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Originally Posted by AtomicLabMonkey
There are others in the list which are not. And that was a 10 second long search; if you actually looked & searched for real around the area I guarantee you would find decent houses. If you upped the price limit to 250g, it would be even better. My whole point is that it is still relatively affordable; you might not get your dream house the first time you buy, but at least you will be able to buy something. You guys should jump on something while you still can. Buying any property is permanently out of our reach in this area - we are locked out of any ownership at our income level. With median home prices at $500,000, we will never be able to afford anything here.
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Having lived in both places in this discussion, I will admit that SLO is certainly worst than Reno, but you have to realize that Reno is not as affordable as you imply.
1st, the homes that you're referencing are all outside of Reno proper. They're in places like Sun Valley (the largest trailer park in the world... check the Guiness Book) or other examples of awful places to live. Neighborhoods like those don't even exist in SLO.
2nd, the prices you're referencing are asking prices. Houses around here tend to go for $50k to $100k *more* than their list prices.
3rd, those "houses" you'er referenceing are either mobile homes or pre-fab homes. $200k is *way* too much for *any* house that is around 1000 sq. ft. Hell, 3 years ago that $200k house you listed would have sold for $75k to $100k.
So, like I said, it's not so much the prices here, it's the unwarranted appreciation created by all the Bay Area people that sold off their $1mil homes and move here willing to pay $450k for just about anything of moderate quality, because they still pocket $400k on the deal. Meanwhile, salaries around here are no where near high enough for locals to buy at prices created by that inflated demand.
Hell, my roommate paid like $330k for his house less than a year ago and I heard a similar model in the neighborhood just sold for $600k! He'd sell his to pocket the cash, but then he won't be able to buy a new house since prices have gone up so much in a year.
At this rate, unless the housing bubble here bursts, or unless I get a huge raise or a wife that makes as much as I do, I too am locked out of home ownership.