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BGinRB
Participant[quote=jpinpb]
Someone told me a median income will never afford you a median home in San Diego. And at this rate, I’m going to agree.[/quote]Popular fallacy. The argument goes something like this:
Low income people rent <=> The owners are upper 2/3 && median price needs to be affordable by median among owners => median price will never be affordable by median income family.Here is the problem – in a balanced market the rent must cover the payment on the property. You cannot remove renters since they are ‘buying’ the property by making their payments.
Since markets across time/space/property tax rate are not balanced you can capture a snapshot that goes either way. But look at Austin, TX – Median Income $53K, Median Price $230K. With 20% down the price is just over 3.5x the income and the trend is down.
Or Rochester, NY back in 2006 (money.cnn.com) – $33K median income, $60K median price.The premise of median income never being sufficient to buy a median priced property is as valid as the better known version of it – ‘the RE prices never go down.’
Participant[quote=jpinpb]
Someone told me a median income will never afford you a median home in San Diego. And at this rate, I’m going to agree.[/quote]Popular fallacy. The argument goes something like this:
Low income people rent <=> The owners are upper 2/3 && median price needs to be affordable by median among owners => median price will never be affordable by median income family.Here is the problem – in a balanced market the rent must cover the payment on the property. You cannot remove renters since they are ‘buying’ the property by making their payments.
Since markets across time/space/property tax rate are not balanced you can capture a snapshot that goes either way. But look at Austin, TX – Median Income $53K, Median Price $230K. With 20% down the price is just over 3.5x the income and the trend is down.
Or Rochester, NY back in 2006 (money.cnn.com) – $33K median income, $60K median price.The premise of median income never being sufficient to buy a median priced property is as valid as the better known version of it – ‘the RE prices never go down.’
Participant[quote=jpinpb]
Someone told me a median income will never afford you a median home in San Diego. And at this rate, I’m going to agree.[/quote]Popular fallacy. The argument goes something like this:
Low income people rent <=> The owners are upper 2/3 && median price needs to be affordable by median among owners => median price will never be affordable by median income family.Here is the problem – in a balanced market the rent must cover the payment on the property. You cannot remove renters since they are ‘buying’ the property by making their payments.
Since markets across time/space/property tax rate are not balanced you can capture a snapshot that goes either way. But look at Austin, TX – Median Income $53K, Median Price $230K. With 20% down the price is just over 3.5x the income and the trend is down.
Or Rochester, NY back in 2006 (money.cnn.com) – $33K median income, $60K median price.The premise of median income never being sufficient to buy a median priced property is as valid as the better known version of it – ‘the RE prices never go down.’
Participant[quote=jpinpb]
Someone told me a median income will never afford you a median home in San Diego. And at this rate, I’m going to agree.[/quote]Popular fallacy. The argument goes something like this:
Low income people rent <=> The owners are upper 2/3 && median price needs to be affordable by median among owners => median price will never be affordable by median income family.Here is the problem – in a balanced market the rent must cover the payment on the property. You cannot remove renters since they are ‘buying’ the property by making their payments.
Since markets across time/space/property tax rate are not balanced you can capture a snapshot that goes either way. But look at Austin, TX – Median Income $53K, Median Price $230K. With 20% down the price is just over 3.5x the income and the trend is down.
Or Rochester, NY back in 2006 (money.cnn.com) – $33K median income, $60K median price.The premise of median income never being sufficient to buy a median priced property is as valid as the better known version of it – ‘the RE prices never go down.’
ParticipantMy plan has a loan processing fee of $70 and then a payment processing fee of $3/installment, you have to pay the loan back semi-monthly and the $3 fee is paid in advance. on $36K over 5 years the cost is about 1%.
ParticipantMy plan has a loan processing fee of $70 and then a payment processing fee of $3/installment, you have to pay the loan back semi-monthly and the $3 fee is paid in advance. on $36K over 5 years the cost is about 1%.
ParticipantMy plan has a loan processing fee of $70 and then a payment processing fee of $3/installment, you have to pay the loan back semi-monthly and the $3 fee is paid in advance. on $36K over 5 years the cost is about 1%.
ParticipantMy plan has a loan processing fee of $70 and then a payment processing fee of $3/installment, you have to pay the loan back semi-monthly and the $3 fee is paid in advance. on $36K over 5 years the cost is about 1%.
