Do you see what I mean about reality being blurred, here? $250K is not "lower market." How many "lower-middle class" families can really afford to purchase a $250K house? Sure, they could using an 80/20 ARM/HELOC, but that is not reality...that is idiocy.
250K has become lower market here in Seattle. This also means if you need to buy at that level, you going to either live in a hovel in ghetto areas or live more than an hour drive outside the city. Median home price is now something like 440,000 here.
The median family income for my county is $100,417. So yes, $250,000 around here is in the lower price range for a home. You want crazy ?? Go to the new developments right up the mountain from me and new home prices start at about $1,250,000. There are no homes or lots available in those developments anymore, they have all been sold.
Do you see what I mean about reality being blurred, here? $250K is not "lower market." How many "lower-middle class" families can really afford to purchase a $250K house? Sure, they could using an 80/20 ARM/HELOC, but that is not reality...that is idiocy.
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Amen, the vaunted "affordability" factor and the high rate of home ownership are absurdly overstated. People who owe more than their home is worth are counted as "owners" and if loan requirements were set back to 1960 standards very few could qualify for a home loan.