The subject of condominium conversion is familiar to readers of this column, but this year it has become a pet topic because of these homes’ enduring value to the community and to ownership tenure in this county.

As well documented in the 2000 census, barely half the households in San Diego County owned their own home, compared to 70 percent nationwide. Now, with the developers able to build condominiums again (thanks to new legislation) and converters able to find financing to renovate apartments and turn them into condominiums, the home-owning total is increasing. We are still far from the national average but moving in the right direction. That’s good. No, not good: great!

First American Title Co. mailed a survey to all buyers of condominium conversion homes in the past three years in San Diego County. Investor owners, folks who turn around and rent to someone else, were excluded. My company, MarketPointe Realty Inc., tabulated the returns.

Three-quarters of all buyers were first-timers who had lived in San Diego County for an average of 15 years. The median age of the buyers was 31 years, and 22 percent of the households included children.

The typical complex in which a home was purchased had 121 units. Very few were small complexes. More than 80 percent lived in projects that were substantially remodeled. More than two-thirds of the homes were less than 25 years old.

The best finding: 92 percent of the buyers were either somewhat satisfied or very satisfied with their new home. Eighty-two percent thought their new home was a good value and 93 percent were satisfied with the increase in value.

Cutting to the chase, in 2004 in San Diego County, more than 2,000 households were able to buy their first home because of a condominium conversion. And they didn’t have to drive to El Centro to do it.

Many in the rental business (particularly those associated with subsidized rentals) take the position that conversions are devastating to the moderate income renter. I take a different stand.

First, the apartment vacancy rate today is 5 percent. That means that on any given day more than 18,000 apartment units are available in the county. The vacancies are higher because more people are moving out to buy homes. On apartment exit surveys countywide, 25 percent of move-outs do so because they are buying a home.

Vacancy rates are high and that has resulted in rents increasing by 1 percent to 2 percent in the past year, down substantially from the period when home sales were less active.

Second, most conversions are of better quality rental stock. It stands to reason that converters, who need to renovate their projects to optimize prices, would tend to convert newer, better rental projects.

Third, as many as one-third of the conversion buyers are investors, and therefore, the conversion units wind up back in the rental pool (but in much better condition than when they were rentals).

Fourth, more than one-third of the rental stock in projects with more than 25 units have rents under $1,000 a month (high for Iowa, but not for the California coast).

I don’t think I have to wave the stars and stripes to defend home ownership. It is what has made this nation great. Nations with a high rate of home ownership invariably have political stability and economic growth.

Better yet, neighborhoods in which home ownership prevails have lower rates of crime and higher educational scores.

Home ownership holds enormous benefits for the community’s coffers. Our studies indicate that the tax revenue quadruples when a project is converted. This is based on the average taxes paid by the former owner, who typically held the property for eight-plus years and was paying at a very low tax rate.

As an East Coast native, I watched home ownership increase in metropolitan areas like Chicago, Washington, D.C., New York and Miami, starting as early as the 1960s. The conversions in these cities constitute a major part of their multi-family ownership tenure. Rather than being denigrated by government, they are encouraged.

In San Diego County, some cities say “no” to conversions (and I don’t know why) while others welcome them with open arms. The city of San Diego has an enlightened ordinance that favors conversions, but makes sure that moderate-income renters don’t leave their apartment with financial compensation.

Having passed Econ 101, I fail to understand the position of elected officials who oppose home ownership (especially when they already own a home).

In overall perspective, 3 percent of the rental housing stock in the county has been converted to condominiums. We have a long way to go before we create a rental housing shortage. In the meantime, we are creating a wonderful opportunity for the first-time home buyer. Conversions are probably their last chance.

Alan N. Nevin is director of economic research with MarketPointe Realty Advisors (marketpointe.com), a consultancy providing real estate and demographic statistics, feasibility studies and litigation support to the California land use industry and legal professions. Nevin can be reached by e-mail at anevin@sandiegometro.com.