3B/2B homes in Mira Mesa to be under $300K soon?

[Eugene]

By my calculations, Mira Mesa as a whole is only overpriced by 10% or so. Another 10% down and we’ll be back to 2000 affordability levels (monthly payment vs. median income). To reach low 200k’s, we need a regional recession (roll back some of the 30% increase in incomes, most of which happened in the last 3 years), significantly higher interest rates, or both.

[Coronita]

Not to hijack this thread. But what does something like 3/2 1300sqft home in Mira Mesa fetch in terms of rent these days?

 

Anyone a landlord can provide factual numbers that they are currently seeing?

 

Just pondering….

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Not to hijack this thread. But what does something like 3/2 1300sqft home in Mira Mesa fetch in terms of rent these days?

 

Anyone a landlord can provide factual numbers that they are currently seeing?

 

Just pondering….

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Not to hijack this thread. But what does something like 3/2 1300sqft home in Mira Mesa fetch in terms of rent these days?

 

Anyone a landlord can provide factual numbers that they are currently seeing?

 

Just pondering….

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Not to hijack this thread. But what does something like 3/2 1300sqft home in Mira Mesa fetch in terms of rent these days?

 

Anyone a landlord can provide factual numbers that they are currently seeing?

 

Just pondering….

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Not to hijack this thread. But what does something like 3/2 1300sqft home in Mira Mesa fetch in terms of rent these days?

 

Anyone a landlord can provide factual numbers that they are currently seeing?

 

Just pondering….

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[sd_bear]

emith – I’m curious why you think it only needs another 10% haircut. Median household income is 60k. If a 3 bed/2 bath 450k house only takes a 10% haircut you are still looking at nearly a 400k house. Even if you had the $80000 down payment you are going to be paying around 2500 a month after taxes/insurance at 6% interest rate. You can rent that house for probably 1800.

I think it needs a bit more of a decrease for that median household income (or even 75th percentile) to be able purchase a house like that and thats assuming you have 20% down.

Even the houses on the lower end of the pricing spectrum in Mira Mesa will need bigger than 10% drops to reach affordability and match rents.

[sd_bear]

emith – I’m curious why you think it only needs another 10% haircut. Median household income is 60k. If a 3 bed/2 bath 450k house only takes a 10% haircut you are still looking at nearly a 400k house. Even if you had the $80000 down payment you are going to be paying around 2500 a month after taxes/insurance at 6% interest rate. You can rent that house for probably 1800.

I think it needs a bit more of a decrease for that median household income (or even 75th percentile) to be able purchase a house like that and thats assuming you have 20% down.

Even the houses on the lower end of the pricing spectrum in Mira Mesa will need bigger than 10% drops to reach affordability and match rents.

[sd_bear]

emith – I’m curious why you think it only needs another 10% haircut. Median household income is 60k. If a 3 bed/2 bath 450k house only takes a 10% haircut you are still looking at nearly a 400k house. Even if you had the $80000 down payment you are going to be paying around 2500 a month after taxes/insurance at 6% interest rate. You can rent that house for probably 1800.

I think it needs a bit more of a decrease for that median household income (or even 75th percentile) to be able purchase a house like that and thats assuming you have 20% down.

Even the houses on the lower end of the pricing spectrum in Mira Mesa will need bigger than 10% drops to reach affordability and match rents.

[sd_bear]

emith – I’m curious why you think it only needs another 10% haircut. Median household income is 60k. If a 3 bed/2 bath 450k house only takes a 10% haircut you are still looking at nearly a 400k house. Even if you had the $80000 down payment you are going to be paying around 2500 a month after taxes/insurance at 6% interest rate. You can rent that house for probably 1800.

I think it needs a bit more of a decrease for that median household income (or even 75th percentile) to be able purchase a house like that and thats assuming you have 20% down.

Even the houses on the lower end of the pricing spectrum in Mira Mesa will need bigger than 10% drops to reach affordability and match rents.

[sd_bear]

emith – I’m curious why you think it only needs another 10% haircut. Median household income is 60k. If a 3 bed/2 bath 450k house only takes a 10% haircut you are still looking at nearly a 400k house. Even if you had the $80000 down payment you are going to be paying around 2500 a month after taxes/insurance at 6% interest rate. You can rent that house for probably 1800.

I think it needs a bit more of a decrease for that median household income (or even 75th percentile) to be able purchase a house like that and thats assuming you have 20% down.

Even the houses on the lower end of the pricing spectrum in Mira Mesa will need bigger than 10% drops to reach affordability and match rents.

[an]

FLU, it all depends on which part of MM. But the rent of a SFR 3/2 1300 sq-ft should fetch around 1600-1800/month. A 2bed/2bath apartment should fetch around 1300-1500/month to give some perspective.

[an]

FLU, it all depends on which part of MM. But the rent of a SFR 3/2 1300 sq-ft should fetch around 1600-1800/month. A 2bed/2bath apartment should fetch around 1300-1500/month to give some perspective.

[an]

FLU, it all depends on which part of MM. But the rent of a SFR 3/2 1300 sq-ft should fetch around 1600-1800/month. A 2bed/2bath apartment should fetch around 1300-1500/month to give some perspective.

[an]

FLU, it all depends on which part of MM. But the rent of a SFR 3/2 1300 sq-ft should fetch around 1600-1800/month. A 2bed/2bath apartment should fetch around 1300-1500/month to give some perspective.

[Author]

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