[quote=WaitingToExhale]I’ve been watching this market carefully for some time, and inventory has fallen off a cliff in the past few weeks. I thought we’d be at a reasonable price-rent ratio soon, but now I have my doubts.
Let’s see: the median household income for Rancho Penasquitos is $97,000 (according to some website called point2homes; I assume it’s as good as any other census data). DQNews reports the average single-family residence for RP to have sold for $512,000 in March 2009. That’s a ratio of 5.3.
Hmm, that sounds like it’s right in line with San Diego historic levels, I suppose. Should I start looking?[/quote]
Median household income is always biased for these purposes, because of two factors; 1) retirees with paid-off houses; 2) apartments and condos, which are traditionally occupied by folks with below-median incomes.
There aren’t many retirees in PQ, but there are many apartments and condos, especially to the east along Carmel Mountain Road. West end is a bit wealthier, closer to 130K.
