Poway Seller,
I just went back to 2000 to check what was selling for 300 to 330 in a good area like Encinitas/South Carlsbad/RB/Scripps Ranch etc. Around March that year you could get a 3BR/2BA 1500 sq ft single story home built in the 70’s. That is what we refer to as entry level detached housing in SD. Those same homes are selling for roughly double today which doesnt make sense to me. In mid 2003, they were selling for 450 to 500 which does make sense to me. A young couple moving up from a condo with a little equity and good jobs (lets say combined income of $125 to $150)would be able to put 10% down (I think thats doable for most people like that) and could get a 30 yr fixed rate mortgage of about 2500/month. Add 600 for taxes and insurance and their paying $3100 PITI which after tax in their bracket is like $2000 in rent. They would have a nice home in a nice area to live in for the next 5 to 10 years. As for $450K being high end in 2000, I’d disagree. It’s what I would equate to Upper Middle class. High end homes today start around $1.2M and were around $600K in 2000.
