2009 Conforming Loan Limits Jump

[sdrealtor]

Macromaniac
What general area do your rent in for 1750 and what does that get you? Its helpful for us to be able to put your broad generalizations into context.

sdr

BTW, I’m not surprised to learn you are from Ohio.

[Eugene]

Austin, TX – median household income $53K (census.gov says 48K), median price $230K.
San Diego, CA – median household income $60K (census.gov) / 67K (SANDAG), median price – I guess 300-350K by now?

Austin, TX – property tax rate 2.5% or so
San Diego, CA – property tax rate typically begins at 1.1% and goes down over time, thanks to prop 13

Austin, TX – average August high 96 F, average January low 40 F, hot and humid summers, 150 miles to the nearest beach
San Diego, CA – average August high 78 F, average January low 50 F, dry summers, 0-5 miles to the beach

What’s your point again?

[quote]Generally speaking, 50% of gross can be affordable on far upper end and/or if you ignore various costs associated with owning a place (which applies to numbers you provided in the past).[/quote]

It’s affordable if your median household is physically capable of surviving after making monthly housing payments. In practice, people won’t stretch their finances to the limit. How far are they are willing to go before packing up and moving to Austin, TX? Depends on how desirable the place is. San Diego is not the most desirable place in the United States, but it’s near the top. It’s behind Puerto Rico, Hawaii, Bay Area, and central California coast (Santa Barbara, Monterey & such).

[Eugene]

Austin, TX – median household income $53K (census.gov says 48K), median price $230K.
San Diego, CA – median household income $60K (census.gov) / 67K (SANDAG), median price – I guess 300-350K by now?

Austin, TX – property tax rate 2.5% or so
San Diego, CA – property tax rate typically begins at 1.1% and goes down over time, thanks to prop 13

Austin, TX – average August high 96 F, average January low 40 F, hot and humid summers, 150 miles to the nearest beach
San Diego, CA – average August high 78 F, average January low 50 F, dry summers, 0-5 miles to the beach

What’s your point again?

[quote]Generally speaking, 50% of gross can be affordable on far upper end and/or if you ignore various costs associated with owning a place (which applies to numbers you provided in the past).[/quote]

It’s affordable if your median household is physically capable of surviving after making monthly housing payments. In practice, people won’t stretch their finances to the limit. How far are they are willing to go before packing up and moving to Austin, TX? Depends on how desirable the place is. San Diego is not the most desirable place in the United States, but it’s near the top. It’s behind Puerto Rico, Hawaii, Bay Area, and central California coast (Santa Barbara, Monterey & such).

[Eugene]

Austin, TX – median household income $53K (census.gov says 48K), median price $230K.
San Diego, CA – median household income $60K (census.gov) / 67K (SANDAG), median price – I guess 300-350K by now?

Austin, TX – property tax rate 2.5% or so
San Diego, CA – property tax rate typically begins at 1.1% and goes down over time, thanks to prop 13

Austin, TX – average August high 96 F, average January low 40 F, hot and humid summers, 150 miles to the nearest beach
San Diego, CA – average August high 78 F, average January low 50 F, dry summers, 0-5 miles to the beach

What’s your point again?

[quote]Generally speaking, 50% of gross can be affordable on far upper end and/or if you ignore various costs associated with owning a place (which applies to numbers you provided in the past).[/quote]

It’s affordable if your median household is physically capable of surviving after making monthly housing payments. In practice, people won’t stretch their finances to the limit. How far are they are willing to go before packing up and moving to Austin, TX? Depends on how desirable the place is. San Diego is not the most desirable place in the United States, but it’s near the top. It’s behind Puerto Rico, Hawaii, Bay Area, and central California coast (Santa Barbara, Monterey & such).

[Eugene]

Austin, TX – median household income $53K (census.gov says 48K), median price $230K.
San Diego, CA – median household income $60K (census.gov) / 67K (SANDAG), median price – I guess 300-350K by now?

