Posted on 11/29/2006 11:52:14 AM PST by RockinRight
Low crime, reasonable commute, and good schools—who says you can't find a nice house in a suburb without paying a fortune? Buying your first house? Fleeing the city for a life within your means? Here's a novel idea: Move to a suburb where you won't break the bank or get your car broken into. A community with reasonable home prices and decent schools. A suburb close to your city job, with a lively downtown of its own. For hedge-fund managers, plastic surgeons, corporate lawyers, and other people who earn millions a year, choosing a suburb is not about affordability but convenience and, frankly, prestige. These folks don't balk at high prices or look for fixer-uppers. They can pay for prime real estate on the most exclusive streets in the fanciest towns with the best schools. If they want to live in Greenwich or Brookline or Lake Forest or Malibu, they can. Unfortunately, most people aren't so lucky. Most people have to balance their real estate aspirations with reality—compromising on acreage or culture in exchange for better schools or lower property taxes.
(Excerpt) Read more at businessweek.com ...
I think that used to be true, BTW...but I've looked both at employment and housing in many areas of the country. In almost all cases I'd rather take a lower paying job in a cheaper place than a higher paying job in an expensive one. The salaries don't quite make up for the higher costs...or in some cases don't even come CLOSE to making up for them.
PS: Massachusetts is one of the few states that is decreasing population and yet the house prices are still going up and it is one of the most expensive place in the nation.
I was just flipping through that slide show and thinking no way is this what I consider afforbale.
One of the dumbest articles posted today. You are right. These peple haven't a freakin' clue.
Looks like someone did not do there homework and fudged the results. Where is Mary Mapes and Dan Rather when you need them?
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
That would about work out to the numbers in my example - a 280k loan. You're right. It doesn't add up. I make a bit over 60k, (but under 100k) and looking at what my own non-housing expenses are as a single man who doesn't drink much or "go out" often and doesn't live that lavishly, I couldn't imagine even going $280,000 on a mortgage loan myself, let alone if I had a wife and three kids to support.
Unless the dems want a tax increase for the "wealthy". Then it's untold riches.
Thanks for posting. Good reference material but laughable concepts.
These idiots have successfully made themselves a laughing stock. What a load of crap. The list is even a pain in the but to navigate.
If you want to enjoy life, with a single income of 100K you should not buy more than a $ 300,000 home.
Median prices... not mean prices.
I am single, for the time being (won't be much longer) and even with just my own expenses, I wouldn't spend over about $225000 on a house, and that's on an income more in the 70k range. I just don't like the idea of having no furniture and living on ramen noodles...
But Democrats consider $90,000 to be super rich, and worthy of far more taxation.
Too high either way. They used median, not mean, the mean is usually lower because high-priced homes skew them upwards, I realize that.
I just bought a new house and have stocked the new pantry with macaroni and cheese. You never know when that mortgage is going to put a real squeeze on you during the first 5 years.
Good idea!
You're in Texas, so I assume if you did pay the prices shown you at least got a big house out of it.
Actually I should have specified that the median income of these suburbs is well in excess of $100K/yr.And be aware that the runup in property values around here only started about 5 years ago so most folks today living in million dollar colonials bought them for $400K or less.
I realize that.
It's great for those that own, but for someone trying to enter the market, it's damn-near impossible.
We have a 2 income household and we really cannot afford to be living in Northern Virginia, even with both of them.
We'll be out of here in a couple of years. But I'll be looking at places more affordable than those listed. Although, I did see Matthews, NC on the list. That is where my mom just moved. We were down there for Thanksgiving and I really liked it.
State and local taxes in Massachusetts are relatively low, particularly property taxes. It's not a concern.
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