Bigmoneysalsa,
As I said these are rough figures but at least you followed the logic. I dont necessarily believe the figure is exactly the 75th percentile but I believe it’s alot closer to that than the 50th percentile.
What you missed is that we are in one of the highest cost markets in the country so our stats will skew even higher than what would be typical for most markets. I dont beleive that the median income HH bought the median priced home in San Diego anytime in the last couple decades. Feel free to prove me wrong. In fact, I beleive that the median income HH was more likely to purchase the median priced home during the bubble than what would be typical because all they had to do is have enough nerve to state their income was high enough to do so. Now that they actually have to prove their income, it will be harder than ever.
BTW, the median HH income in 200 was 47,067 on the census website. I dont consider buying approx 5 times your HH income to be affordable. You also conveniently said values were booming the last 4 years prior to 2000 but failed to mention incoems were also.
FYI, I bought a couple homes during those years and they were oversold (i.e. artificially low) in 1996 which was the bottom. The house I bought in 97 was about 2X my annual income at the time and it felt expensive. That house went up about 20% in 3 years. The one I bought after that was 2.5X my annual HH income at the time and it felt obscenely expensive. 5X annual incoem is not affordable.
