High-income earners choosing to rent instead of buy in San Diego

[@pamelab9880]

There isn’t a shortage of housing in San Diego, there’s a shortage of AFFORDABLE housing.

[@Wileyg4lify]

I 100 percent agree with you

[@gnarlantlers70]

The San Diego housing market is the hello kitty guitar market kzbin.info/www/bejne/aWfXcoh6Z9yZb8U

[@anchorsaweigh9893]

Free Market decides the price.

[@gnarlantlers70]

@@anchorsaweigh9893 it's not a free market with subsidized housing. It would be wonderful for every hard working person who isn't receiving government assistance if it was a free market.

[@anchorsaweigh9893]

@@gnarlantlers70 That does make matters much worse. End of the day how bad do you want something?

[@norwegianblue2017]

$150k household income isn't much in San Diego.

[@House_hacker_619]

It’s all about budgeting and lifestyle. I moved here in San Diego last august. I decided to buy my second house because my first house is rental. I’m currently in active duty and making less than 100k a year including my housing allowance and with 4 people in the family. My wife was jobless for 6 months and during the time I bought the house. I never use my rental cash flow on first house because it’s going straight to my mortgage. I’m not going to lie it was rough a lot of sacrifices. Now my wife has a job it’s a lot easier. My only mortgages are my two houses I made sure I was prepared when I bought my second house

[@NicoTNN]

it trickles down so if high income earners rent, low income earners sleep in cars.

[@PhilMoskowitz]

Nonsense. That's high rent districts where 600 sq feet units start at $2500/mo. They could easily find larger apartments for $1000/mo less. But they want to be among the beautiful and hip people.

[@anchorsaweigh9893]

@@PhilMoskowitz Agreed

[@jt8251]

I bet it has more to do with the fact that most of those high income earners don't have $200k to put down on a new home. Good luck trying to find any home in San Diego for less than $800k.

[@PelosiStockPortfolio]

Especially when a huge chunk of take home pay goes to rent. Even with 150k salary you need to live like a college student with 4 roommates for about 5 years to get the down payment

[@janetyamashige9573]

Hate to break it to ya, but $150K annual income is not "high" in SD...

[@GinaBrittCo]

It’s basically lower class in SD lol

[@PhilMoskowitz]

Barely making six figures isn't enough if you are the sole income earner. It was certainly doable five or six years ago, but not now. These days you'd need to make $140K as a single earner unless you already have a home to sell.

[@House_hacker_619]

I think it’s all about lifestyle and budgeting if I was able to do it with my single income, wife was jobless for 6 months and during the time I purchased the house and I make less than 100k a year including housing allowance. We all know military doesn’t get paid well. My story is I transferred back in San Diego last august and bought my 2nd house using VA loan. I never used my rental cash on my first house because everything is going straight to mortgage my goal is to pay off my first house in less than 2 years. My only debt are my 2 properties.

[@zlonewolf]

@live4free No budgeting will allow you to save $800k to buy houses in San Diego lol. These guys making six figures already pay rent of $3k a month. 100k minus 35k in taxes and 36k in rent means 71k gone. With 29k a year they still need to worry about food, car repair, insurance, health insurance etc. Healthcare is 10k a year. Insurance is 3k. Food 6k. Gas 3k. Electric bill 3k. Phone 1k. Total 26k. 1k remains. Lol. Good luck!

[@House_hacker_619]

@@zlonewolf like I said sacrifice lifestyle I can find a place for 3000 and 3br and 1 ba utilities included. That 35k to taxes seems a little to high lol. I’m in military after taxes and healthcare deductions and including my housing I make 7600 per month but my monthly mortgage on my second home is 4300. $1000 food and personal needs we use coupons and Ibotta 300-gas I’d been lucky with car repair I’m glad I drive an old Lexus lol 150-phone Internet and cable- 150 Water- 100 Electric- 300 I still have 1300 in savings but usually 1k Like I said it’s all about budgeting and lifestyle Take note I have 2 children and wife didn’t have a job for 6 months Now that wife has job it’s totally different now lol

[@colettespencer3357]

Yep

[@juancolmenares6185]

Choosing? You can’t buy anything if you earn just $150k a year, only a tiny condo in a terrible neighborhood...

[@kenc2257]

I doubt that there are tiny condos in these neighborhoods.

[@jorgeespinosa3179]

You know very well we are heading to an economic melt down in the future, when a rent is just as high as a mortgage, and more and more people rather sleep in their cars, streets, or anywhere they can find to call home. Why?

[@cuautemoctgo]

You buy a house that will never own. The only way to survive in san diego is rent a apartment and split utilities with other s roommate.

[@lindapindabelinda3570]

Some of those people renting are doing it because they know the housing bubble started popping a year ago. If they wait a couple more years and save their money, things will be more affordable.

