Category: Money

Photo by Joe WilcoxOct 18, 202310:51 pm

The Most Unaffordable City

San Diego is too prestigious a place. In July 2023, rents exceeded San Francisco. Yikes! Last month, the median-selling price for residences (houses and more) topped $1 million. The city earns yet another distinction: U.S. News & World Report has crowned San Diego as “#1 in most expensive places to live”. Uh, yeah.

Los Angeles is second; broadly, California cities capture seven spots in the top ten. Oh joy. I marvel at how suddenly—catastrophically—was the transition from, quoting the motto, “America’s finest city” to America’s most unaffordable place to live. Four years ago, food, sundries, and housing cost so much less.

Photo by Joe WilcoxOct 15, 202310:25 pm

Sixteen Years Ago Today

On Oct. 15, 2007, the Wilcox family arrived in San Diego from the Washington, D.C.-metro area. Within days, I began to understand the character of Communist California Culture and regret relocating. But we came to assist my aged father-in-law, so that he might maintain freedom to live in his apartment, which he did until passing away there at age 95 in January 2017.

My wife and I talked about returning to the East Coast almost immediately after her dad’s death. But our only child (an adult, by then) was attached to Southern California, and she wasn’t ready for us to leave her. We stayed—or shall I say overstayed—our time here. San Diego has changed all too much in terrible ways—almost all brought about by state and/or local mandates.

Photo by Joe WilcoxSep 22, 202310:12 pm

The Winslow at Night

University Heights’ biggest, newest apartment complex—with 379 units—is anything but affordable housing. Rentals at the Winslow start at $2,400 for a 484-square-foot studio and go up to $5,945 for 1300-sq-ft apartment with two bedrooms and baths. San Diego officials propagate the myth that building more residences will decrease housing costs and therefore increase availability across lower income brackets.

But the opposite is reality: As newer complexes open, higher rents go with them, lifting the so-called “market rate” that other landlords watch as measure for what they charge their tenants. More is more, meaning rents rise with the new builds raised.

Photo by Joe WilcoxSep 16, 20239:17 pm

Six Dollar Gas Returns

Yikes! When I walked by my local Valero two days ago, price per gallon held steady at godawful $5.50—as when I filled up on Sept. 10, 2023. The Featured Image tells the story: 50-cent increase to, gasp, six bucks a gallon! This is typically a bargain station, too.

The photo comes from Samsung Galaxy S23 Ultra. Vitals: f/2.4, ISO 250, 1/30 sec, 70mm (film equivalent); 7:57 p.m. PDT.

Photo by Joe WilcoxSep 12, 202310:46 pm

Housing’s New Selling High is a Low Blow for San Diego

In July 2017, when we were home shopping, I started to monitor—and occasionally write about—the local housing market. The next month, countywide, median price for a single-family residence reached $610,000, according to San Diego Association of Realtors. Fast-forward six years and $1,025,000 is median, according to SDAR, which released the data yesterday.

By my quick math, that’s a 68-percent increase, which makes homeownership an outstanding investment for anyone owning before SARS-CoV-2 (severe acute respiratory syndrome Coronavirus 2)/COVID-19 lockdowns in early 2020 or increased interest rates this year and last. For anyone else not fairly wealthy, the choices are rent, move, or live on the streets—something of an increasingly common lifestyle.

Photo by Joe WilcoxSep 9, 20239:48 pm

Drives Me Crazy

I can’t complain about the weather, because inland San Diego County scorched today. Here in University Heights, which is closer to the coast, temperature reached toasty 30.5 degrees Celsius (87 Fahrenheit). As I write, it’s cooler 25 C (77 F) and best reason for the evening walk recently completed.

For days, I meant to document gasoline prices on the rise, after something of a decline that nevertheless was ghastly high compared to other states. According to AAA, the national average, as of this very day, is $3.83 per gallon. What a break. My local station at El Cajon Blvd and Texas Street is only $1.77 higher. Average for all California is $5.41 per gallon, which, by the way, is highest price for any state—even Alaska and Hawaii.

