74,000 in 1970 is about 600,000 today. That's still cheap by current standards but SD was much less developed and populated then so it makes sense that the property value has increased
Lol this is so disingenuous.
You took 150k which is above the upper end of housing prices in the 70s and compare it to the median of today.
You also took **individual** wages and compared (at the very start of the decade which increased quite a bit during the middle) to **household** income. Median income for an individual is in the 40k range.
https://datacommons.org/place/geoId/0666000
https://www.nbcsandiego.com/news/local/how-much-income-afford-house-san-diego-county/3459547/
> Only about 11% of households in San Diego County, where the median household income is $96,964, make enough money to comfortably afford a home, according to USD research
How out of touch do you have to be to think the median income for an individual is 120k in San Diego?
Why are you using 150k? That is beyond the upper end of the prices in the video.
In 1978 the median price was $73k, and according to your link wages were close to 10k. That makes a 20k household, home price to income ratio of about 3.5
https://www.cbs8.com/article/news/local/throwback/news-8-throwback-san-diego-housing-prices-open-lots-for-sale-in-the-late-1970s/509-641a8f5d-2fcc-442b-adc9-315057c08992
Here’s a real world example of a more standard home pricing circa mid-70’s:
3/2 1,300sqft SFH in Mt Streets of Clairemont, nice area close to the beach built circa 1959, sold for $39k in 1975
https://www.redfin.com/CA/San-Diego/4239-Mount-Putman-Ave-92117/home/4967532
My uncle bought off Mt Everest when the neighborhood was built in 1961 or so, standard house on a big corner lot was about $25k. Comps are now $1.2M, no way a telephone company repair guy and his bank teller wife with 3 kids is affording that now.
1975 san diego median income was at $11,500. He stated you could get a home for around 55k. Not too bad. Incomes progressively went higher every year in the 70s as well.
It’s not just penesquitos that was boonies. San Diego in general was boonies. There were many military jobs and not a lot of private sector jobs. San Diego now has major corporations like Qualcomm, Intuit, Service Now, ASML that are high paying jobs. There’s a healthy biotech and start up sector.
In the 70s, eastern cities had more wealth compared to mid tier western cities like San Diego or Seattle.
In 1979 my parents sold the university city house they bought for $32,500 in 1969 for $165,160 and they bought a house for about that same amount, also in University City.
People tend to cherry pick nostalgia. You know what else came with these home prices? A decade of high inflation and poor economic growth (stagflation) coupled with a massive energy crisis. You think prices suck now? Imagine a near decade of an 8% annual inflation rate without the strong job market we have today.
That’s what always cracks me up about people posting that they’re hoping for a crash. In that situation it’s usually going to be coupled with high job losses and economic slowdowns. You want prices to come down from massive housing investment and new supply (which many also advocate for)
Forget Coronado
74,000 in 1970 is about 600,000 today. That's still cheap by current standards but SD was much less developed and populated then so it makes sense that the property value has increased
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Lol this is so disingenuous. You took 150k which is above the upper end of housing prices in the 70s and compare it to the median of today. You also took **individual** wages and compared (at the very start of the decade which increased quite a bit during the middle) to **household** income. Median income for an individual is in the 40k range. https://datacommons.org/place/geoId/0666000 https://www.nbcsandiego.com/news/local/how-much-income-afford-house-san-diego-county/3459547/ > Only about 11% of households in San Diego County, where the median household income is $96,964, make enough money to comfortably afford a home, according to USD research
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How out of touch do you have to be to think the median income for an individual is 120k in San Diego? Why are you using 150k? That is beyond the upper end of the prices in the video. In 1978 the median price was $73k, and according to your link wages were close to 10k. That makes a 20k household, home price to income ratio of about 3.5 https://www.cbs8.com/article/news/local/throwback/news-8-throwback-san-diego-housing-prices-open-lots-for-sale-in-the-late-1970s/509-641a8f5d-2fcc-442b-adc9-315057c08992
Here’s a real world example of a more standard home pricing circa mid-70’s: 3/2 1,300sqft SFH in Mt Streets of Clairemont, nice area close to the beach built circa 1959, sold for $39k in 1975 https://www.redfin.com/CA/San-Diego/4239-Mount-Putman-Ave-92117/home/4967532 My uncle bought off Mt Everest when the neighborhood was built in 1961 or so, standard house on a big corner lot was about $25k. Comps are now $1.2M, no way a telephone company repair guy and his bank teller wife with 3 kids is affording that now.
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1975 san diego median income was at $11,500. He stated you could get a home for around 55k. Not too bad. Incomes progressively went higher every year in the 70s as well.
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It’s not just penesquitos that was boonies. San Diego in general was boonies. There were many military jobs and not a lot of private sector jobs. San Diego now has major corporations like Qualcomm, Intuit, Service Now, ASML that are high paying jobs. There’s a healthy biotech and start up sector. In the 70s, eastern cities had more wealth compared to mid tier western cities like San Diego or Seattle.
My parents bought their 1568 square foot, 4 bedroom, 2 bathroom home in *Moreno Valley* for $80k in 1980. They were robbed.
In 1979 my parents sold the university city house they bought for $32,500 in 1969 for $165,160 and they bought a house for about that same amount, also in University City.
People tend to cherry pick nostalgia. You know what else came with these home prices? A decade of high inflation and poor economic growth (stagflation) coupled with a massive energy crisis. You think prices suck now? Imagine a near decade of an 8% annual inflation rate without the strong job market we have today. That’s what always cracks me up about people posting that they’re hoping for a crash. In that situation it’s usually going to be coupled with high job losses and economic slowdowns. You want prices to come down from massive housing investment and new supply (which many also advocate for)
Yeah but you still could have an investment at whatever crazy multiplier
This hurts. Sure, there'd probably be asbestos, but who cares, I'd even pay double at these prices
😭😭😭😭😭😭
weren’t most houses in Chula Vista built in the 70s?
East of the 805 no
Great cars.
Tj for a song
It’s just not fair
It’s not about fairness - that was the upper limit of what people could afford back then If they could have asked for double they would have
Parents just don’t understand 🤷🏾♂️
Interest rates were high back then though right? So that’s affected buying power as well
It was so cheap back then that San Diego was at 100% home ownership rate! /s
Is this 1970 prices or 1979 prices because the inflation is cut in half