[@justinbieber12373]

Come to Spain or Portugal. You can live like a KING on Social Security or 30g a year. Then you have all that extra cash to travel to visit family anywhere... And the food is Gourmet every day 🍷

[@thstratali]

The greed of the seller and agents is beyond imagination

[@debby8428]

If a person owns the house its not greed its a good investment. Why should they make less money so a stranger can buy their house. On the other hand if a corporation owns the house (and its becoming more frequent these days) then yes it is greed. I sold my house without a real estate agent and every thing went fine.

[@gnarlantlers70]

Paying rent is setting money on fire. At least you can sell your house. This looks like propaganda justifying endless high density rental housing.

[@anchorsaweigh9893]

Renting makes sense in some scenarios. In general I’d rather own.

[@wilternbackstage]

Your math is off. A/B true cost of home ownership (property taxes, maintenance and repairs, insurance, and opportunity cost of money tied up in a house (look it up) vs investing a down payment, being more liquid and not having to live in a cookie cutter housing tract in the boondocks so you can own your house vs renting. Break even point can be at least a decade. If it cost you $300k cash sunk into a house where you still have a $7000 p mo mortgage vs keeping the $300k and diversifying it while you pay half that $ in rent each month, time to re-examine your math. Ps: i own a house

[@gnarlantlers70]

@@wilternbackstage you're out of your mind.

[@gnarlantlers70]

@@wilternbackstage tell me you got a predatory mortgage without telling me you got a predatory mortgage. Let me guess....zero down??? Come TF on my guy.

[@wilternbackstage]

@@gnarlantlers70 nope, 30yr fixed, 5.6%, 20% down, and I’m an accountant. You’ve just guzzled so much of the american dream koolaid your math is off

[@natalianatalia383]

Trying to sell the money-dragging “investment” house for 9 months already. None is interested to buy it.

[@djm2189]

My household is just me. Single. Be a lot easier if i were married. Anyways, im 28 and earn $115k, no debt. No homes i could afford, and im sure somethings gonna give with all the tension right now. Thus ill just rent. What sucks is trickle down. I should be able to buy a small home, and give this apt up to someone who makes less. But since I cant, they have less places to rent and may need to live in their car due to high rent costs. Everyone but the rich are fked basically...

[@KingAngel4Life]

Why are they lying? Citizens are leaving California. Just imagine your retirement contribution being used to price you out of living a better life. How? Well, your contributions are being used to invest in property which is causing rent and homes to increase and you are locked out. It’s the truth. Learn about CD and other ways to invest. Just imagine trying to borrow from your retirement. The money you think your putting away. Retirement investment is enriching investment companies and not you. Shame

[@Paramount531]

Buy in San Diego on 150K? LOL, only if you want to live in 'da hood!!

[@popehatesrap]

or if you want to pay the retirement of some person selling their 1970s condo with no upgrades

[@cherylspencer3662]

Mobile home probably

[@omarvaquero4672]

Homes nearly a million bucks.

[@Mikewee777]

This video is over a year old .

[@manonamission2000]

Who wants to buy a home when SANDAG can choose to bring a trolley stop to your neighborhood destroying value

[@starttofinishmediaco.2520]

Bc ppl who make 6 figures still can't afford to buy lol

[@ajax7ox729]

Get a job

[@MartinNyberg]

Tell the high income renters to force rent down somehow please. Don’t just accept a high rent. It’s not fair that rents are so high in this and other cities. It should be illegal.

[@anchorsaweigh9893]

Free Market determines real estate prices. Government intervention only makes things worse.

[@MartinNyberg]

@@anchorsaweigh9893 government intervention has created the strongest middle class in the history of the world, look at the 1940s 50s 60s and 70s. history. Also apparently you haven’t seen the most recent news. Some computer algorithm used by property management companies, and especially those owned by a private banks that invest in real estate have been artificially inflating rental prices. It has nothing to do with the free market in this case. It’s market manipulation that serves the owners and not the renters.

[@anchorsaweigh9893]

@@MartinNyberg Then the renters should become owners. Government is incompetent at every level. They have created nothing. Business owners and investors create.

[@MartinNyberg]

@@anchorsaweigh9893 apparently you did not even read or comprehend what I said. You’re a follower is libertarian Ayn Rand? Ideology. Not science or fact. Government works when run well. As it was in the 40s50s60s and 70s before Reagan.

[@anchorsaweigh9893]

@@MartinNyberg Reagan wasn’t too hot either but US had the benefit of war ruined world. Made our Government look bad instead of completely incompetent like it does today and has been during my lifetime.

[@conqueringlion420]

Why buy or rent when you can sleep on the beach like the bums for free