Money by Joe WilcoxAug 8, 202310:23 pm

Behave Yourself, or Else

Unless mistaken, I never shared the Featured Image—although that was my intention and mistaken belief having done so; ages ago. But here we are with no searchable evidence that you have seen this one, which is among the last taken with iPhone 13 Pro. In mid-December 2022, I returned to Android via Samsung Galaxy S22 Ultra.

The “Code of Conduct” sign was, and may still be, nearby Bloomingdales on the upper level of San Diego’s Fashion Valley Mall. “No weapons” means that I break the rules every visit—and, until now, without knowing. Yup, I carry a pocket knife. Quick, call the security guards! The tiny thing cuts paper pretty well. Occasionally.

Photo by Joe WilcoxAug 3, 20239:17 pm

Big, Possibly Temporary, Win for Single Family Homeowners

Today, San Diego Planning Commission unanimously approved Housing Action Package 2.0, which further eases development and redevelopment of properties to increase population density (real intention versus stated objective of creating more affordable housing).

But, the most controversial portion, which had garnered protests for and against, stalled: California State Bill No. 10, which became law last year. Localities choose whether to adopt the provision, which would essentially enable eradicating portions of single-family neighborhoods for the construction of up to 10-unit residences on as little as a single lot. Location must be in a “transit-rich area”, which is a bit misleading. According to the bill, that “means a parcel within one-half mile of a major transit stop” (e.g., city bus).

Photo by Joe WilcoxJul 20, 202310:44 pm

Thinking About Moving?

Anyone not battened down with an exceptionally good-paying job or affordable home ownership should be thinking about fleeing from San Diego. My wife and I talk about doing so every day—not nearly but with certainty every. Rents rocket and home prices are beyond escape velocity.

According to Zillow, the city ranks third nationwide for highest average rents—behind New York and ahead of San Francisco. Yikes! Point2 crunches home prices, and you’ll need binoculars to see how high they are. Among the 30 largest U.S. cities, San Diego ranks fourth for the number of listings above $1 million (58.6 percent). Median home price: $910,000.

Photo by Joe WilcoxJul 13, 202310:51 pm

Our First Wayfair Purchase Will Be the Last

When our daughter moved in with us on April 11, 2023, my wife and I had decided that an affordable, no-nonsense sleeper-sofa was needed. Our girl, who was recovering from a traumatic brain injury, would be moving into my home office and using the spare bed. Because of my snoring, Annie and I may sleep separately. We only have two beds. Need demanded another, and couch convertible seemed sensible enough choice.

Additionally, our daughter would arrive wheel-chair dependent, and she would be a fall risk. Someone snoozing in the living room could keep somewhat extra vigil, should she be injured moving, or wheeling, about. Some shopping online later, Annie and I chose the Mercury Row Villatoro 66.1″ Armless Sofa Bed Sofa, from Wayfair, for $183.16 including sales tax on April 3. We were more than satisfied with the choice—until today.

Photo by Joe WilcoxJul 12, 202310:06 pm

The Winslow

Sometime soon, I will share more about the evolution of the apartment complex that now occupies the property where was New Vision Christian Fellowship. I remember when families and old folks lined up for free food Fridays. Now the church’s former location is a cathedral for, according to promotional material, a “truly timeless, amenity-rich living experience”. Oh yeah?

The massive, block-long mixed-use structure, Winslow, packs in 379 apartments, which will lease in staggered fashion over the coming months. At a time when San Diego touts new buildings like this one as being the forebears of more affordable housing, Winslow rental prices sure make me wonder how.

Photo by Joe WilcoxJul 11, 202310:14 pm

San Diego Rents Exceed San Francisco

Holy doggie do-do, Batman. San Diego reached another shocking milestone in the housing market. Average rents are higher than San Francisco and rank third among American cities. No wonder homelessness rises across the county. Crapola, this stinks—for us peons. Landlords likely feel differently, eh.

Zillow has the skinny in its June 2023 rental report, which observes that “the most expensive major market is San Jose, where typical monthly rent is $3,411, followed by the New York City metro area ($3,405), San Diego ($3,175), San Francisco ($3,168), and Boston ($3,045)”. Maybe you don’t see $7 as all that meaningful, but SF is notoriously known for being a pricey market for housing. Not San Diego.