Old 04-20-2007, 03:51 PM
 
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Median income buyers don't buy median priced houses. Median income is not necessarily relevant to the price of a home. This is true in all the major coastal cities.
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Old 04-20-2007, 05:48 PM
 
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Quote:
Originally Posted by Lorax View Post
I don't understand something about San Diego. I have read that the median household income is $42,000 per year. But the median house price is $400,000, and it seems like to rent a decent apartment with at least two bedrooms it would cost about $1,500 a month in rent.

How do people afford to live there only making $42,000 (maybe $84,000 with two incomes) a year?? Does the majority of the population live in poverty???
Alot of people took out loans they really couldn't afford.... and now that the equity is drying up..they're loading up their credit cards!! Looks can be deceiving.
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Old 04-20-2007, 10:11 PM
 
Location: Avondale, AZ
1,219 posts, read 4,424,717 times
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Quote:
I don't understand something about San Diego. I have read that the median household income is $42,000 per year. But the median house price is $400,000
That stat is a little misleading. A lot of homeowners could not afford to buy their own house back. We were in that category when we lived there. We had bought a few years back and the value of our house far exceeded any kind of 'reasonable' loan I would've been able to qualify for. I would like to see the median income of just home-buyers. I'll bet that it's higher than 42k.
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Old 04-20-2007, 10:42 PM
 
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Why? because people are willing to go out on a limb in order to live here.

That's usually something that most people, in other locations, can't comprehend.
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Old 04-20-2007, 10:48 PM
 
Location: Newport Beach, CA
253 posts, read 293,546 times
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Let's not forget that many small business owners, myself included, have a very low reported income. We own corporations that make a lot of money but we withdraw low salaries in order to keep our personal taxes down. That really skews the median income down, especially in places with lots of business owners like Newport Beach where I now live.
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Old 04-21-2007, 10:57 AM
 
1,868 posts, read 5,344,992 times
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Quote:
Originally Posted by newportbeachsmostwanted View Post
Why? because people are willing to go out on a limb in order to live here.

That's usually something that most people, in other locations, can't comprehend.
I'm from SD and I still can't "comprehend" it. lol
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Old 04-26-2007, 09:32 AM
 
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Let me ask this, then. Is it possible for two people (no kids) with a combined income of around $100,000 to purchase a modest house in a nice neighborhood and live comfortably within their means? I mean, still have money left over for car payments, utilities, food and the occasional vacation?
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Old 04-26-2007, 09:33 AM
 
8,480 posts, read 27,282,448 times
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Quote:
Originally Posted by Lorax View Post
Let me ask this, then. Is it possible for two people (no kids) with a combined income of around $100,000 to purchase a modest house in a nice neighborhood and live comfortably within their means? I mean, still have money left over for car payments, utilities, food and the occasional vacation?
In a nice neighborhood (and even some funky ones), you'll be looking at a condo.
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