Austin, TX – property tax rate 2.5% or so
San Diego, CA – property tax rate typically begins at 1.1% and goes down over time, thanks to prop 13

Austin, TX – average August high 96 F, average January low 40 F, hot and humid summers, 150 miles to the nearest beach
San Diego, CA – average August high 78 F, average January low 50 F, dry summers, 0-5 miles to the beach

What’s your point again?

[quote]Generally speaking, 50% of gross can be affordable on far upper end and/or if you ignore various costs associated with owning a place (which applies to numbers you provided in the past).[/quote]

It’s affordable if your median household is physically capable of surviving after making monthly housing payments. In practice, people won’t stretch their finances to the limit. How far are they are willing to go before packing up and moving to Austin, TX? Depends on how desirable the place is. San Diego is not the most desirable place in the United States, but it’s near the top. It’s behind Puerto Rico, Hawaii, Bay Area, and central California coast (Santa Barbara, Monterey & such).

[Eugene]

Austin, TX – median household income $53K (census.gov says 48K), median price $230K.
San Diego, CA – median household income $60K (census.gov) / 67K (SANDAG), median price – I guess 300-350K by now?

Austin, TX – property tax rate 2.5% or so
San Diego, CA – property tax rate typically begins at 1.1% and goes down over time, thanks to prop 13

Austin, TX – average August high 96 F, average January low 40 F, hot and humid summers, 150 miles to the nearest beach
San Diego, CA – average August high 78 F, average January low 50 F, dry summers, 0-5 miles to the beach

What’s your point again?

[quote]Generally speaking, 50% of gross can be affordable on far upper end and/or if you ignore various costs associated with owning a place (which applies to numbers you provided in the past).[/quote]

It’s affordable if your median household is physically capable of surviving after making monthly housing payments. In practice, people won’t stretch their finances to the limit. How far are they are willing to go before packing up and moving to Austin, TX? Depends on how desirable the place is. San Diego is not the most desirable place in the United States, but it’s near the top. It’s behind Puerto Rico, Hawaii, Bay Area, and central California coast (Santa Barbara, Monterey & such).

[Nor-LA-SD-guy]

[quote=esmith]Austin, TX – median household income $53K (census.gov says 48K), median price $230K.
San Diego, CA – median household income $60K (census.gov) / 67K (SANDAG), median price – I guess 300-350K by now?

Austin, TX – property tax rate 2.5% or so
San Diego, CA – property tax rate typically begins at 1.1% and goes down over time, thanks to prop 13

Austin, TX – average August high 96 F, average January low 40 F, hot and humid summers, 150 miles to the nearest beach
San Diego, CA – average August high 78 F, average January low 50 F, dry summers, 0-5 miles to the beach

What’s your point again?

[quote]Generally speaking, 50% of gross can be affordable on far upper end and/or if you ignore various costs associated with owning a place (which applies to numbers you provided in the past).[/quote]

It’s affordable if your median household is physically capable of surviving after making monthly housing payments. In practice, people won’t stretch their finances to the limit. How far are they are willing to go before packing up and moving to Austin, TX? Depends on how desirable the place is. San Diego is not the most desirable place in the United States, but it’s near the top. It’s behind Puerto Rico, Hawaii, Bay Area, and central California coast (Santa Barbara, Monterey & such).[/quote]

I was just in Puerto Rico last September, (the place was mostly deserted I guess it was the wrong season to go there).

It was nice if you like a cross between Mexico and the U.S. (kind of but almost not quite third world “Mexico only a lot safer”).

The homes for sale there were very reasonable, the one complaint I would have is they don’t seem to have a handle on their mosquitos, They (mosquito’s) are a real problem there.

And they have fantastic snorkeling right off the beach in some spots.

[Nor-LA-SD-guy]

[quote=esmith]Austin, TX – median household income $53K (census.gov says 48K), median price $230K.
San Diego, CA – median household income $60K (census.gov) / 67K (SANDAG), median price – I guess 300-350K by now?

Austin, TX – property tax rate 2.5% or so
San Diego, CA – property tax rate typically begins at 1.1% and goes down over time, thanks to prop 13

Austin, TX – average August high 96 F, average January low 40 F, hot and humid summers, 150 miles to the nearest beach
San Diego, CA – average August high 78 F, average January low 50 F, dry summers, 0-5 miles to the beach

What’s your point again?

