[quote=bewildering][quote=millennial]So if the median person in San Diego can’t qualify for a conventional loan I’m assuming the majority of San diegans are renters.[/quote]
Retired folks might have a low income but own their home. They just bought a long time ago. The big advantage of buying a house is that a fixed mortgage ignores inflation.
I would actually love to see the median price ‘paid’ for all SFH in San Diego (Both nominal and real median price). I imagine the median ‘paid’ price for SFH would be in the low 200s.[/quote]
Good point forgot the retired folks. If that’s the case then the 5x median income wouldn’t really make sense in areas with significant appreciation
