National City – 85% of kids on Free and Reduced Lunch

[Coronita]

[quote=1ABHO]I’m just ranting. Maybe that was too much to read.

* National City – the hard hit area is still overpriced. Idiots are buying for there for $130 PPSF.
* CV ain’t all that and I have no problems with foreigners. I am upset with all the consumerism over the past 20 decades and people who feel the need to drive fancy cars that can’t afford them.[/quote]

Look on the bright side, things will be more affordable for your kids in the long run.

a)Housing will be floored.
b)Equities will be floored.

That’s good news for young people.

Can’t police people in the past for being stupid.

[Eugene]

[quote]20% down is 36K. I don’t think anyone with that kind of cash under their mattress would want to live here. To qualify for Free or Reduced Lunch, a family of four cannot make over $39,200.[/quote]

The family of four would not put 20% down, they would get a FHA loan with 3% down and a mortgage of 175k. Which would put their monthly payments (mortgage + property tax) at $1200/month. A family just below the cutoff won’t pay almost any federal or state taxes – in all likelihood, the government will be paying THEM. They will be paying social security and medicare tax. Their monthly income after taxes would be around $3000. It’s not a huge stretch to pay 1200/month for housing when your after tax income is 3000. (Where else can you get a 3-bedroom house for 1200/month?)

And that’s just the legal way. I’ve not covered other more sinister possibilities like 1) earning money “under the table”, 2) renting out one bedroom and the garage to 6 day laborers, etc.

[quote]Stone Ranch Elementary has 45 students on Free or Reduced Lunch (FRL) out of 967, less than 5%[/quote]
Stone Ranch is in a good part of 4S. Monterey Ridge Elementary has 17% of students on free/reduced lunches. Because there are condos and apartments in the north part of 4S and those are assigned to Monterey Ridge.

[Eugene]

[quote]20% down is 36K. I don’t think anyone with that kind of cash under their mattress would want to live here. To qualify for Free or Reduced Lunch, a family of four cannot make over $39,200.[/quote]

The family of four would not put 20% down, they would get a FHA loan with 3% down and a mortgage of 175k. Which would put their monthly payments (mortgage + property tax) at $1200/month. A family just below the cutoff won’t pay almost any federal or state taxes – in all likelihood, the government will be paying THEM. They will be paying social security and medicare tax. Their monthly income after taxes would be around $3000. It’s not a huge stretch to pay 1200/month for housing when your after tax income is 3000. (Where else can you get a 3-bedroom house for 1200/month?)

And that’s just the legal way. I’ve not covered other more sinister possibilities like 1) earning money “under the table”, 2) renting out one bedroom and the garage to 6 day laborers, etc.

[quote]Stone Ranch Elementary has 45 students on Free or Reduced Lunch (FRL) out of 967, less than 5%[/quote]
Stone Ranch is in a good part of 4S. Monterey Ridge Elementary has 17% of students on free/reduced lunches. Because there are condos and apartments in the north part of 4S and those are assigned to Monterey Ridge.

[Eugene]

[quote]20% down is 36K. I don’t think anyone with that kind of cash under their mattress would want to live here. To qualify for Free or Reduced Lunch, a family of four cannot make over $39,200.[/quote]

The family of four would not put 20% down, they would get a FHA loan with 3% down and a mortgage of 175k. Which would put their monthly payments (mortgage + property tax) at $1200/month. A family just below the cutoff won’t pay almost any federal or state taxes – in all likelihood, the government will be paying THEM. They will be paying social security and medicare tax. Their monthly income after taxes would be around $3000. It’s not a huge stretch to pay 1200/month for housing when your after tax income is 3000. (Where else can you get a 3-bedroom house for 1200/month?)

And that’s just the legal way. I’ve not covered other more sinister possibilities like 1) earning money “under the table”, 2) renting out one bedroom and the garage to 6 day laborers, etc.

[quote]Stone Ranch Elementary has 45 students on Free or Reduced Lunch (FRL) out of 967, less than 5%[/quote]
Stone Ranch is in a good part of 4S. Monterey Ridge Elementary has 17% of students on free/reduced lunches. Because there are condos and apartments in the north part of 4S and those are assigned to Monterey Ridge.

[Eugene]

[quote]20% down is 36K. I don’t think anyone with that kind of cash under their mattress would want to live here. To qualify for Free or Reduced Lunch, a family of four cannot make over $39,200.[/quote]

The family of four would not put 20% down, they would get a FHA loan with 3% down and a mortgage of 175k. Which would put their monthly payments (mortgage + property tax) at $1200/month. A family just below the cutoff won’t pay almost any federal or state taxes – in all likelihood, the government will be paying THEM. They will be paying social security and medicare tax. Their monthly income after taxes would be around $3000. It’s not a huge stretch to pay 1200/month for housing when your after tax income is 3000. (Where else can you get a 3-bedroom house for 1200/month?)

And that’s just the legal way. I’ve not covered other more sinister possibilities like 1) earning money “under the table”, 2) renting out one bedroom and the garage to 6 day laborers, etc.

[quote]Stone Ranch Elementary has 45 students on Free or Reduced Lunch (FRL) out of 967, less than 5%[/quote]
Stone Ranch is in a good part of 4S. Monterey Ridge Elementary has 17% of students on free/reduced lunches. Because there are condos and apartments in the north part of 4S and those are assigned to Monterey Ridge.

