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 ...
There is no way I could afford that.
A $500,000 home in what part of the country?
It makes a huge difference.
Location, location, location.
Exactly my thoughts. $500K in my neck of the woods isn’t a starter home, but where my son lives, it would likely be in a ghetto.
($500,000 home)
Oh, and here I was just gonna take $500,000 out of my pocket
😛
Why borrow money? Just write a check for it.
My parents and most of the relatives all bought homes under $50,000 in the late 50’s early 60’s. One built a custom home on 2.5 acres in Rancho Palos Verdes in California for $53,000. It sold for $2.2 million in 2021. My parents in Minnesota had a custom built 6,000sq/ft+ home that had a main floor with 3 bedrooms, 2 baths and had 2 bedrooms in the roof with a bath and a walk in attic and the basement with a bedroom and bath open to the backyard next to a creek and a block away was a few thousand acres of empty land with a pond (still there too).
In Asian countries they have 100 year mortgages that families pass down. Definitely a different system.
That’s true but homes averaged 1200 square foot back them. Today nobody wants a homes less than 2500 square foot. Different times.
Very good point. I could sell mine for 335K or so and buy a 500K home with a 165K mortgage. But no thank you.
My daughter and her husband live in the Rogers Park area of Chicago. They are looking to buy a house in the suburbs. I hope they’re able to sometime in the near future.
$125,000 total household income for 30 yr $500k house.
YMMV.
5.56mm
“You will own nothing and be happy”
As along as I have sufficient bugs to eat and a Chinese bicycle for my 15-minute city. Then I don’t care. And best of all, my girlfriend (or boyfriend or Trans) likes eating zee bugs too. After we cook then on our electric hotplate. Then we wash it down with something called Trans-Tang, that was designed for astronauts in outer space, travelling to Uranus.
“$125,000 total household income for 30 yr $500k house.”
What I figured off the top of my head
In CA. The average home costs well over $600,000 hell in Brooklyn NY a one bedroom one bath condo is easily $500,000 PLUS you have at least a 500.00 a month common maintenance fee AND every damn place has bars on ALL the windows and are shit pits!! I honestly can’t believe ANYONE would want to live in NY!!!
A great writer spoke of that.
AYN RAND re: today's Democrat party
“When you see that trading is done, not by consent, but by compulsion — when you see that in order to produce, you need to obtain permission from men who produce nothing — when you see money flowing to those who deal, not in goods, but in favors — when you see that men get richer by graft and pull than by work, and your laws don’t protect you against them, but protect them against you — when you see corruption being rewarded and honesty becoming a self-sacrifice — you may know that your society is doomed.”
That’s about right
Was making around 200 in late 90s and I’m pretty sure to live as well as that it’s about 380-420 now
Well, truth be told, I live in the suburbs of the suburbs, but I’m at the point where I’m happy to leave the rat race of suburban and city traffic. I go to those places when I want to, which isn’t often. My son and DIL would hate it here, but then I’m not near Napa or Sonoma county. We do have wine country here, but not the kind they’re used to.
Tell them to flee the state while they still can. This place is going down quickly.
It costs a lot to build a home now. Then there are property taxes and a down payment to think about. The down payment on $500,000 is $100,000. Plus there are some other expenses right away, moving, painting and maybe sales taxes and fees. So owning a home is expensive.
Really when it comes to the price of a home it has a lot to do with the cost to build a new home as well as the property taxes. The cost to build pushes prices up. While the property taxes push the price down.
wouldn’t it depend on WHEN you bought your $500,000 home?
bought mine in 1986 for $147,000 ... worth at least a million today ... long since paid for ... i’m high net worth too, but do everything possible to keep taxable income minimal ...
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