[quote=moneymaker]When was the last time an average household income in San Diego could afford a new SFH? Currently average HH income is $63,400 which if you use the 5 times income rule would translate into a house that sells for $317k. I know you can get a condo/mobilehome/RV for that but the question is when was the last time average person could afford a new SFH? http://www.lao.ca.gov/reports/2015/finance/housing-costs/housing-costs.aspx%5B/quote%5D
The 5x rule of thumb doesn’t really apply in SD, as it’s always been more expensive here. Doing a quick calculation, it looks like the typical historical multiplier is closer to about 7. (That is, the ratio of the median home price to median HH income).
As for when that last happened… between the end of 2008 and the beginning of 2013.
