This article says 16% of Californians could afford to buy a median priced house. The median price of a single family home in California is over $830,000. The national median price for a home is $402,000.
What I do not get is with the PRC (People's Republic of California) losing population, why do the housing prices keep going up?
Tent Hunters: California Couple Searches For Their Dream Home
Do they count all of the multi million dollar houses of the movie stars and such that are way out of the price range of most ? Seems that they should only count the price of the 'working class' and not the mega mansions. But if they count in the tents of the homless it may average out.
When I was in high school, 1960-64, or maybe even JHS, we got a local newspaper with ads for a California bank, that was paying 5 1/4, 5 1/2 or maybe 5 3/4% interest on savings accounts, when the banks in Indianapolis were paying 3%. I thought it was a con, even though the newsparer would not have knowingly taken advertising from criminals. Eventually I learned more about how money works and realized they really were paying more because they had people to lend it to at higher rates than banks in Indiana could charge.
So California has been on the fast track to high costs since the 60's, and, I'm sure, before then too.
Of course. That's what median is: the midpoint between the lowest and highest values.
Let us know when you see a listing for one of those on realtor.com, or a record at the Register of Deeds.
Having one $4,000,000 home plus 4 at 100,000 makes that number 880,000. Does not seem realistic to report even if accurate.
Average vs median...
Average and median are both measures of “central tendency,” in that they are intended to provide some indication of a typical or middle value of a set of data. The average is calculated by adding up all of the individual values and dividing this total by the number of observations. The median is calculated by taking the “middle” value, the value for which half of the observations are larger and half are smaller.
When there is a possibility of extreme values, the median is generally the better measure to use. To see this, suppose that five homes sold in a market with the following prices: $80,000, $90,000, $100,000, $110,000 and $500,000. The median price is $100,000, while the average price is (80,000 + 90,000 + 100,000 + 110,000 + 500,000) / 5 = $176,000. In this instance, the single high-priced home pulled up the average price well above the prices of the more typical homes in the market. Thus, the median price provides a better measure of the typical value of a home.
Average vs median...
Average and median are both measures of “central tendency,” in that they are intended to provide some indication of a typical or middle value of a set of data. The average is calculated by adding up all of the individual values and dividing this total by the number of observations. The median is calculated by taking the “middle” value, the value for which half of the observations are larger and half are smaller.
When there is a possibility of extreme values, the median is generally the better measure to use. To see this, suppose that five homes sold in a market with the following prices: $80,000, $90,000, $100,000, $110,000 and $500,000. The median price is $100,000, while the average price is (80,000 + 90,000 + 100,000 + 110,000 + 500,000) / 5 = $176,000. In this instance, the single high-priced home pulled up the average price well above the prices of the more typical homes in the market. Thus, the median price provides a better measure of the typical value of a home.
This is supposed to be the median prices of homes in each state. The comment about prices being down from about a year ago didn't make sense until I put my pointer over the blue line in a couple spots.
Property taxes are another issue. Comparing my house to a similar priced one in California, I would get half the size but at 2X the property tax.
Always area dependent. A celebrity bought a house in Santa Barbara a little smaller than mine with about 1/4 sized lot at cost of 10X mine.
No, that's the mean. The total divided by 5.
The OP's article referred to the median, the price that half is greater than and half is less than. In your contrived case, that would be
100,000. With more than 5 houses, the answer wouldn't be the same as 4 out of 5 houses.
"Median" The value at which half are below that value and half are above that value.
Of course, all property in the state is included in that statistic.
Why? What would that tell you that the median value doesn't?
The numbers likely come from property tax records, which will not include "tents of the homeless".
"At any given time, there are Nebraskans living by the river, in cars, dumpsters and abandoned buildings, and in shelters and friend's basements, many more than will be counted during the yearly one night survey. About 10,000 Nebraskans are homeless at some point each year; 6,500 in Omaha."
You are confusing median (half are above, half are below) with mean (sum(all_homes)/number-of-homes).
Over time, the proprety tax burden would decrease, due to Proposition 13.
Over three decade period, for example, my first house is currently assessed at 350k but would sell for over three times that.
Location. Location. Location.
I don't believe that California is really "losing population".
Yes, American citizens are leaving in greater numbers than are those moving to the state.
But the place is probably filling up with newly-arrived invading illegals to the pace of a rain barrel filling in a flood.
I confused it until I posted this 3 minutes later. You guys skip to many posts before getting all bent.
Average vs median...
Average and median are both measures of “central tendency,” in that they are intended to provide some indication of a typical or middle value of a set of data. The average is calculated by adding up all of the individual values and dividing this total by the number of observations. The median is calculated by taking the “middle” value, the value for which half of the observations are larger and half are smaller.
When there is a possibility of extreme values, the median is generally the better measure to use. To see this, suppose that five homes sold in a market with the following prices: $80,000, $90,000, $100,000, $110,000 and $500,000. The median price is $100,000, while the average price is (80,000 + 90,000 + 100,000 + 110,000 + 500,000) / 5 = $176,000. In this instance, the single high-priced home pulled up the average price well above the prices of the more typical homes in the market. Thus, the median price provides a better measure of the typical value of a home.
Looked up prop 13 and it started 1978. Are they there yet?
Lower Delaware is getting invaded by refugees from New Jersey retiring there. House costs are about the same but property tax in NJ can be up to 10X. Woman told me story of another woman from NJ looking at a house in lower Delaware and when told the tax asked if that was per month.
Out of curiosity I looked up Biden's beach house valued at nearly 5 mil and property tax is $5,813.
See, that's the problem. Why are they not taxing these people.
If not property tax, what about personal property tax.
What about poll tax. Poll tax was ruled unconsititutional but only when it was required to be paid before voting. It's still a worth tax.
My tent cost about $100 in 1975, but I only paid $5 after AYH had used it for tours for one summer. I'd be willing to pay the taxes on it and so should everyone else.
And this would lower the median home price, and that's what we all want, right?
My friend has a place on the beach in Ocean City, NJ. Value is about
2.5 million and her tax is close to 22k.
They should build a wall between New Jersey and Delaware. They were going to but the extra charge for a curved wall stopped them.
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