[Eugene]

[quote]20% down is 36K. I don’t think anyone with that kind of cash under their mattress would want to live here. To qualify for Free or Reduced Lunch, a family of four cannot make over $39,200.[/quote]

The family of four would not put 20% down, they would get a FHA loan with 3% down and a mortgage of 175k. Which would put their monthly payments (mortgage + property tax) at $1200/month. A family just below the cutoff won’t pay almost any federal or state taxes – in all likelihood, the government will be paying THEM. They will be paying social security and medicare tax. Their monthly income after taxes would be around $3000. It’s not a huge stretch to pay 1200/month for housing when your after tax income is 3000. (Where else can you get a 3-bedroom house for 1200/month?)

And that’s just the legal way. I’ve not covered other more sinister possibilities like 1) earning money “under the table”, 2) renting out one bedroom and the garage to 6 day laborers, etc.

[quote]Stone Ranch Elementary has 45 students on Free or Reduced Lunch (FRL) out of 967, less than 5%[/quote]
Stone Ranch is in a good part of 4S. Monterey Ridge Elementary has 17% of students on free/reduced lunches. Because there are condos and apartments in the north part of 4S and those are assigned to Monterey Ridge.

[Doofrat]

It’s the lack of analysis like what you did for National City that got everybody into this mess. It’s called a reality check. The consumers were using pop phrases like “can’t lose money in Real Estate” or “They’re not making any more land” in the place of any real analysis and the banks were using data that was flawed from the start and not doing a reality check on who they were loaning money to.

The only catch to the National City prices is that it’s likely that somebody with $35,000 under their mattress would buy when the rental ratio became reasonable and then use the property as a rental. Who knows what that would be?

[Doofrat]

It’s the lack of analysis like what you did for National City that got everybody into this mess. It’s called a reality check. The consumers were using pop phrases like “can’t lose money in Real Estate” or “They’re not making any more land” in the place of any real analysis and the banks were using data that was flawed from the start and not doing a reality check on who they were loaning money to.

The only catch to the National City prices is that it’s likely that somebody with $35,000 under their mattress would buy when the rental ratio became reasonable and then use the property as a rental. Who knows what that would be?

[Doofrat]

It’s the lack of analysis like what you did for National City that got everybody into this mess. It’s called a reality check. The consumers were using pop phrases like “can’t lose money in Real Estate” or “They’re not making any more land” in the place of any real analysis and the banks were using data that was flawed from the start and not doing a reality check on who they were loaning money to.

The only catch to the National City prices is that it’s likely that somebody with $35,000 under their mattress would buy when the rental ratio became reasonable and then use the property as a rental. Who knows what that would be?

[Doofrat]

It’s the lack of analysis like what you did for National City that got everybody into this mess. It’s called a reality check. The consumers were using pop phrases like “can’t lose money in Real Estate” or “They’re not making any more land” in the place of any real analysis and the banks were using data that was flawed from the start and not doing a reality check on who they were loaning money to.

The only catch to the National City prices is that it’s likely that somebody with $35,000 under their mattress would buy when the rental ratio became reasonable and then use the property as a rental. Who knows what that would be?

[Doofrat]

It’s the lack of analysis like what you did for National City that got everybody into this mess. It’s called a reality check. The consumers were using pop phrases like “can’t lose money in Real Estate” or “They’re not making any more land” in the place of any real analysis and the banks were using data that was flawed from the start and not doing a reality check on who they were loaning money to.

The only catch to the National City prices is that it’s likely that somebody with $35,000 under their mattress would buy when the rental ratio became reasonable and then use the property as a rental. Who knows what that would be?

[1ABHO]

[quote]Stone Ranch Elementary has 45 students on Free or Reduced Lunch (FRL) out of 967, less than 5%[/quote]
Stone Ranch is in a good part of 4S. Monterey Ridge Elementary has 17% of students on free/reduced lunches. Because there are condos and apartments in the north part of 4S and those are assigned to Monterey Ridge.
[/quote]

[1ABHO]

[quote]Stone Ranch Elementary has 45 students on Free or Reduced Lunch (FRL) out of 967, less than 5%[/quote]
Stone Ranch is in a good part of 4S. Monterey Ridge Elementary has 17% of students on free/reduced lunches. Because there are condos and apartments in the north part of 4S and those are assigned to Monterey Ridge.
[/quote]

[1ABHO]

[quote]Stone Ranch Elementary has 45 students on Free or Reduced Lunch (FRL) out of 967, less than 5%[/quote]
Stone Ranch is in a good part of 4S. Monterey Ridge Elementary has 17% of students on free/reduced lunches. Because there are condos and apartments in the north part of 4S and those are assigned to Monterey Ridge.
[/quote]

[1ABHO]

[quote]Stone Ranch Elementary has 45 students on Free or Reduced Lunch (FRL) out of 967, less than 5%[/quote]
Stone Ranch is in a good part of 4S. Monterey Ridge Elementary has 17% of students on free/reduced lunches. Because there are condos and apartments in the north part of 4S and those are assigned to Monterey Ridge.
[/quote]

[Author]

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