Census Data - No Rise in Wages 2007 (California - Union Tribune)

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Submitted by SD Transplant on August 28, 2008 - 7:53am

The article from the UT has some interesting data.
I'm wondering with these stats WHERE the next first time buyers will come from.....prices have way more to come down.

Here are some of the quotes I wanted to share:

http://www.signonsandiego.com/news/busin...

"Census data show the median household income in San Diego County was $61,794, compared with $50,233 for the nation. After adjusting for inflation, the county figure was roughly 0.5 percent higher than in 2006 – a statistically insignificant number, economists say."

"San Diego's median income dropped sharply in 2002 after the high-tech boom stalled; rebounded from 2004 through 2006, coinciding with the rise of the housing bubble; but then stalled in 2007 after the real estate market peaked. "

"In inflation-adjusted numbers, California's median household income totaled $55,734 last year, compared with $56,638 in 2000, according to the California Budget Project. No reliable figure for 2000 is available at the county level. "

"Baxamusa said that to make ends meet in San Diego requires an income of twice the national poverty threshold, amounting to roughly $21,000 for an individual or $42,000 for two parents with two dependent children. By that standard, almost 800,000 people in San Diego County face economic hardship, he said. Thirteen percent of San Diego households make less than $20,000. Thirty-six percent make less than $45,000."

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What? Are you telling me
Submitted by kev374 on August 28, 2008 - 12:39pm.

What? Are you telling me there are no Asian immigrants with suitcases of cash buying up all the million dollar homes??

kev374 wrote:What? Are you
Submitted by fat_lazy_union_... on August 28, 2008 - 12:52pm.

kev374 wrote:
What? Are you telling me there are no Asian immigrants with suitcases of cash buying up all the million dollar homes??

Actually, I would be surprised if most asians even participate in filling out the census. I know i didn't.

Come to think about it. Who here had time to fill it out?

What census? I didn't see any
Submitted by ucodegen on August 28, 2008 - 12:59pm.

What census? I didn't see any census being taken.. and I am not Asian. I have been asked a census question only once in my life.. and I had to tell them 'none of the above' was the only answer because their answer categories were very biased.

... What if they took a census and nobody answered? Would it matter??

This is just more evidence
Submitted by EconProf on August 28, 2008 - 6:58pm.

This is just more evidence that, long term, San Diego is not a good place for real estate investing. Demography is everything in real estate, and San Diego's demographics do not look good on several counts. And this is all before the coming state fiscal tsumani of higher taxes and deteriorating services hits us.