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Lots of people moving out of my San Jose neighborhood
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2018 Aug 17, 10:19pm 6,511 views 41 comments
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2019 Feb 1, 12:27am
AD
2019 Feb 1, 12:27am
There is mention about places in California (ie., Santa Cruz) where the median price to income ratio is 18x.
I wonder if the income tracked for these communities does not include the income of the relatively few wealthy home owners. That is, the vast majority of the data on local income is for the local workers (i.e., restaurant cooks, nurses at local hospital, retail clerks, etc.). And perhaps the income for the few wealthy home owners is not included in the analysis (i.e., census bureau economists, etc.). That is why it is skewed to show a median price to income ratio of 18x.
Another thought is I've seen this play out in Florida with beach towns like Destin, Miami Beach, Naples, Boca Raton, Clearwater, etc. Home prices are very high there, but fortunately there is very affordable housing within a 15 to 30 minute drive away (i.e., 15 to 20 miles) from these locations. I don't think that is the case in many places like California or perhaps even Colorado (i.e., where land is limited 70 miles radius from resort places like Vail, Aspen, and Breckinridge).
I wonder if the income tracked for these communities does not include the income of the relatively few wealthy home owners. That is, the vast majority of the data on local income is for the local workers (i.e., restaurant cooks, nurses at local hospital, retail clerks, etc.). And perhaps the income for the few wealthy home owners is not included in the analysis (i.e., census bureau economists, etc.). That is why it is skewed to show a median price to income ratio of 18x.
Another thought is I've seen this play out in Florida with beach towns like Destin, Miami Beach, Naples, Boca Raton, Clearwater, etc. Home prices are very high there, but fortunately there is very affordable housing within a 15 to 30 minute drive away (i.e., 15 to 20 miles) from these locations. I don't think that is the case in many places like California or perhaps even Colorado (i.e., where land is limited 70 miles radius from resort places like Vail, Aspen, and Breckinridge).
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Over the past year, very few houses sold in our hood. Now suddednly, a bunch of houses are selling AND people are moving out and prepping to sell. We went from zero to a dozen houses for sale.