Overall incomes can go up during recessions, even bad ones.
Consider that during the last prolonged recession in San Diego the median household income increased from about 32K in 1990 to about 37K in 1995.
Interesting. Why do incomes go up during a recession? Is it because more low-wage folks get laid off and don’t get figured into the median?
In the upcoming recession, I would expect that several of the hundred-thousand dollar former RE pros will get laid off/go out of business. This is why I would expect the median income in San Diego to go down over the next few years. Guess we’ll have to wait and see what happens.
