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asdfasdfajew…, Other/Just Looking in Toronto, OH

I'm looking at the Income and House Prices of Monterey Park, and I'm wondering why the the value of owner-occupied homes are higher than

Asked by asdfasdfajewifjawofj, Toronto, OH Wed Aug 4, 2010

the state average while the median incomes are so much lower. I have a couple of ideas, but I'd like to hear what everyone thinks.

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Dp2’s answer
Although high demand and limited supply can help to drive the prices up in an area, it's also possible that many buyers feel that a lot of the properties in Monterey are overpriced. Unless there are enough sales transacting per month there, then it will be hard to conclude anything about the property values there.
0 votes Thank Flag Link Fri Aug 6, 2010
Monterey Park is one of the top cities for oversea buyers to purchase a home with all cash. Published income for the city is likely not accurate. Low supply, high demand drives up the prices. If you are middle class and able to buy a home in Monterey Park (or any good area within the San Gabriel Valley), consider yourself lucky.
0 votes Thank Flag Link Mon Apr 25, 2016
You are looking at financial cautious owners with large equity and not selling. While demand for Monterey Park is high, supply hasn't been sufficient. If you drive to (or search) other neighborhoods you'll see more for sale signs. So with a lower median income, budgeting skill, and large equity one can afford housing. They could as well purchased these homes many years back. Don't forget another factor, wealthier landlords may not be living in the same zip code you are counting.
0 votes Thank Flag Link Fri Aug 6, 2010
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