“I’ve known some people who live in the Bay Area, and they like it. That’s another issue; that some people really enjoy that area. And that’s an intangible, if people want to be in an expensive area, and are willing the pay the price to live there, then housing stays expensive.”
I am one of them, and thanks to Proposition 13 my housing is “inexpensive” in that my home is mostly paid for and that remaining is financed at less they 4%, and my property taxes are one third of those paid by they guy across the street who just purchased his home. The weather here is the best in the world, so is the food, and other things that go into making life good. The traffic is getting worse thanks to all the people who have come here,m but other than that, life is good and the RATs don’t really affect my daily life in a way that would cause me to move. And lastly, I don’t know what I would do at my age with all the leftover money if I sold my home and moved next door to “you.” Actually Dilbert, I wouldn’t want to move down to San Diego because: 1) I wouldn’t save any money buying a home in your neighborhood, and 2) your beautiful town has suffered far more than where I live from illegal immigration.
Don’t look now, but the Calif Legislature is trying to erase Prop 13.
However, IF you did sell your home in the Bay Area, I would seriously suggest moving out of Calif. There are many nice places in the USA to live & you could buy something free & clear & have $$$ left over. If you travel some, you might be surprised.
Thanks, you mentioned some of the intangible issues which are part of why people live where they live.
I feel about San Diego the way you feel about your home in the Bay area. There are problems in this area, but there are benefits too. I’m also in a position in which I bought a home decades ago, and watched it skyrocket in value.
The article mentions millennials as a key group who want to move away. Part of that could well be due to them not being able to ever see themselves afford a house there.