I agree on the San Fran, NYC argument. Something gets ingrained in the pysche of specific areas which causes them to pay perverted prices for there homes and a larger portion of their income for the mtg payments.
Also, I think that should lead to a detailed analysis of the economics of the individual areas. I don’t think median income is all it’s cracked up to be as in median home price.
I’ve been to SF/NYC on mulitple occasions and it just feels like there is a lot more money than SD not just the 15-20% more median income. Don’t have specifics but if memeory serves it was no that much more than SD… But I could be wrong…
