[UCGal]

On the subject of Newt (gingrich – not newtosandiego)

He’s getting some flack for some comments he’s been making recently. Even Chris Wallace was taken aback by his recent comparisons of Obama to Nazi Germany.

http://www.politico.com/news/stories/0510/37573.html

I will agree he’s a great policy wonk. I don’t agree with his policies, but he’s intelligent.

(I heard about this on MSNBC… not Keith Olbermann – but Joe Scarborough.)

[UCGal]

On the subject of Newt (gingrich – not newtosandiego)

He’s getting some flack for some comments he’s been making recently. Even Chris Wallace was taken aback by his recent comparisons of Obama to Nazi Germany.

http://www.politico.com/news/stories/0510/37573.html

I will agree he’s a great policy wonk. I don’t agree with his policies, but he’s intelligent.

(I heard about this on MSNBC… not Keith Olbermann – but Joe Scarborough.)

[UCGal]

On the subject of Newt (gingrich – not newtosandiego)

He’s getting some flack for some comments he’s been making recently. Even Chris Wallace was taken aback by his recent comparisons of Obama to Nazi Germany.

http://www.politico.com/news/stories/0510/37573.html

I will agree he’s a great policy wonk. I don’t agree with his policies, but he’s intelligent.

(I heard about this on MSNBC… not Keith Olbermann – but Joe Scarborough.)

[UCGal]

[quote=bearishgurl]UCGal, great research.

24% of all the privately-owned housing stock in SD County is owned free and clear.
[/quote]

Nit pick….
23.1% (not 24%) of “owner occupied” homes are owned w/out a mortgage.

So this data did not include 2nd homes, investment properties, etc…. I would imagine there are a lot of landlords who’ve owned their rental properties outright for years.

I don’t have the data to speculate about the number or rental properties owned free and clear, generating income for their owners.

The data was specific to owner occupied.

Sorry if I didn’t make that clear.

[UCGal]

[quote=bearishgurl]UCGal, great research.

24% of all the privately-owned housing stock in SD County is owned free and clear.
[/quote]

Nit pick….
23.1% (not 24%) of “owner occupied” homes are owned w/out a mortgage.

So this data did not include 2nd homes, investment properties, etc…. I would imagine there are a lot of landlords who’ve owned their rental properties outright for years.

I don’t have the data to speculate about the number or rental properties owned free and clear, generating income for their owners.

The data was specific to owner occupied.

Sorry if I didn’t make that clear.

[UCGal]

[quote=bearishgurl]UCGal, great research.

24% of all the privately-owned housing stock in SD County is owned free and clear.
[/quote]

Nit pick….
23.1% (not 24%) of “owner occupied” homes are owned w/out a mortgage.

So this data did not include 2nd homes, investment properties, etc…. I would imagine there are a lot of landlords who’ve owned their rental properties outright for years.

I don’t have the data to speculate about the number or rental properties owned free and clear, generating income for their owners.

The data was specific to owner occupied.

Sorry if I didn’t make that clear.

[UCGal]

[quote=bearishgurl]UCGal, great research.

24% of all the privately-owned housing stock in SD County is owned free and clear.
[/quote]

Nit pick….
23.1% (not 24%) of “owner occupied” homes are owned w/out a mortgage.

So this data did not include 2nd homes, investment properties, etc…. I would imagine there are a lot of landlords who’ve owned their rental properties outright for years.

I don’t have the data to speculate about the number or rental properties owned free and clear, generating income for their owners.

The data was specific to owner occupied.

Sorry if I didn’t make that clear.

[UCGal]

[quote=bearishgurl]UCGal, great research.

24% of all the privately-owned housing stock in SD County is owned free and clear.
[/quote]

Nit pick….
23.1% (not 24%) of “owner occupied” homes are owned w/out a mortgage.

So this data did not include 2nd homes, investment properties, etc…. I would imagine there are a lot of landlords who’ve owned their rental properties outright for years.

I don’t have the data to speculate about the number or rental properties owned free and clear, generating income for their owners.

The data was specific to owner occupied.

Sorry if I didn’t make that clear.

[UCGal]

Some more statistics that are not specifically “wealth distribution” related – but interesting.

From the table that has the financial data about households WITH mortgage (the sister to the data in my previous post) Again – this is from the census, and based on San Diego county households.

http://factfinder.census.gov/servlet/STTable?_bm=y&-geo_id=05000US06073&-qr_name=ACS_2008_3YR_G00_S2506&-ds_name=ACS_2008_3YR_G00_&-redoLog=false

median value of home with mortgage in SD County:
$556,700
(compared to $479k for homes w/out mortgage)

medium household income for households with mortgage)
$95,170
(compared to $48k for homes w/out mortgage)

The ratio of value to hh income was similar to the no mortgage group – 73% were a ratio of 4 or higher. (Again – I suspect housing value has more to do with this than income.)

