[quote=Nor-LA-SD-guy][quote=jficquette]
Median income in San Diego is around $60k or so which equates to $200k loan.
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I think some have already beat the Median income thing around enough, What that means (and this is just a guess) is you take 100 people 10 to 15 make around 100K a year, 7 make around 150K a year, 5 make over 200K a year and most the rest making minimum wage or a little better.
Had to edit my guess a little.
I think you also need to add into the calculation that 20 or more percent bought their homes in the mid 90’s or earlier (or inherited them) and they aren’t going anywhere.
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The median income thing has been affected by people getting money from parents for down payments from their paid for houses or from rolling their profits from the last home into the next one.
Now the entry level is out of reach so no more roll up of profits into the next house . I guess gifts from parents are still a factor. More so here then other areas since people with 70 year old parents probably bought their house in the low 70’s.
Sooner or later things have to even out with affordability.
Biggest problem is the state government and lost of job creation.
Statistically, $120k is probably two standard Deviations or about 5% so out of those 100 only 5 make more then $120k
