[quote=Eugene][quote=jstoesz]I would probably say, Brooklyn Park is the nearest comparison I can think of. Developed in the 70’s and 80’s 20 mins from DT and the home size and construction is probably similar.
But you are comparing rental prices…which is not a fair comparison. Because Minneapolis at today’s prices nearly always cash flows…san diego, not so much. We are talking about purchasing right?[/quote]
Brooklyn Park does not seem to be much cheaper than Mira Mesa, rent-wise:
Taking that last one, it can be rented for 1450/month or bought with a monthly payment of around 1175/month, assuming 20% down, 4.5%, etc. etc. A comparable house in Mira Mesa could be rented for 1800 or bought for 1700. So, like I said, the question is whether you’re willing to tolerate Minnesota climate to save $500/month (and really even less, since most of the mortgage payment is tax deductible).[/quote]
Are we talking renting or buying. Because the median home price in Brooklyn park is right around 200k (yup you read that right), but the median price in MM is right around 500k. So that tells you something about the safety of a SD housing investment. Renting in SD is pretty cheap in comparison to home prices, and if that doesn’t raise the red flags then I don’t know what does.
BTW that house you linked in MM is really cheap to rent. I am a bit surprised that it is so cheap. Hopefully that is not some fraud, but if that is really what rents go for in MM, things are not looking good for appreciation.