36.7% of folks with a mortgage also have a 2nd mortgage and/or HELOC. 63.3% only have a first mortgage.

median real estate taxes paid are higher for those who pay a mortgage – implying the homes were purchased more recently. (Prop 13 effect.)

Very cool data….

[UCGal]

Some more statistics that are not specifically “wealth distribution” related – but interesting.

From the table that has the financial data about households WITH mortgage (the sister to the data in my previous post) Again – this is from the census, and based on San Diego county households.

http://factfinder.census.gov/servlet/STTable?_bm=y&-geo_id=05000US06073&-qr_name=ACS_2008_3YR_G00_S2506&-ds_name=ACS_2008_3YR_G00_&-redoLog=false

median value of home with mortgage in SD County:
$556,700
(compared to $479k for homes w/out mortgage)

medium household income for households with mortgage)
$95,170
(compared to $48k for homes w/out mortgage)

The ratio of value to hh income was similar to the no mortgage group – 73% were a ratio of 4 or higher. (Again – I suspect housing value has more to do with this than income.)

36.7% of folks with a mortgage also have a 2nd mortgage and/or HELOC. 63.3% only have a first mortgage.

median real estate taxes paid are higher for those who pay a mortgage – implying the homes were purchased more recently. (Prop 13 effect.)

Very cool data….

[UCGal]

Some more statistics that are not specifically “wealth distribution” related – but interesting.

From the table that has the financial data about households WITH mortgage (the sister to the data in my previous post) Again – this is from the census, and based on San Diego county households.

http://factfinder.census.gov/servlet/STTable?_bm=y&-geo_id=05000US06073&-qr_name=ACS_2008_3YR_G00_S2506&-ds_name=ACS_2008_3YR_G00_&-redoLog=false

median value of home with mortgage in SD County:
$556,700
(compared to $479k for homes w/out mortgage)

medium household income for households with mortgage)
$95,170
(compared to $48k for homes w/out mortgage)

The ratio of value to hh income was similar to the no mortgage group – 73% were a ratio of 4 or higher. (Again – I suspect housing value has more to do with this than income.)

36.7% of folks with a mortgage also have a 2nd mortgage and/or HELOC. 63.3% only have a first mortgage.

median real estate taxes paid are higher for those who pay a mortgage – implying the homes were purchased more recently. (Prop 13 effect.)

Very cool data….

[UCGal]

Some more statistics that are not specifically “wealth distribution” related – but interesting.

From the table that has the financial data about households WITH mortgage (the sister to the data in my previous post) Again – this is from the census, and based on San Diego county households.

http://factfinder.census.gov/servlet/STTable?_bm=y&-geo_id=05000US06073&-qr_name=ACS_2008_3YR_G00_S2506&-ds_name=ACS_2008_3YR_G00_&-redoLog=false

median value of home with mortgage in SD County:
$556,700
(compared to $479k for homes w/out mortgage)

medium household income for households with mortgage)
$95,170
(compared to $48k for homes w/out mortgage)

The ratio of value to hh income was similar to the no mortgage group – 73% were a ratio of 4 or higher. (Again – I suspect housing value has more to do with this than income.)

36.7% of folks with a mortgage also have a 2nd mortgage and/or HELOC. 63.3% only have a first mortgage.

median real estate taxes paid are higher for those who pay a mortgage – implying the homes were purchased more recently. (Prop 13 effect.)

Very cool data….

[UCGal]

Some more statistics that are not specifically “wealth distribution” related – but interesting.

From the table that has the financial data about households WITH mortgage (the sister to the data in my previous post) Again – this is from the census, and based on San Diego county households.

http://factfinder.census.gov/servlet/STTable?_bm=y&-geo_id=05000US06073&-qr_name=ACS_2008_3YR_G00_S2506&-ds_name=ACS_2008_3YR_G00_&-redoLog=false

median value of home with mortgage in SD County:
$556,700
(compared to $479k for homes w/out mortgage)

medium household income for households with mortgage)
$95,170
(compared to $48k for homes w/out mortgage)

The ratio of value to hh income was similar to the no mortgage group – 73% were a ratio of 4 or higher. (Again – I suspect housing value has more to do with this than income.)

36.7% of folks with a mortgage also have a 2nd mortgage and/or HELOC. 63.3% only have a first mortgage.

median real estate taxes paid are higher for those who pay a mortgage – implying the homes were purchased more recently. (Prop 13 effect.)

