[quote=KristopherSD]
This is just mind-blowing to me that with $450k for a home and an additional $70k for remodel, with a overall total of $520k, I’m still not guaranteed a decent place. $520k won’t even get me into the city by your account, and will land me a smaller home in outlying areas. How can this unreality possibly continue? With my income I am supposedly in the top 15% of income earners in the US, yet somehow I feel poor when it comes to purchasing a home anywhere near San Diego. Unbelievable.[/quote]
The problem is San Diego maybe a little expensive, but it’s nothing compared to anything in the Bay Area or Los Angeles. I don’t think I’m the the only one who is here because the bay area is insane. For a simple 1.5k sqft place, you are probably looking at a mil+ or much more now anywhere in the tech areas. SF is tots cra cra. LA, it’s just as bad in any decent areas and even more than SD by tons. SD is CHEAP for what you get in terms of sq footage and amenities so for anyone outside of poor America and international buyers, you get a lot for your money here. This makes waiting hard if more people from say, China wants to move money offshore (they tend to trust the US monetary system tons more)…as well as South American/European buyers. Asians also love real estate compared to stocks so they put more of their money there. You can just go to any new homes in Carmel Valley and it’s all Asian.
Even with your decent income, it’s nothing when it comes to family wealth pooled together to help and as I’ve mentioned, near everyone I know has had help so at the starter home level you want to buy, it’s going to be insanely competitive with all the other barely can afford families who want a place. Also, people need to realize that middle class people don’t buy homes anymore in this part of California.
You are also competing with all the foreign buyers who have kids who’s parents will buy them a home just to go to school here. UCSD is probably good enough for foreigners.
I think compared to family wealth, most of us will feel poor. 🙁
A lot of people also are dual income cranking in 300k+ so being a single with decent income isn’t much compared to couples.
Don’t think you’re in he stock option game, but that helps a lot too.
