[quote=orthofrancis]Unless the household average income is 100,000 dollars, then it should be even lower than that.[/quote]
That’s assuming that all households can be owners, which hasn’t historically been true in So Cal. So Cal real estate has always been a bit higher relative to household average income than nationally, which is why, also historically, the ratio of renters to owners in So Cal is higher (San Diego and LA generally are right around a 50% renter/50% owner split, compared to, for instance, the midwest which is about a 33/67 split).
I did a workup based on available census statistics a few months past that came to the conclusion that the average household income in San Diego for homeowners is right about $95000. OC I think would be a little bit higher overall, so this sounds about right to me.
