A family of four can still buy a 3/2/2 or 3/2/1 SFR in SD County (within 15 miles of dtn SD) for $425 – $500K. Yes, it will typically have been built in the ’50’s thru the ’80’s and the vast majority of listings on the market at any time have had some remodeling done. It will typically be 1300 to 1900 sf. Millenial family homebuyers are flocking to the far-flung southeastern IE as well as buying small condos and PUDS in SD County (almost all encumbered with heavy MR) because the housing stock I mentioned above is not “appealing” to them.
They’re essentially commuting over 3 hours per day to/from work and/or paying $200 – $700 month in HOA dues PLUS MR because they choose to. Very often, those choices are made during the buying process when the buyer(s) don’t yet have a full picture of what their actual monthly budget is going to look like as a homeowner with minor kids (unpredictable expenses) and a possibly lo-o-o-ong daily commute. In essence, this important decision is made blindly and on emotion of how the “newer” place makes them “feel” with its 10-13′ “soaring ceilings” which cost much more to heat and cool than a better-located, older (std 8′ ceiling) home. They don’t realize that if they just lived on a hill 3-5 miles from the coast/bay in SD County that their utility bills would have been cut in half (or even less than that!) over the far-flung lizardland “newer” home. And you can’t tell them otherwise because they already know everything :=0
