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(former)FormerSanDiegan
Participant[quote=jstoesz]you guys were talking about a neighborhood…rich’s charts are county wide.
Now have the incomes of those living in that neighborhood of clairemont gone up? That is harder data to find…
Here is the current.
http://realestate.aol.com/92117-neighborhood
Wow 7.7X annual household income…that’s real affordable![/quote]
I pointed out Rich’s graph and you made the point that it was county-wide and not really relevant. I simply picked a neghborhood that is pretty well characterized by the charts, since it tends to be pretty close to the median over the past 20 years (maybe slightly above).
It’s not complicated. These areas are more affordable today than they were in the mid 1990’s or anytime in the past 33+ years.
Participant[quote=jstoesz]oh just to hammer my whole point home about how much homes cost here in relation to better neighborhoods in other cities.
This is the zip I grew up in.
http://realestate.aol.com/55419-neighborhood
3.2X !!!
income is 20k more and homes are almost 200k cheaper.[/quote]I agree with you 100% that San Diego is overpriced compared to many other cities.
My simple point is that right now in 2010, in terms of monthly costs relative to rent or income San Diego (in aggregate and in many median-priced neighborhoods, such as Clairemont) is more affordable than it has been since at least 1977.
Participant[quote=jstoesz]oh just to hammer my whole point home about how much homes cost here in relation to better neighborhoods in other cities.
This is the zip I grew up in.
http://realestate.aol.com/55419-neighborhood
3.2X !!!
income is 20k more and homes are almost 200k cheaper.[/quote]I agree with you 100% that San Diego is overpriced compared to many other cities.
My simple point is that right now in 2010, in terms of monthly costs relative to rent or income San Diego (in aggregate and in many median-priced neighborhoods, such as Clairemont) is more affordable than it has been since at least 1977.
Participant[quote=jstoesz]oh just to hammer my whole point home about how much homes cost here in relation to better neighborhoods in other cities.
This is the zip I grew up in.
http://realestate.aol.com/55419-neighborhood
3.2X !!!
income is 20k more and homes are almost 200k cheaper.[/quote]I agree with you 100% that San Diego is overpriced compared to many other cities.
My simple point is that right now in 2010, in terms of monthly costs relative to rent or income San Diego (in aggregate and in many median-priced neighborhoods, such as Clairemont) is more affordable than it has been since at least 1977.
Participant[quote=jstoesz]oh just to hammer my whole point home about how much homes cost here in relation to better neighborhoods in other cities.
This is the zip I grew up in.
http://realestate.aol.com/55419-neighborhood
3.2X !!!
income is 20k more and homes are almost 200k cheaper.[/quote]I agree with you 100% that San Diego is overpriced compared to many other cities.
My simple point is that right now in 2010, in terms of monthly costs relative to rent or income San Diego (in aggregate and in many median-priced neighborhoods, such as Clairemont) is more affordable than it has been since at least 1977.
Participant[quote=jstoesz]oh just to hammer my whole point home about how much homes cost here in relation to better neighborhoods in other cities.
This is the zip I grew up in.
http://realestate.aol.com/55419-neighborhood
3.2X !!!
income is 20k more and homes are almost 200k cheaper.[/quote]I agree with you 100% that San Diego is overpriced compared to many other cities.
My simple point is that right now in 2010, in terms of monthly costs relative to rent or income San Diego (in aggregate and in many median-priced neighborhoods, such as Clairemont) is more affordable than it has been since at least 1977.
Participant[quote=jpinpb]
So I guess the next question is has income gone up dramatically from 1996. Mine hasn’t. Maybe it has for some people. But I want to exclude the HELOC factor and talk just straight wages. Anyone have numbers?[/quote]
jpinpb – Those numbers are taken into account in Rich’s charts that I point out. The numbers are ratios of payments to income and payments to rent. The change in income is taken into account in those charts.
Participant[quote=jpinpb]
So I guess the next question is has income gone up dramatically from 1996. Mine hasn’t. Maybe it has for some people. But I want to exclude the HELOC factor and talk just straight wages. Anyone have numbers?[/quote]
jpinpb – Those numbers are taken into account in Rich’s charts that I point out. The numbers are ratios of payments to income and payments to rent. The change in income is taken into account in those charts.
Participant[quote=jpinpb]
So I guess the next question is has income gone up dramatically from 1996. Mine hasn’t. Maybe it has for some people. But I want to exclude the HELOC factor and talk just straight wages. Anyone have numbers?[/quote]
jpinpb – Those numbers are taken into account in Rich’s charts that I point out. The numbers are ratios of payments to income and payments to rent. The change in income is taken into account in those charts.
Participant[quote=jpinpb]
So I guess the next question is has income gone up dramatically from 1996. Mine hasn’t. Maybe it has for some people. But I want to exclude the HELOC factor and talk just straight wages. Anyone have numbers?[/quote]
jpinpb – Those numbers are taken into account in Rich’s charts that I point out. The numbers are ratios of payments to income and payments to rent. The change in income is taken into account in those charts.
