As flu said, it’s great for current homeowners, but not great for those trying to get in or move up. It’s especially sad that most of the kids who have been raised in the area can never afford to live there when they grow up–should they want to. IMO, that will be true in most of San Diego in the future.
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Funny you should mention that….
Speaking of kids that can’t afford to live where they grew up.
One of my neighbor is a dentist that runs his own practice. According to him, he’s been seeing a lot of young folks that graduated from dentistry applying for work at his practice. He’s been shocked that many of these new grads are $300-400k in the hole with their student loans. That’s a double whammy for them, because (1) unless you own your own practice, you’re not really bringing in good money. (2) you won’t be able to afford your own practice because if you’re already $300k-400k in the hole, good luck finding a lender to lend you money to start your own practice.
My other neighbor on my street who’s an attorney that co-runs his own practice also says the same thing about new law grads. Especially the ones, that don’t end up in the big, higher paying firms.
I’m not sure how real or unreal that is. But if it’s not far from the truth, looks like we’re not that far off from expanding the age old adage “you have to have to have money to make money” to “you have to have money to let your kids make money”
