California real estate continues to be priced far above the national average. And potential homebuyers looking at the highly desirable real estate in San Diego County have always been in the thick of the high-priced housing market. Escondido real estate is one of the most affordable housing markets in San Diego County; and it has the lowest median home prices in all of San Diego North. Earned income in the Escondido real estate area tends to be on track with the national average. 2006 median incomes for families who owned Escondido real estate were at $60,369- about $4,000 lower that San Diego County overall.
What Does Affordable Mean in Escondido Real Estate?
In a county where median home prices reach into the millions, it’s fair to question the definition of affordable. In regards to Escondido real estate, it is possible to find single family homes in the high $200,000s- a rarity in San Diego real estate. The median home prices fall around $450,000. And as anyone in this market will tell you, that’s a deal. Why are prices so much lower in Escondido real estate?
Well, let’s compare the Escondido real estate population to others in San Diego County. About 20% of this population has a college degree. According to the Mayor’s website just over 50% of the Escondido real estate population is considered white collar. And the crime rate is at or slightly above the national average.
What this means is that the Escondido real estate community is significantly less affluent and educated that an area like La Jolla or San Marcos. On the positive side it means that Escondido real estate is a lot more affordable for people buying starter homes, or with growing families. On the negative side it means that schools are lower rated and tend to have more of the issues that come with lower income populations.
Escondido real estate is also in the midst of the illegal immigrant problem. With a 43% Latino population, the recent ban on renting to illegal immigrants has residents and renters in a fight over what’s right for the community and the Escondido real estate economy. While the median income of Escondido is on par with the national average, the cost of living is significantly higher at 151.9 versus the national average or 99.52.
Is Escondido Real Estate Right for You?
While Escondido real estate may not shine as brightly as the luxury homes of La Jolla, it still has a lot to offer. Historic homes in Old Escondido, family friendly neighborhoods, natural parks, lakes, and near perfect weather all explain why Escondido real estate is always moving. When the affordability factor is added in, it makes sense that many homebuyers are looking at Escondido real estate for their first homes.
John Harris is a researcher and writer on real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more information please visit Escondido Real Estate
Source: www.articlealley.com
