You forgot the tickle down expectations issue. AKA, settling for less.
From 2010 – 2015, detached housing in San Diego county grew by just over 8800 units.
In that same period, households in San Deigo county making more than $200K/yr grew by 15,400 households. Household making $150K-$199k grew by 8900 households.
During that period median income was essentially flat moving from $63K to $64K.
And with 606K SFRs in the county, not really a dent. However in the same time period of 2010 to 2015, total housing in San Diego grew by 26K units of all types while the population grew by 128,000 or roughly a housing need of 48K units of all types at historical owner/renter mix rates.
Finally, in 2010, homeowner vacancy rate was 2.6%, in 2015, it has fallen to 1.5%. Rental vacancy has also fallen from 4.9% to 4.1%.
