bearishgurl, I just noticed you created this thread about this topic, so I’ll stay way from the NE PQ thread. To your original question, I use SDLookup for my data, I use ONLY SFR (no condo) and I use Active Listings. I haven’t been collecting SOLD listing data for any other zip code other than 92126, so I can’t tell you with any certainty about the closings in other areas.
I’m not debating with you about the wealthy. I agree with you that the wealthy might not have any income. I would say you need to have $10M in assets before I consider you wealthy.
Your analysis about South County basically repeat what I said in my other post. South County zip codes (like 91910, 91911, etc) have a very diverse housing stock. However, they start very low.
I go here for the demographic data I’m showing below: http://homes.point2.com. Here are the demographics for the different zip codes:
92126:
Average Household Net Worth $556,612
Median Household Net Worth $171,223
Median Home Sale Price $407,250
Median Total Debts $209,154
Average Household Income $84,178
Median Household Income $74,234
92129:
Average Household Net Worth $791,538
Median Household Net Worth $249,322
Median Home Sale Price $545,000
Median Total Debts $306,213
Average Household Income $107,292
Median Household Income $96,941
91910:
verage Household Net Worth $467,670
Median Household Net Worth $141,968
Median Home Sale Price $416,000
Median Total Debts $160,359
Average Household Income $68,041
Median Household Income $53,645
91911:
Average Household Net Worth $402,201
Median Household Net Worth $123,325
Median Home Sale Price $405,789
Median Total Debts $139,119
Average Household Income $60,347
Median Household Income $49,333
92014:
Average Household Net Worth $1,160,532
Median Household Net Worth $385,373
Median Home Sale Price $1,202,000
Median Total Debts $446,164
Average Household Income $210,923
Median Household Income $123,166
92067:
Average Household Net Worth $1,548,269
Median Household Net Worth $528,532
Median Home Sale Price $2,500,000
Median Total Debts $610,097
Average Household Income $411,595
Median Household Income $462,120
92014 & 92067 are the two example of true wealthy areas. As you can see, their average household income is quite high. Which shows that a lot of them do have income on top of having assets.
Using your income breakdown to determine the classes and using the demographic of the zip codes I just presented, it seems like 92129 is on the low end of MC, 92126 is on the high end of lower MC, 91910/91911 is barely breaking the lower MC. 92014 would be upper MC and 92067 is your wealthy area.
As UCGal and I posted on the other thread, your “quintessential CV couples” are not exclusive to Chula Vista area. I know a few in 92126 that fits the bill. Yet, the area belong to the lower MC as you described.
BTW, it’s not very hard to have $1.5M in asset if you’re frugal and you have time. If you save $4k/month for 15 years and you make 8% ROI, you’ll have $1.5M. It’s not that hard to save $4k/month if you make $150k/yr. It’ll be even easier when you make $250k/yr. If you start making $150k/yr at the age of 25, by the time you’re 40, you’ll have $1.5M in the bank in cash. That’s why I draw the asset line at $10M for the wealthy, not $1.5M.
