The Nature of the Nation’s Eighth Largest City Mike Rappaport

The San Diego Union Tribune reports that San Diego has fallen to number 8 on the list of the nation’s largest city, being surpassed now by San Antonio.  No big deal from my perspective.  The paper has a comparison of the two cities and a couple of statistics speaks volumes about the nature of San Diego:

Median Household Income         San Antonio $43k                San Diego $62k

Median Home Price                   San Antonio $133            San Diego $607k

A house in San Antonio is about 3 times household income.  In San Diego, it is 10 times.  All of our money is tied up in our houses.  While I am very lucky, having paid 40% percent of the current value of my home, at a low interest rate, people who are buying today have it tough.