pretty much...
Posted on 07/12/2014 10:44:31 AM PDT by SeekAndFind
It's really hard for a middle class family to buy a house along the California coast.
Real estate research and marketplace site Zillow routinely calculates an index of housing affordability. First, they use a proprietary statistical model to estimate housing values in a metropolitan area. Then, they calculate the monthly mortgage payment for a median price house in each metro area. Finally, they calculate the percentage of the median monthly income for each metro area needed to pay that mortgage payment.
For example, Zillow's estimate for the median home price in Abilene, TX during the first quarter of 2014 was $98,600. After a 20% down payment, a homebuyer would need to take out a $78,880 mortgage. Assuming a 30 year fixed rate mortgage at a 4.3% annual interest rate, this would lead to a monthly payment of about $390, which we calculated using Bankrate's mortgage calculator. Zillow's estimate for the median annual income in Abilene is $43,058, or a monthly income of about $3,588. Finally, by dividing, we see that the $390 mortgage payment is about 11% of that monthly income.
Here's a map showing Zillow's Q1 2014 housing affordability estimates in 285 of the nation's largest metropolitan areas. Darker regions indicate larger proportions of a median income needed to pay a mortgage on a median value house. The four California cities in which a median mortgage payment is at least 40% of a median income are also indicated by name:
(Excerpt) Read more at businessinsider.com ...
Well, since she is girl friend and not wife, you are free to go when ever...
I wouldn’t live in one, they should be torn down and hauled to the dump!
That's just the other side of the media bias coin. They only ever report on the 25 or 50 largest metropolitan areas. The places normal people would consider living are always ignored by the msm, when it comes to stories like this. The media only notice small town America when murder and mayhem are involved.
Me and the hubby looked at a nice home in Burlingame years ago, it was going for $53,000.We had to settle for a home in Pacifica for $21,000.as I said YEARS go.
Now I’m in the East Bay barely hanging on and may be headed back to the mid-west somewhere and the kids and grandkids will just have to visit.
“in sleepy town in NC. It’s a registered landmark. “
Historical landmarks require permission, approval, and higher repair expense as Historical Association has to approve all work....usually liberals.
pretty much...
You know what the No Growth scenario results in....
its all about saving “the planet....../S
California has high housing prices and lots of ghettos. Solve two problems at once: eliminate housing subsidies and Section 8. The middle class could then gentrify the ghettos and displace the underclass.
Though it might tweak some here to hear it, the fact remains that the cities of the Northeast and the coastal areas of California are the most desirable places to live in terms of quality of life, climate, career opportunities, access to education and medical facilities, top restaurants, myriad entertainment options, etc. etc.
To live in those areas, you are going to pay top dollar. Unless you want to live in some run-down slum. Of course if you are educated and have a good work ethic, you will have no problem at all earning a six-figure income in those areas and enjoying all the amenities that those areas have to offer.
Now there's nothing wrong with living in "more affordable" areas of the country. But by and large, you are going to be stuck with relatively limited career options. So if making $32k is okay by you and you are fine with eating at Applebees, shopping at Wal-Mart and going to see trucks race in the mud on a Saturday night (because that's the only entertainment available), than you can be happy in those areas and you can find yourself a decent $80,000 house to live in.
I know that saying that can come across as somewhat crass but wanted to make my point.
I know that many here hate the Northeast and coastal California because of the way most people there vote and that they wish those places would fall into the ocean. However, they are the most desirable places to live in the country and a good 40-45 percent of the people living there are conservatives or at least lean that way. They are not all bad people.
This isn’t New England. It isn’t federally registered. I should have stated that before.
I think that counts as nearby.
:^)
I live in NC....if it’s just a landmark that’s one thing, if it is on the Historical Register and being monitored by the Historical Association that’s another. Being in New England has nothing to do with what I said.
Karl Marx was a lazy man who may have wanted more, but never did anything practical to get it. The bio I read showed him unable to even feed his family without help. The dust and living conditions were deplorable according to the people who described him in their historical account at the time he lived....Stalin had to implement his manifesto because Marx had not the will or ambition to do so. You can google it online to read about him.
Wow — Flint & Saginaw have cheaper housing than LA and San Fran? There’s a shocker.
Congratulations on missing the bigger point: there are cheaper, more livable places than what was mentioned in the article.
California has something for everyone - deserts, prairies, mountains, beaches, rivers, farms, forests, lakes - and pot...suburban and urban. We’ve got rodeos, nascar, state fairs that can’t be beat, pro sports, fine arts, more waitresses than you can shake a stick at, gangs and drive-bys and cattle and horsethieves and burglaries, too, and a heavy homeless problem, but hey, it never snows in SoCal ! From Apple Hill orchards to Weed, Calif, to the home of California Chrome at Harris Ranch, there’s still plenty of room to breathe, a heck of a population to sell product to, and we can only be invaded by 3 directions, of which 2 are relatively friendly.
I encourage more Tea Republicans to move to California and take over the political scene with sheer numbers - like the Left loves to do now demographically - and axe the taxes like winter’s firewood.
So after Texas and Arizona fill up, come on over to California and help us turn the state back into a republican stronghold!
I did not miss the point. I did not want people reading your post to think that a historic registered house was a good deal, unless they wanted to have someone, usually liberal, tell them how to repair or remodel their house because they have to pay for it and it’s not cheap.
It's not federal, it's state registered.
This has nothing to do with liberals or conservatives. Some people enjoy these old houses. It's apolitical.
“homeowners” at one house in very nearby Ross CA..gave away IPODS for halloween....to one and all who came to their door.. a few halloweens ago...
as far as I know none of their neighbors has been able to top that as yet...
IPODS......Mac Notebooks ...?
even the riff raff around here are well off.
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