[quote=livinincali][quote=joec]
All I can say as a data point is all the houses near my hood now are > 4k/month rent in stucco 4S McMansion hood and my mortgage even though I am stuck with a higher rate will soon be close to 2k month without tax calculations/benefits (still have prop tax though).
[/quote]
I honestly don’t understand people renting a 4K a month property unless it’s intended to be a temporary thing. I think those kind of markets are a pretty poor gauge of the rental market.[/quote]
Maybe they are, but I know of properties that have been rented near me for 3+ years at these rates by the same family. Some for 2+ and I am sure others probably are the owners/landlords that have had no trouble renting neither…
When there is only 1-2 months of supply and no cheap/affordable homes are being built, people simply have no choice I think.
Bottom line I have been saying for the longest time is the rents are insanely high IMO, but people rent them with no problems apparently and until that changes (massive job losses, some other outside event), I find it impossible for housing to go down in price.
That being the case, yeah, maybe it’s not a good indication, but I am sure flu in CV and folks who own in mira mesa or most anywhere convenient can charge what they wish and rent it out easy.
I also think “families” are much more constrained with there to live due to schools, wife not wanting to live in a slum, etc vs a single guy.
I personally wouldn’t have a problem living in a more slum place and have actually when I was single in the bay area…
