The misleading part about median income to median house it it fails to chop off the bottom 1/3 of earners who will not be/should not be buyers. S.D. is historically in the 4-7x median to median with some sub 4 years and the most recent bubble hitting 11. Apartments dwellers are included in the median income but the apartments themselves are not included in the median sales price because they are not sold individually. So you are including players into the statistical game on one side of the formula yet they aren’t on the other side. If nothing was rented and all apartments were individually owned as condos the numbers would be true, the current formula is flawed.
S.D. had a worse median to median ratio than detroit and I’ll bet Hawaii is worse than S.D., history of a particular market matter, not national or rustbelt numbers.
In fact I ran Lahaina in Maui, 61k median income, 1.8 million median home price
If rt.66 is right and we get to buy a pad on maui for 2.5x median income, I’ll pack my shit right now.
I actually like Southwest Maui better (Kihei, Wailea, Makena) and the median there was only 54k, the good news is that houses were much cheaper, 850k median, so when I can get one for 125k, I wont even bother packing, I’ll get new stuff once I get there.
