Noticeably absent: Detroit and Pittsburgh.
Just who in their right minds wants to live in those “cities”? Most are filled with street rats who go about killing, robbing and stealing anyone and everthing they can. It’s not for me.
These people are on drugs.
Really? You make less than $20K a year and you’re supposed to be able to afford a $112K house?
This sounds like Barney Frank economics.
You might be able to buy a house way out in Dublin or Pleasanton and commute your ass off 2 hours each way to work in the city on that salary.
Otherwise, to live in the city on that salary you're paying $2500/month rent of a 2-bedroom apartment or you're living in the Mission or the Tenderloin amongst the Philistines.
The truly curious thing is why anyone would want to buy any asset that will be subject to the coming 10% annual Federal asset confiscation tax that the IMF has set as a requirement for all national governments to employ.
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The listed salaries with those prices are a recipe for default, even if you can get a mortgage on it these days.
For example, San Antonio, where I lived for more than ten years, shows a median house price of $171,700, and the salary of $29,305. That’s just nuts.
Another unwritten issue about those most expensive markets in the Northeast: Once you buy that house fasten your seat belt for the annual property tax.
I moved from Seattle and now my house payment, my land payment, and both my car payments are approximately 1/3 what the mortgage and taxes would have been on my house in Seattle. And there I had a fifth of an acre. Here I have a new home a large 100+ year old barn and 32 gorgeous wooded acres.
Took me a while to find “paying” work out here, though. I didn’t move until I did.
I used to think that 3x to 3-1/2x annual income was normal. Maybe even 4 with the lower mortgages of today vs 30 years ago. But these are over almost 6x.
The unhappiest U.S. metro areas to work in, according to Forbes.com:
My daughter and her husband make over $100,000 combined as just wage earners. I know inflation has moved the mean income up a bit but when I was working for civil service that would have been enough to make you wealthy.
They have a nice house, nicer than the one she grew up in but our house was a good one just not as large as theirs now. They live in a rural suburb of a small city so prices are not high.
Under contract on a beautiful house with great features (like marble columned foyer) on almost 2 acres with a nice in ground swimming pool for $78 sqft outside of Charlotte, NC.
Forget the income you have to earn? What kind of House are you getting? Same house in San Francisco would be 500+ sqft. 1000 sqft houses in San Francisco are half a million.
The key to the math working on these is buried in the details. To get to these salary levels for financing, you’re expected to put 20% down. At these salary levels, who can afford to save the 20% down and live a somewhat normal life? Well, thank goodness there’s MyRA! LOL!
Bought my house in Boston in 2003. Paid 329k. Sold my house in 2013 for 655k. It was on the market for 3 days. Moved to the burbs, bought a 4000 SQF house on 3 acres adjacent to a 600 acre nature preserve. Paid $703k. Massachusetts is expensive, but I’ve been here all my life. Don’t plan on moving again.
Why do I need 25 houses?
I don’t even LIKE cities.