Then go on to say With a median home price of $493,900, life in Sharon is also much more economical than in the affluent communities of Brookline, Newton, and other towns closer to Boston.
I don't consider $493,900 the least-bit affordable for most families on a 50 - 60k income. Unless they already own a home with lots of equity, and the first part of the article even mentions "first home." The entire article is based on affordable housing then they talk about all these places where the houses cost 10 times the annual income of the target families.
This isn't a "bubble" article, I'm just showing the total ignorance of some media writers to reality. The average home price for the places on this list is over 300k...so figure, even at 20% down on $350,000, that's a loan of $280,000 which ends up about $2000 a month with tax and insurance, give or take. Take that $50,000 a year family, and they only bring home about $2700 a month of their income...they have $700 to live on for an entire month after mortgage payments?? I don't think so!
You're right. The only way this would fly is if it were NOT the first home and they had some multi-K's coming in from a sale.
"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
$605,000 is AFFORDABLE? What kind of crack is this?
To the MSM $50-60K a year household income is destitution.
It's true that in many parts of the country $500K is an outrageous price for a house but in the nicer suburbs of Boston it's chickenfeed.
OTOH,the median in these same suburbs is in excess of $100K/yr.
They list Herndon, Virginia as the #1 place in the Washington D.C. suburbs. Try commuting from there to downtown Washington D.C. Got four extra hours each day?
Even just driving to nearby jobs can be a nightmare around there.
Yeah, who are these idiots talking about?
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?
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.
Median prices... not mean prices.
Then go on to say With a median home price of $493,900, life in Sharon is also much more economical than in the affluent communities of Brookline, Newton, and other towns closer to Boston.
I don't consider $493,900 the least-bit affordable for most families on a 50 - 60k income. Unless they already own a home with lots of equity, and the first part of the article even mentions "first home." The entire article is based on affordable housing then they talk about all these places where the houses cost 10 times the annual income of the target families.
You forget that prices like this are not unreasonable for a $50-60K annual income. These buyers are not expected to even have a down payment. They get these homes through interest only loans and have mortgage payments half of what you suggest. The latest statistics say that 40% of home purchases are made with these exotic loans. Also, those exotic loans are providing more $$ for buyers so that bids up the housing market to the point where only exotic mortgages can get you into a decent home.
Springfield MO has a household average income of $48,738. The average cost of a home is $139,558.
This is an affordable area, not a place where homes are around $500,000.
My in-laws live in one of the cities on that list, Roswell, GA, outside Atlanta. They really like it. My stepfather-in-law works in downtown, so he takes a short drive over to the North Springs MARTA station and rides that instead of dealing with the legendarily hellish Atlanta traffic. Housing values have skyrocketed and McMansions are popping up everywhere. They got an older house in an established, quiet neighborhood, fortunately.
Roswell's kind of funny, though. There's literally a city ordnance against tracking mud from a construction site onto a city street. I saw signs about it last week when I was down there. It's a town that's somewhat snotty and EXTREMELY image-conscious...and yet, the area is being overrun by illegal aliens. You can see big clumps of "day laborers," by the dozens, waiting on streetcorners along Alpharetta Highway, every day. Many of the northern Atlanta suburbs like Roswell, Marietta, and Doraville are having increased crime and gang problems due to the illegals.
}:-)4
I am laughing so hard, snots are flying out my nose.
$250,000 will get you a fully loaded mc mansion and three acres of land where I live now. Long Island? I dare someone to find the same for under $750,000 that wasn't flipped by some shady a$$ed company.