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Yes, you read that headline right.
In aggregate, and based on their historical relationships with local rents and incomes, San Diego County home prices are reasonable. Not cheap, but reasonable.
Exhibits A and B are a couple of long-term graphs that I've updated throughout the years. The first displays the historical ratio of San Diego home prices to San Diego per capita income; the second is the ratio of home prices to local rents. These ratios serve as a gauges of real estate "expensiveness" by measuring how much people have to pay for housing in comparison to how much they earn and in comparison to how much it would cost to simply rent the roofs over their heads.
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Tuesday, March 24, 2009 4:48 PM PDT
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