Posted on 03/05/2022 6:58:08 PM PST by ChicagoConservative27
Sun-soaked San Diego is home to the least affordable metro housing market in America.
The city surpassed its northern California neighbor, the notoriously pricey San Francisco, earlier this year, according to a report by real-estate analytics company OJO Labs.
(Excerpt) Read more at nypost.com ...
I remember in 08 in S. CA when the prices just kept going straight up until suddenly it reversed direction and went straight down.
However, San Francisco still holds a comfortable lead as the U.S. city with most human feces on public sidewalks.
We have friends leaving there for a red state, but they are keeping their house to rent for $8K and month and an ADU for $3K. $11K in rental income. If they did short term rentals, it would be 50% more.
My wife’s family moved there in the early 20’s (after WWI). One bought 20 acres in La Jolla. Imagine if they’d hung on to it. Mrs. Slim was able to rent a beachfront apartment on a Scripps intern’s pay in the late 60’s.
Imagine what it would cost to live like Jim Rockford now.
Y’all have to ask why?
Why do you want to live there at those prices?
How do you earn that kind of money to pay those prices?
How can the homeless afford to live there? 😁
Early in the internet a guy I knew moved from Albuquerque to San Francisco where web development was hot. I talked to him and asked how it was going. He said “In Albuquerque I made $18K and lived in a dump. Here I make $70K a year and live in a dump.”
SD is a big city, what has driven prices to such unsupportable levels?
“My cousin is a maintenance manager at an apartment complex in San Diego and he’s paying almost $4,000 a month for two bedroom apartment.”
Throw in the highest income and sales tax rates among the states, and the second highest gas tax rate, soon you’re talking real money!
“However, San Francisco still holds a comfortable lead as the U.S. city with most human feces on public sidewalks.
“Not just San Fran.” The entire Uber Leftist NorCal is just as bad.
The Very wealthy Leftists that created those hellholes are leaving the Shitholes they created for San Diego.
San Diego has been run until recently by a relatively conservative gov’t. For California that is.
However, that has been changing in the past decade or so. San Diego has been slowly making its way down the slippery slope of Leftism. But, they are at least a decade or two from NorCal’s level of depravity.
So, the Uber Leftists that destroyed NorCal are relocating en masse to San Diego and driving the cost of homes into the Stratosphere.
The food is bad there.
San Diego is pretty much land locked for outward expansion, Mexico to the south, Ocean to the west, Miramar to the north. To the East you have a patchwork of other cities, Indian reservations, and federal lands. So you build on what is there, at higher costs.
Sounds ridiculous to me, but to each his own.
Sadly it’s going to get much much much worse, 2022 is going to be hell and when the DemoMarxists fix the midterms and win thanks to Republicans who have done nothing about election integrity, 2022 is going to look like the good old days.
And mountains
If the prices were “unaffordable” or “unpayable”, wouldn’t the market be crashing and not booming?
Many of the people buying homes in San Diego moved down here from the San Francisco and Silicon Valley regions where they sold their homes and were willing to get in bidding wars for the limited inventory available here. Also, large investment funds are paying $100,000 to $200,000 over asking price to buy rental properties driving out owner families from the market unless they already had equity in a home to compete.
The main reason SD is so popular is that it has had business friendly government for the most part with descent schools and a wonderful climate. Government contractors, telecom giants like Qualcomm, pharma and biotech startups centered around UCSD, and tourism provide a stable high salary employment base.
The law that propelled California home ownership was Prop 13. Even with our higher sales, income, and gas taxes we still do better than states with high property taxes that inflate with home prices. If they ever repeal that the home market would collapse pretty quickly.
If I was worth $10 billion I’d have *no* desire to live *anywhere* in Kalifornia.
Prop 13 is probably having an impact on it. Lots of people who sat on low tax for their home for decades now sold and moved out. The new owners are paying the new mortgage and new taxes so rents went up.
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