[quote]Generally speaking, 50% of gross can be affordable on far upper end and/or if you ignore various costs associated with owning a place (which applies to numbers you provided in the past).[/quote]

It’s affordable if your median household is physically capable of surviving after making monthly housing payments. In practice, people won’t stretch their finances to the limit. How far are they are willing to go before packing up and moving to Austin, TX? Depends on how desirable the place is. San Diego is not the most desirable place in the United States, but it’s near the top. It’s behind Puerto Rico, Hawaii, Bay Area, and central California coast (Santa Barbara, Monterey & such).[/quote]

I was just in Puerto Rico last September, (the place was mostly deserted I guess it was the wrong season to go there).

It was nice if you like a cross between Mexico and the U.S. (kind of but almost not quite third world “Mexico only a lot safer”).

The homes for sale there were very reasonable, the one complaint I would have is they don’t seem to have a handle on their mosquitos, They (mosquito’s) are a real problem there.

And they have fantastic snorkeling right off the beach in some spots.

[Nor-LA-SD-guy]

[quote=esmith]Austin, TX – median household income $53K (census.gov says 48K), median price $230K.
San Diego, CA – median household income $60K (census.gov) / 67K (SANDAG), median price – I guess 300-350K by now?

Austin, TX – property tax rate 2.5% or so
San Diego, CA – property tax rate typically begins at 1.1% and goes down over time, thanks to prop 13

Austin, TX – average August high 96 F, average January low 40 F, hot and humid summers, 150 miles to the nearest beach
San Diego, CA – average August high 78 F, average January low 50 F, dry summers, 0-5 miles to the beach

What’s your point again?

[quote]Generally speaking, 50% of gross can be affordable on far upper end and/or if you ignore various costs associated with owning a place (which applies to numbers you provided in the past).[/quote]

It’s affordable if your median household is physically capable of surviving after making monthly housing payments. In practice, people won’t stretch their finances to the limit. How far are they are willing to go before packing up and moving to Austin, TX? Depends on how desirable the place is. San Diego is not the most desirable place in the United States, but it’s near the top. It’s behind Puerto Rico, Hawaii, Bay Area, and central California coast (Santa Barbara, Monterey & such).[/quote]

I was just in Puerto Rico last September, (the place was mostly deserted I guess it was the wrong season to go there).

It was nice if you like a cross between Mexico and the U.S. (kind of but almost not quite third world “Mexico only a lot safer”).

The homes for sale there were very reasonable, the one complaint I would have is they don’t seem to have a handle on their mosquitos, They (mosquito’s) are a real problem there.

And they have fantastic snorkeling right off the beach in some spots.

[Nor-LA-SD-guy]

[quote=esmith]Austin, TX – median household income $53K (census.gov says 48K), median price $230K.
San Diego, CA – median household income $60K (census.gov) / 67K (SANDAG), median price – I guess 300-350K by now?

Austin, TX – property tax rate 2.5% or so
San Diego, CA – property tax rate typically begins at 1.1% and goes down over time, thanks to prop 13

Austin, TX – average August high 96 F, average January low 40 F, hot and humid summers, 150 miles to the nearest beach
San Diego, CA – average August high 78 F, average January low 50 F, dry summers, 0-5 miles to the beach

What’s your point again?

[quote]Generally speaking, 50% of gross can be affordable on far upper end and/or if you ignore various costs associated with owning a place (which applies to numbers you provided in the past).[/quote]

It’s affordable if your median household is physically capable of surviving after making monthly housing payments. In practice, people won’t stretch their finances to the limit. How far are they are willing to go before packing up and moving to Austin, TX? Depends on how desirable the place is. San Diego is not the most desirable place in the United States, but it’s near the top. It’s behind Puerto Rico, Hawaii, Bay Area, and central California coast (Santa Barbara, Monterey & such).[/quote]

I was just in Puerto Rico last September, (the place was mostly deserted I guess it was the wrong season to go there).

It was nice if you like a cross between Mexico and the U.S. (kind of but almost not quite third world “Mexico only a lot safer”).

