[quote=4plexowner]
People who have $70K in the bank are not interested in buying a median home which at this point means a POS SFR in Clairemont or a condo/townhouse in some other “happening” part of town

[/quote]

Interesting …

What’s funny about this is that SFRs in Clairemont have always roughly tracked the median price.

Also, the income required to buy these houses using traditional DTI ratios at the last housing bottom (circa 1996) was the equivalent of 1.5 times the median household income.

Today, a person with about 1.1x the median household income can buy a house in Clairemont.

Median household income : 60,900
CLairemont House : 375 K
Total PITI = 2039
(Loan @ 5.5%, 20% down : P&I = 1589; Taxes & interest : 450)

Assuming PITI = 36% of income, Clairemont is affordable to someone making 1.1x the median household income.