[chrisser]

The median price for a home in the 27-mile-long coastal city was $2.35 million in September, according to CoreLogic DataQuick, and the median household income is about $136,000

Is it just me, or do those numbers not really work, at least on average?

[nascarnation]

I’d tend to agree with your assessment. But there may be much more to the stats than what we see here.

But yes a 2.36m home would translate to 94k in annual mortgage payments (plus prop taxes) at a 4% rate / 30 yrs. Not too attainable with 136k gross annual income.

[the OlLine Rebel]

No, it is not just you.

Maybe they are house-poor.

[Theoria]

Most of those homes are 2nd or third residences.

The little people have to suffer with the 130k income and actually live there.

[monkeyshine]

Median is the number in the middle of a series of numbers, not the average (mean) of all the numbers. In this case it is probably meaningless. There are 2 trailer parks in Malibu that I know of. One of them has long term residents with pretty close to “permanent” homes built on the lots. Its not cheap by trailer park standards and many of the residents have been there a long time (I knew someone there in fact) but a $100k income and a lot purchased 15+ years ago would go far.