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California housing prices....

Crazy. I still don't understand how incomes can support valuations in CA. Say median is 55K that's only a 180K house using sane lending standards. Median house is what ~400K?
 
Zebo said:
Crazy. I still don't understand how incomes can support valuations in CA. Say median is 55K that's only a 180K house using sane lending standards. Median house is what ~400K?
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Don't you know we all make $200k+ in California
 
JS80 said:
Don't you know we all make $200k+ in California
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I never did. I made 89k with lockheed and said F this.

Hey OP buy this and live rent free plus make a $1000 a mo
http://www.zillow.com/homedetails/1808-Scott-Rd-Burbank-CA-91504/2131885549_zpid/#{scid=hdp-site-map-bubble-address}
 
Zebo said:
I never did. I made 89k with lockheed and said F this.

Hey OP buy this and live rent free plus make a $1000 a mo
http://www.zillow.com/homedetails/1808-Scott-Rd-Burbank-CA-91504/2131885549_zpid/#{scid=hdp-site-map-bubble-address}
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Not a bad idea.

I'm a student right now. If it wasn't for financial aid there would be no way I could afford to live here. I guess I could get by without it, but then I would be living in some scary ass part of town.
 
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fed.mortgage guarantees for jumbo loans will be ending soon. Will be interesting to see how this effects property values for properties currently valued 500k and up.
 
it's really just basic supply and demand. whether anyone wants to admit it, people want to live in cali. because of this, you have to pay for it. especially in prime locations like LA or SF.
 
You guys always seem to forget the most important part of the equation, people WANT to live in Cali, no one wants to live in those other places which is why it's so cheap to live there. If you want cheap move to Wyoming where there's nothing around at all and you have to drive an hour on the hwy to get a gallon of milk but hey, it'll be cheap to live there.
 
zerocool84 said:
You guys always seem to forget the most important part of the equation, people WANT to live in Cali, no one wants to live in those other places which is why it's so cheap to live there. If you want cheap move to Wyoming where there's nothing around at all and you have to drive an hour on the hwy to get a gallon of milk but hey, it'll be cheap to live there.
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See, this is what I'm saying. California has everything. It is the cradle of Western civilization.
 
That's a big reason why Phoenix metro has had such a big population boom. Californians move here to get 5x what they pay for in CA, then we all invade San Diego in the summer.
 
zerocool84 said:
You guys always seem to forget the most important part of the equation, people WANT to live in Cali, no one wants to live in those other places which is why it's so cheap to live there. If you want cheap move to Wyoming where there's nothing around at all and you have to drive an hour on the hwy to get a gallon of milk but hey, it'll be cheap to live there.
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I agree with you. I love living in California. That's why I will probably be renting for a very long time.
 
DanDaManJC said:
it's really just basic supply and demand. whether anyone wants to admit it, people want to live in cali. because of this, you have to pay for it. especially in prime locations like LA or SF.
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Exactly. California is easily the best climate in America. LA metro sucks because of all the people and traffic, but the rest of Cali is awesome.

Texas is cheap because it's so freaking huge. Cali is too, but it has a much higher percentage close to the coast, which is more desirable.
 
Zebo said:
Crazy. I still don't understand how incomes can support valuations in CA. Say median is 55K that's only a 180K house using sane lending standards. Median house is what ~400K?
Click to expand...

I don't know about all of CA but in my neighborhood houses are rarely for sale, and most of the people have been here for generations since the houses originally cost like $30,000. Quite a few with 2 generations living together.
 
IGBT said:
fed.mortgage guarantees for jumbo loans will be ending soon. Will be interesting to see how this effects property values for properties currently valued 500k and up.
Click to expand...


There weren't any guarantees for loans over 700k anyway and most of the houses in desirable areas are more than that.
 
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