Bottom line, when you have a community with a median household income of $62k and the median house is selling for $500k+, something is seriously wrong. These median wage earners are still buying homes!
I agree that something is wrong.
However, don’t assume that median wage earner would ever would qualify for a median-priced home. This has never happened in San Diego, even at the low points.
The home “ownership” rate in SD is historically around 45-55%. Therefore, folks making the median family income are not buying the median priced house. If you assume a 1:1 translation of income to home price, it would be the ~ 75th percentile of household income that is buying the median priced home.
