San Diego Home Costs whoosh!!!

[Billinsd]

Up over 10% last year. Today average home value is $1,021,655 and now is home buying season, so prices should go up!! I’m super glad my mortgage is almost paid off!! I’m telling my kids to pick their careers wisely and save their money!!! California is so dystopian, so I got worries.​

 

[Billinsd]

However, a million dollars isn’t a million dollars anymore, far from it. It’s not like you are wealthy if you only have a million dollars, lol. You need about 3 or 5 to what it was 30 years ago or so.

 

[big44a4]

However, a million dollars isn’t a million dollars anymore, far from it. It’s not like you are wealthy if you only have a million dollars, lol. You need about 3 or 5 to what it was 30 years ago or so.

According to county I live in my home value is up 100% in 6 years for what they think it’s worth and are attempting to tax me on.

 

[CorbLand]

Up over 10% last year. Today average home value is $1,021,655 and now is home buying season, so prices should go up!! I’m super glad my mortgage is almost paid off!! I’m telling my kids to pick their careers wisely and save INVEST their money!!! California is so dystopian, so I got worries.​

Fixed that one for you.

 

[ozyclint]

Nice fix Corb.
They will never save fast enough to keep up with house prices.

 

[CorbLand]

Nice fix Corb.
They will never save fast enough to keep up with house prices.

You cant save yourself to prosperity in todays world/economy.

 

[MattB]

And if you have a low interest rate mortgage, in today’s inflation environment you may very well be smarter to pay the minimum and invest the rest than to accelerate the payoff. You can get 5% pretty much risk-free while lots of folks have mortgage rates with a 2 or 3 handle.

One of my worst financial decisions ever was to sell a rental unit in order to pay off a 2.5% fixed-rate mortgage prior to my retirement.

 

[Beendare]

If you want to see home prices that have gone to the stratosphere, check the Florida homes right on the beach....shoulda, coulda, woulda...bought one of those 20 years ago. Homes that were $500k 20 years ago are over $5 million

 

[thegrouse]

Is there anywhere halfway desirable where housing prices are not going crazy? I hear the same complaints everywhere I visit.

 

[Yoder]

The most shocking thing to me is people are still moving to California.

 

[Tjdeerslayer37]

the googlebox says median household income in san diego is $96,964, sooo how is anyone paying for those homes? actually, why would you even want to?

 

[GSPHUNTER]

The house next to me sold in 2021 for $769K, they were asking $695K. It jus sold again for 969K. I talked to the new owners, they had sold a previous house and from that sale they had 275K to put down. They still have a 694K mortgage balance. That comes to around a $4900/ payment. I didn't ask, but they must be making somewhere around 185K per year, minimum. He is a fireman and she is an occupational therapist. I sure glad I don't have that nut to crack. We paid $90,500 for our current house in 1980.

 

[LostArra]

And if you have a low interest rate mortgage, in today’s inflation environment you may very well be smarter to pay the minimum and invest the rest than to accelerate the payoff. You can get 5% pretty much risk-free while lots of folks have mortgage rates with a 2 or 3 handle.

This works for someone with discipline especially when the investment environment starts snowballing downhill. For many, pay minimum and invest the rest becomes pay minimum, spend some and invest some. Then pay minimum, spend the rest.

I've never seen paying interest as a good thing, even low interest. It's like a tick that only sucks a little blood.
We haven't had a loan/interest payment in over 30 years and never regretted it.

If paying off a loan is your worst money decision then I would say you have won.

 

[Tjdeerslayer37]

The house next to me sold in 2021 for $769K, they were asking $695K. It jus sold again for 969K. I talked to the new owners, they had sold a previous house and from that sale they had 275K to put down. They still have a 694K mortgage balance. That comes to around a $4900/ payment. I didn't ask, but they must be making somewhere around 185K per year, minimum. He is a fireman and she is an occupational therapist. I sure glad I don't have that nut to crack. We paid $90,500 for our current house in 1980.

Thats craziness. i make mid 100s, and live in a home i bought for $53,000 in 2017 lol. never understood being house poor, id rather spend on hunts, or fishing trips, or gear.

 

[mtwarden]

Montana home prices are through the roof and have been for 10+ years; it's accelerated more the last 3-4.

My wife gets excited when she sees a nearby home sold and sees what it fetches. I told her that if she wants to live here it doesn't do us any good, if we got a new home it would be that much more expensive—a move to another area with lower costs sure, but like me, she doesn't want to move.

What does happen though is that our property taxes increase and increases a lot!

Between Covid and the Yellowstone series—we got hosed

 

[CorbLand]

Thats craziness. i make mid 100s, and live in a home i bought for $53,000 in 2017 lol. never understood being house poor, id rather spend on hunts, or fishing trips, or gear.

For a lot of people it’s just a trade off. Gotta have a place to live. Pay an expensive mortgage or pay expensive rent.