Thanksgiving will be looking different this year but rest assured, restaurants are still gearing up to make turkey day a delicious holiday. Choices include take-away meals, including one with a special chef collaboration, or options for dining on the premises with additional safety precautions. Advance reservations are required regardless of whether you’ll be ordering to eat at home or eating out so plan accordingly.
If there is anyone left who still believes in market fundamentals, here’s a graph that shows how the traditional 3:1 price-to-income ratio is still a decent measuring stick in the rest of America. But in California, it has escalated to dizzying heights!
San Diego County
Median Household Income: $75,456
Median Sales Price, YTD: $705,000
Price-to-Income Ratio: 9.3
Median Household Income: $113,175
Median Sales Price, YTD: $1,465,000
Price-to-Income Ratio: 12.9
With the affluent in full control of the real estate market, expect these numbers to get dizzier!
The boomer sales spree is inevitable, it’s just a matter of when. But if it’s a slow methodical process over the next two decades, will we even notice? Let’s say the 100,112 homes turn over in the next 25 years (and only 1/3 are inherited by the kids), we’d average 223 more sales per month. There were 3,827 residential sales in the county in September. Results may vary!
Homeownership has long been considered part of the American dream. But first-time homebuyers — especially millennials and Gen Xers — are facing an uphill battle when it comes to house hunting.
This is in part because of a growing trend in which baby boomers, the generation that owns the largest share of American homes, are planning to stay put. In fact, a 2018 survey conducted by AARP found that 76 percent of Americans over the age of 50 would prefer to remain in their current home — rather than move in with family, to a nursing home, or to an assisted living facility. That is leading to less inventory for new buyers.
According to the U.S. Census Bureau, the share of homeowners over the age of 55 has been steadily increasing. In 2008, at the onset of the Great Recession, Americans over the age of 55 owned 44.3 percent of homes. By 2019, that percentage had increased to 53.8 percent. While the share of homeowners under the age of 35 remained fairly steady within the same time span, the share of homeowners between the ages of 35 and 54 decreased from 42.3 percent to 34.1 percent.
While baby boomers — defined here as Americans between the ages of 55 and 74 — comprise just over 22 percent of the U.S. population, they account for nearly 42 percent of homeowners nationwide.
To address potential reduction of operable indoor space due to social distancing requirements, the City of Carlsbad is processing requests to allow for temporary use of public sidewalks and private parking lots – which sounds better than closing State St. altogether. Win-win?
Here are ways to contribute to the creation of reasonably-priced housing:
The San Diego Habitat for Humanity ReStores are home improvement discount stores with a simple premise: by selling new and gently used donated goods, we can fund the construction of new Habitat homes in San Diego County.
Home products are sold to the public at 30-70% below retail prices. The ReStore offers mostly brand-new furniture and home goods from stores like Restoration Hardware and Wayfair, but there are also great deals on slightly used gear too. Shop ReStore online!
Clearing out your house? They gratefully accept donations of items in good-working condition, such as appliances, furniture, tile, lighting, windows, cabinets, tools, and more. Please click here for a full list of acceptable items. Or call them at 619-241-2221 or send an email at email@example.com and they’ll be happy to answer your questions!
Are you looking for stuff like doors, windows, appliances, etc.? Check the Escondido store. The Carlsbad store is primarily furniture and home goods.
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