Participant[quote=jpinpb]
So I guess the next question is has income gone up dramatically from 1996. Mine hasn’t. Maybe it has for some people. But I want to exclude the HELOC factor and talk just straight wages. Anyone have numbers?[/quote]
jpinpb – Those numbers are taken into account in Rich’s charts that I point out. The numbers are ratios of payments to income and payments to rent. The change in income is taken into account in those charts.
Participant[quote=jpinpb][quote=FormerSanDiegan]
Example:
2010 Clairemont
400K purchase
2,000 rent
Monthly mortgage = 1574
monthly taxes ~ 400
[/quote]Doing different math. Back in 1996 one could buy in Clairemont as a starter home w/minimum down.
Today’s numbers. 400k w/3.5 % down (+closing costs) 4.5% x 30 years comes to 1,956 + prop tax 333 + PMI? not sure, about 350? + insurance? 75? comes to about $2,700 a month.
Don’t want to do FHA, which is a high percentage of purchases lately. Even w/%5 down, those numbers work out to 1,925 + 333 + 350 +75 is close to $2,700.
Considering 92117 is not exactly prime SD and lagging school distrcit, I really wonder how many people have almost 100k to put 20% down and closing costs to live in Clairemont.[/quote]
If you want to compare minimum down, that’s fine. Let’s apply it to both situations.
2010: 3.5% down ~ 2700/month (35% or $700 premium over rent
1996: 3.5% down ~ 1520 / month (38% or 420 premium over rent)
P&I :~1150
Taxes: 170
PMI: 150
Insurance: 50Actually, this case more resembles what we did. We paid 5% down, and our PITI + PMI was about $1450 per month.
At that time we had a dual income, working professionals a couple years out of school, one of us with a PhD in Engineering, the other working as an Architect. Clairemont is what we could afford as a starter in 1996.
The same area is more affordable today by many metrics.
Participant[quote=jpinpb][quote=FormerSanDiegan]
Example:
2010 Clairemont
400K purchase
2,000 rent
Monthly mortgage = 1574
monthly taxes ~ 400
[/quote]Doing different math. Back in 1996 one could buy in Clairemont as a starter home w/minimum down.
Today’s numbers. 400k w/3.5 % down (+closing costs) 4.5% x 30 years comes to 1,956 + prop tax 333 + PMI? not sure, about 350? + insurance? 75? comes to about $2,700 a month.
Don’t want to do FHA, which is a high percentage of purchases lately. Even w/%5 down, those numbers work out to 1,925 + 333 + 350 +75 is close to $2,700.
Considering 92117 is not exactly prime SD and lagging school distrcit, I really wonder how many people have almost 100k to put 20% down and closing costs to live in Clairemont.[/quote]
If you want to compare minimum down, that’s fine. Let’s apply it to both situations.
2010: 3.5% down ~ 2700/month (35% or $700 premium over rent
1996: 3.5% down ~ 1520 / month (38% or 420 premium over rent)
P&I :~1150
Taxes: 170
PMI: 150
Insurance: 50Actually, this case more resembles what we did. We paid 5% down, and our PITI + PMI was about $1450 per month.
At that time we had a dual income, working professionals a couple years out of school, one of us with a PhD in Engineering, the other working as an Architect. Clairemont is what we could afford as a starter in 1996.
The same area is more affordable today by many metrics.
Participant[quote=jpinpb][quote=FormerSanDiegan]
Example:
2010 Clairemont
400K purchase
2,000 rent
Monthly mortgage = 1574
monthly taxes ~ 400
[/quote]Doing different math. Back in 1996 one could buy in Clairemont as a starter home w/minimum down.
Today’s numbers. 400k w/3.5 % down (+closing costs) 4.5% x 30 years comes to 1,956 + prop tax 333 + PMI? not sure, about 350? + insurance? 75? comes to about $2,700 a month.
Don’t want to do FHA, which is a high percentage of purchases lately. Even w/%5 down, those numbers work out to 1,925 + 333 + 350 +75 is close to $2,700.
Considering 92117 is not exactly prime SD and lagging school distrcit, I really wonder how many people have almost 100k to put 20% down and closing costs to live in Clairemont.[/quote]
If you want to compare minimum down, that’s fine. Let’s apply it to both situations.
2010: 3.5% down ~ 2700/month (35% or $700 premium over rent
1996: 3.5% down ~ 1520 / month (38% or 420 premium over rent)
P&I :~1150
Taxes: 170
PMI: 150
Insurance: 50Actually, this case more resembles what we did. We paid 5% down, and our PITI + PMI was about $1450 per month.
At that time we had a dual income, working professionals a couple years out of school, one of us with a PhD in Engineering, the other working as an Architect. Clairemont is what we could afford as a starter in 1996.
The same area is more affordable today by many metrics.
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