Reader Rob asked,
Can you do an article on the housing affordability index related to NSDCC? Just wondering what percentage of people need x amount of dollars with 20% down to afford a median priced home?
Let’s include data on the median price of detached-home active listings, and those sold in the last 90 days. I used an interest rate of 4.50%, 20% down payment (25% down payment on $2,395,000 price), and qualifying ratio of 35%:
| Category | ||||
| SDCo Actives | ||||
| SDCo Solds | ||||
| NSDCC Actives | ||||
| NSDCC Solds |
The fixer market feels the impact. When it takes both spouses holding down good jobs to qualify, they don’t have the time or patience to fix up a house – they want and need a house in good shape. Maybe this is where Zillow and others can provide more renovated homes to fit the needs of today’s buyers.
155 of the 608 NSDCC solds in the last 90 days were bought with all-cash.
What does a 1,600 sf 3/2/2 ranch built in the 1970’s or 1980’s on a good sized lot with good schools and a relatively close in location with a reasonable commute cost?
That’s the bread and butter middle class house here. You won’t find anything here for under $1.3MM. A little further north, $1.5 or $1.6MM.
About the same in Carmel Valley (AI is in the Bay Area):
https://www.zillow.com/homedetails/4625-Whispering-Woods-Ct-San-Diego-CA-92130/16770642_zpid/
Thanks Jim for putting this together…you rock!
Do you happen to know the median sale price for all NSDCC homes (detached & attached)? Many thanks!
That’s an upscale house in a neighborhood the same age as mine. That house here would go for $1.5-$1.7MM. Further north, a lot more, if you could find one.
What I’m asking about are what used to be the middle class houses. 1960’s, 70’s and early 80’s tract houses in decent areas of San Diego but not the HOA/Mello-Roos neighborhoods of NSDCC.
Such a house in Sunnyvale would be $2MM. $1MM in a so-so neighborhood of San Jose (with so-so schools). My guess is $600-$800k down there, but it’s just a guess.
Do you happen to know the median sale price for all NSDCC homes (detached & attached)? Many thanks!
2013: $749,000
2014: $780,000
2015: $825,000
2016: $870,000
2017: $940,000
2018: $990,000 so far
32% increase between 2013 and 2018.
What I’m asking about are what used to be the middle class houses.
My example was a match, and when it was built, it was so far out that the City of San Diego wasn’t sure if they had the resources to provide police and fire. But the homes built around it since were much more upscale, and, yes, now it’s among the most affluent areas in the county. So let’s try again.
Tierrasanta might be a better match. Unlike Carmel Valley, not much has happened since it was built in the 70s-80s. Love this street – walking distance to elementary school and just regular houses, though this one backs to a busy street:
https://www.zillow.com/homedetails/10518-Gabacho-Dr-San-Diego-CA-92124/16869483_zpid/
A side note – one of the Z agents advertising:
https://www.zillow.com/profile/TheHonestAgent/