I did some poking around with some stats and came up with the following. What I am doing wrong?
Median Home Price
1990-$183K
2000-$269K
2005-$510K
Median HH Income from Sandag site
1990-$35K (census)
2000-$47K (census)
2005-$64K (estimate)
I was surprised by the median income estimate as I have seen the $47K number bandied about and hadnt seen the higher number before. Has anyone seen that number before?
Price to income Ratio
1990-5.2
2000-5.7
2005-8.0
If the $64K number is legit and we get to $70K or better by 2010 it would suggest a median home price of $350k to $400K. I expected to see a number under $300K. Whats wrong with this picture?