The homes for sale there were very reasonable, the one complaint I would have is they don’t seem to have a handle on their mosquitos, They (mosquito’s) are a real problem there.

And they have fantastic snorkeling right off the beach in some spots.

[Nor-LA-SD-guy]

[quote=esmith]Austin, TX – median household income $53K (census.gov says 48K), median price $230K.
San Diego, CA – median household income $60K (census.gov) / 67K (SANDAG), median price – I guess 300-350K by now?

Austin, TX – property tax rate 2.5% or so
San Diego, CA – property tax rate typically begins at 1.1% and goes down over time, thanks to prop 13

Austin, TX – average August high 96 F, average January low 40 F, hot and humid summers, 150 miles to the nearest beach
San Diego, CA – average August high 78 F, average January low 50 F, dry summers, 0-5 miles to the beach

What’s your point again?

[quote]Generally speaking, 50% of gross can be affordable on far upper end and/or if you ignore various costs associated with owning a place (which applies to numbers you provided in the past).[/quote]

It’s affordable if your median household is physically capable of surviving after making monthly housing payments. In practice, people won’t stretch their finances to the limit. How far are they are willing to go before packing up and moving to Austin, TX? Depends on how desirable the place is. San Diego is not the most desirable place in the United States, but it’s near the top. It’s behind Puerto Rico, Hawaii, Bay Area, and central California coast (Santa Barbara, Monterey & such).[/quote]

I was just in Puerto Rico last September, (the place was mostly deserted I guess it was the wrong season to go there).

It was nice if you like a cross between Mexico and the U.S. (kind of but almost not quite third world “Mexico only a lot safer”).

The homes for sale there were very reasonable, the one complaint I would have is they don’t seem to have a handle on their mosquitos, They (mosquito’s) are a real problem there.

And they have fantastic snorkeling right off the beach in some spots.

[macromaniac]

SdRealtor,

Please clarify the comment concerning you not being surprised that I am from Ohio as I am not sure where you are going with that….

I rent in the original La Jolla Woodlands off Via Alicante, $1750.00 for a 2 bed 2.5 bath with 1 car garage and 2 patios.

The bump up on the conforming of 70 some thousand is not going to be a major factor to hold up prices at this point. You still have to qualify with full doc and there are substantial rate hits for what is called Jumbo Conforming….

Most anyone that is going to purchase a home at this point and range needs their head examined…..my opinion….

[macromaniac]

SdRealtor,

Please clarify the comment concerning you not being surprised that I am from Ohio as I am not sure where you are going with that….

I rent in the original La Jolla Woodlands off Via Alicante, $1750.00 for a 2 bed 2.5 bath with 1 car garage and 2 patios.

The bump up on the conforming of 70 some thousand is not going to be a major factor to hold up prices at this point. You still have to qualify with full doc and there are substantial rate hits for what is called Jumbo Conforming….

Most anyone that is going to purchase a home at this point and range needs their head examined…..my opinion….

[macromaniac]

SdRealtor,

Please clarify the comment concerning you not being surprised that I am from Ohio as I am not sure where you are going with that….

I rent in the original La Jolla Woodlands off Via Alicante, $1750.00 for a 2 bed 2.5 bath with 1 car garage and 2 patios.

The bump up on the conforming of 70 some thousand is not going to be a major factor to hold up prices at this point. You still have to qualify with full doc and there are substantial rate hits for what is called Jumbo Conforming….

Most anyone that is going to purchase a home at this point and range needs their head examined…..my opinion….

[macromaniac]

SdRealtor,

Please clarify the comment concerning you not being surprised that I am from Ohio as I am not sure where you are going with that….

I rent in the original La Jolla Woodlands off Via Alicante, $1750.00 for a 2 bed 2.5 bath with 1 car garage and 2 patios.

The bump up on the conforming of 70 some thousand is not going to be a major factor to hold up prices at this point. You still have to qualify with full doc and there are substantial rate hits for what is called Jumbo Conforming….

Most anyone that is going to purchase a home at this point and range needs their head examined…..my opinion….

[Author]

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