Posted on 04/07/2023 12:35:23 PM PDT by outofsalt
"To afford a $500,000 home, a person would typically need to make about $140,000 a year, said Realtor.com economic data analyst Hannah Jones." “For each of these price points, the minimum income required to stay in line with affordability recommendations is well above the national median,” Jones noted. "Real median household income in the U.S. was $70,784 as of 2021, according to the latest figures from the Census Bureau."
(Excerpt) Read more at msn.com ...
$500,000 home?
What are these people smoking?
Yes, you can now get a 40-year mortgage ... but should you?
Traditionally, 15- and 30-year mortgages have been available. Now, you can extend payments over 40 years under a new program.
https://www.wcpo.com/news/national/yes-you-can-now-get-a-40-year-mortgage-but-should-you
if your household earns 140k and you buy a 500k home with 10% down and mortgage 450k you are an idiot.
$140, 000 per year is not nearly enough income for a house in that price range.
This issue of housing affordability is a big problem for most middle class people.
When you compare incomes back in the ‘50s and ‘60s, to average housing prices then, you can see how so many of our parents and grandparents were able to afford a home, with just the dad working and mom staying home with the kids.
This issue comes up when people talk about how more moms should be stay at home moms. Some might be stay at home moms if they could afford it. As we see in this example, unless her husband earns a comfortable six figure income, she can’t afford to be a stay at home mom, and still buy a house.
Yes I know life is full of choices and not always easy choices. Just saying, that the American dream of home ownership is very difficult for the middle class nowadays.
I know. That is barely a starter home these days.
A cardboard box in the ghetto is a 1/4 million.
Mid-tier quality new home construction in mid-Michigan is going for $250 sq/ft.
1,800 sq. ft. home is $450,000.
Madness.
“$500,000 home? What are these people smoking?”
What do you mean. In Denver, the medium house is over $600,000, and that is for a small house.
The price here is outrageous and I hope folks reading this don't fall for the real estate trap using the numbers quoted. Consider the source: real estate agents.
I am 100% on board with capitalism, but I also know that when connected people with power can increase their compensation without earning it the system can only tolerate that for so long. Further, when the actions of such people reduce the worth/purchasing power of what YOU'VE earned, you no longer have capitalism. You have cronyism. This is a much longer topic than I have time right now to address, but suffice it to say that we have a whole lot more connected robber barons now than we did during the heyday of the 19th century industrialists. Many of them are in elected office - and they dictate how much you will be able to afford in your life.
This has to end. It should be ‘to each according to their efforts and contributions’.
There are too many idle rich in this country. These are the folks who fund things like Black Lives Matter, Inc.
I wish I had your skillset sir. Unfortunately, I don’t...thus I had little choice but to fall into the trap...sadly, many like me.
dont know, but where I live a 4 bed 3 bath starts near there (475 +) and thats a 70s build, and they are selling almost as fast as they hit market. Another locality near me is selling 3/1 “teardowns” from the 40s and 50s starting in the mid 400’s, and they are sold within hours of listing.
That’s lower middle range where I live
No homes in my area cos this little.
we have a whole lot more connected robber barons now than we did during the heyday of the 19th century industrialists. Many of them are in elected office - and they dictate how much you will be able to afford in your life.
In 5 years theres going to be a glut of McMansions and it will be obvious that all these articles are all just propaganda to snare the last few idiots before it becomes obvious to everyone.
2028 the boomer world finally ends.
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