ParticipantMy plan has a loan processing fee of $70 and then a payment processing fee of $3/installment, you have to pay the loan back semi-monthly and the $3 fee is paid in advance. on $36K over 5 years the cost is about 1%.
Participant[quote=sdrealtor]Reduced to semantics. How pitiful you have become.
I can say it will never rain today and while gramatically its not perfect when tommorrow comes without a hint of percipitation coming to pass I was correct. Everyting in this thread of lore refereenced spefici timelines and you are hanging your beanie on single word used in a grammatically questionable manner. This is a friggin housing blog not an english lesson.
Go back to your snakes.[/quote]
Reduced to semantics, as in reduced to meaning? But of course. What else it there to talk about?
Pythian has nothing to do with snakes. It refers to a vague prophecy which can be interpreted in more than one way.
Like “victory no return” – is it “victory, no return” (as in you will be victorious, but you will die and you will not return) or “victory no, return” (as in you will fail, but you will come back alive)?
I am doing you a favor – your street smart is being extended by my book smart. Cash buyers might not like it, but foreigners always go for that.
Participant[quote=sdrealtor]Reduced to semantics. How pitiful you have become.
I can say it will never rain today and while gramatically its not perfect when tommorrow comes without a hint of percipitation coming to pass I was correct. Everyting in this thread of lore refereenced spefici timelines and you are hanging your beanie on single word used in a grammatically questionable manner. This is a friggin housing blog not an english lesson.
Go back to your snakes.[/quote]
Reduced to semantics, as in reduced to meaning? But of course. What else it there to talk about?
Pythian has nothing to do with snakes. It refers to a vague prophecy which can be interpreted in more than one way.
Like “victory no return” – is it “victory, no return” (as in you will be victorious, but you will die and you will not return) or “victory no, return” (as in you will fail, but you will come back alive)?
I am doing you a favor – your street smart is being extended by my book smart. Cash buyers might not like it, but foreigners always go for that.
Participant[quote=sdrealtor]Reduced to semantics. How pitiful you have become.
I can say it will never rain today and while gramatically its not perfect when tommorrow comes without a hint of percipitation coming to pass I was correct. Everyting in this thread of lore refereenced spefici timelines and you are hanging your beanie on single word used in a grammatically questionable manner. This is a friggin housing blog not an english lesson.
Go back to your snakes.[/quote]
Reduced to semantics, as in reduced to meaning? But of course. What else it there to talk about?
Pythian has nothing to do with snakes. It refers to a vague prophecy which can be interpreted in more than one way.
Like “victory no return” – is it “victory, no return” (as in you will be victorious, but you will die and you will not return) or “victory no, return” (as in you will fail, but you will come back alive)?
I am doing you a favor – your street smart is being extended by my book smart. Cash buyers might not like it, but foreigners always go for that.
Participant[quote=sdrealtor]Reduced to semantics. How pitiful you have become.
I can say it will never rain today and while gramatically its not perfect when tommorrow comes without a hint of percipitation coming to pass I was correct. Everyting in this thread of lore refereenced spefici timelines and you are hanging your beanie on single word used in a grammatically questionable manner. This is a friggin housing blog not an english lesson.
Go back to your snakes.[/quote]
Reduced to semantics, as in reduced to meaning? But of course. What else it there to talk about?
Pythian has nothing to do with snakes. It refers to a vague prophecy which can be interpreted in more than one way.
Like “victory no return” – is it “victory, no return” (as in you will be victorious, but you will die and you will not return) or “victory no, return” (as in you will fail, but you will come back alive)?
I am doing you a favor – your street smart is being extended by my book smart. Cash buyers might not like it, but foreigners always go for that.
Participant[quote=sdrealtor]Reduced to semantics. How pitiful you have become.
I can say it will never rain today and while gramatically its not perfect when tommorrow comes without a hint of percipitation coming to pass I was correct. Everyting in this thread of lore refereenced spefici timelines and you are hanging your beanie on single word used in a grammatically questionable manner. This is a friggin housing blog not an english lesson.
Go back to your snakes.[/quote]
Reduced to semantics, as in reduced to meaning? But of course. What else it there to talk about?
Pythian has nothing to do with snakes. It refers to a vague prophecy which can be interpreted in more than one way.
Like “victory no return” – is it “victory, no return” (as in you will be victorious, but you will die and you will not return) or “victory no, return” (as in you will fail, but you will come back alive)?
I am doing you a favor – your street smart is being extended by my book smart. Cash buyers might not like it, but foreigners always go for that.
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