Very cool data….

[UCGal]

Since we all agree that wealth is enhanced if you have a home that’s paid for (no mortgage) – I’ll offer up some more government produced demographic data specific to San Diego county.

http://factfinder.census.gov/servlet/DTTable?_bm=y&-geo_id=05000US06073&-ds_name=ACS_2008_3YR_G00_&-mt_name=ACS_2008_3YR_G2000_B25087

Looking at this you see for 2006/2007 23% of homes did NOT have a mortgage.

136,603 (homes without mortgage)
589,928 (total homes)

(I know several of my neighbors fit this demo… and I hope to join them in around 8 years – making the extra principal payments to make it happen.)

The median value for the owner occupied home that is mortgage free is $479,100… That’s a nice asset. (One that takes income: passive or active to maintain, but still a nice asset.)

And here’s the income breakdown for these San Diegans who are mortgage free.

HOUSEHOLD INCOME IN THE PAST 12 MONTHS (IN 2008 INFLATION-ADJUSTED DOLLARS)

Less than $10,000 5.5% +/-0.5
$10,000 to $24,999 19.1% +/-0.9
$25,000 to $34,999 12.0% +/-0.8
$35,000 to $49,999 14.9% +/-0.7
$50,000 to $74,999 16.5% +/-0.8
$75,000 to $99,999 10.7% +/-0.7
$100,000 to $149,999 10.6% +/-0.7
$150,000 or more 10.5% +/-0.8
Median household income (dollars) 48,302 +/-1,173

And finally – the ratio of value of the house vs income for these folks who have no mortage
RATIO OF VALUE TO HOUSEHOLD INCOME IN THE PAST 12 MONTHS
Less than 2.0 11.8% +/-0.7
2.0 to 2.9 6.0% +/-0.5
3.0 to 3.9 7.4% +/-0.6
4.0 or more 73.6% +/-0.8
Not computed 1.2% +/-0.2

source:
http://factfinder.census.gov/servlet/STTable?_bm=y&-geo_id=05000US06073&-qr_name=ACS_2008_3YR_G00_S2507&-ds_name=ACS_2008_3YR_G00_&-redoLog=false

If your home is exactly at the $479k median value for an owner occupied home – and you had the median income of $48k your ratio is more like 9 or 10.

[UCGal]

Since we all agree that wealth is enhanced if you have a home that’s paid for (no mortgage) – I’ll offer up some more government produced demographic data specific to San Diego county.

http://factfinder.census.gov/servlet/DTTable?_bm=y&-geo_id=05000US06073&-ds_name=ACS_2008_3YR_G00_&-mt_name=ACS_2008_3YR_G2000_B25087

Looking at this you see for 2006/2007 23% of homes did NOT have a mortgage.

136,603 (homes without mortgage)
589,928 (total homes)

(I know several of my neighbors fit this demo… and I hope to join them in around 8 years – making the extra principal payments to make it happen.)

The median value for the owner occupied home that is mortgage free is $479,100… That’s a nice asset. (One that takes income: passive or active to maintain, but still a nice asset.)

And here’s the income breakdown for these San Diegans who are mortgage free.

HOUSEHOLD INCOME IN THE PAST 12 MONTHS (IN 2008 INFLATION-ADJUSTED DOLLARS)

Less than $10,000 5.5% +/-0.5
$10,000 to $24,999 19.1% +/-0.9
$25,000 to $34,999 12.0% +/-0.8
$35,000 to $49,999 14.9% +/-0.7
$50,000 to $74,999 16.5% +/-0.8
$75,000 to $99,999 10.7% +/-0.7
$100,000 to $149,999 10.6% +/-0.7
$150,000 or more 10.5% +/-0.8
Median household income (dollars) 48,302 +/-1,173

And finally – the ratio of value of the house vs income for these folks who have no mortage
RATIO OF VALUE TO HOUSEHOLD INCOME IN THE PAST 12 MONTHS
Less than 2.0 11.8% +/-0.7
2.0 to 2.9 6.0% +/-0.5
3.0 to 3.9 7.4% +/-0.6
4.0 or more 73.6% +/-0.8
Not computed 1.2% +/-0.2

source:
http://factfinder.census.gov/servlet/STTable?_bm=y&-geo_id=05000US06073&-qr_name=ACS_2008_3YR_G00_S2507&-ds_name=ACS_2008_3YR_G00_&-redoLog=false

If your home is exactly at the $479k median value for an owner occupied home – and you had the median income of $48k your ratio is more like 9 or 10.

[Author]

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