Posted on 02/18/2014 4:38:42 PM PST by SeekAndFind
The cost of living in America varies wildly.
In Cleveland, people need a base salary of at least $19,435 a year to afford the average home, while San Franciscans must make upward of $115,000 annually.
HSH.com, an online mortgage and consumer loan information website, figured out how much a person would have to earn to afford a home in 25 of the country's largest metropolitan areas.
To do so, HSH looked at the National Association of Realtors’ fourth-quarter data for median home prices and HSH.com’s fourth-quarter average interest rate for 30-year, fixed-rate mortgages to determine how much money homebuyers would need to earn in order to afford only the principal and interest payment on a median-priced home in their market. (They did not account for property taxes, insurance, and other expenses — read their methodology here.)
Average home price: $112,800
Monthly mortgage payment: $453.49
Minimum annual salary: $19,435.17
Source: HSH.com. See their full methodology here
Average home price: $128,700
Monthly mortgage payment: $518.63
Minimum annual salary: $22,226.95
Source: HSH.com. See their full methodology here
(Excerpt) Read more at businessinsider.com ...
Yep, the first ad was from some matchmaking service. If it’d been McDonalds or Wendys would you have complained that it only featured “minimum-wage, soul-stealing burger flipper” jobs like the liberals do? One job is just that, one job.
Things are tough up there. The population is dying/moving away.
I visited last spring, the church I was baptized in, the church I attended as a youth, and my high school are all closed.
I’ll always be thankful to Mayor Dennis Kucinich for inspiring me to get the he!! out 30+ yrs ago.
Yeah, right, uh-huh.
You are going to buy a house in Dallas while flipping burgers at McDonald’s or Wendy’s?
Once again, I ask you, give me a break.
You are just digging yourself in deeper.
Well, there are different parts of Cleveland, as there are in most cities. The lakefront properties are nice.
Here are a few for sale now. Click on the photos.
And here’s a cheaper one. I used to live on the next street over when I was in high school.
Or in Bratenahl, the tiny suburb surrounded by Cleveland on three sides. The lake is the fourth side.
http://www.realtor.com/realestateandhomes-detail/17-E-Hanna-Ln_Bratenahl_OH_44108_M35198-11968?row=1
Had a few friends in Bratenahl, but the houses were a bit steep for our family.
There are ALL KINDS of good-paying jobs in the DFW metro area. I’m not with the chamber of commerce and I’m not here to convince you of anything. I provided a link to people on this tread. That’s it.
Crawfish
That means what?
New York City for instance, you could buy a home in Queens, Brooklyn or the Bronx on $66k a year but if you want to live in a leafy NYC suburb like Greenwich, CT; Tarrytown, NY or Ramsey, NJ - think again. You'd be better off moving to San Francisco.
Good heavens! A $344K house in Seattle on a salary of $59K? I’m sorry, but no. I nearly went under buying a $130K condo at that salary. Managed it, but it wasn’t easy. I would gently suggest that their methodology needs to consider other costs, notably taxes, transportation, and other general costs of living such as childcare. Because unless you’re a single individual rattling around in a $344K house, you’ve got other expenses.
Yes, what a joke Detroit has become. They've shown houses on the market for $6. Yes SIX DOLLARS. But nobody will buy them.
Even if you wanted to gentrify the area, by the time you got home to your desolate neighborhood, it would be stripped in nothing flat.
And say hello to your new occupants. The local crack dealer.
Now, lets modify the study and leave out the ghetto and the areas of the metro area that are overrun with illegals, that have destroyed property values. Then, you can tell me what the average price is and how much a person needs.
Actually the 128K they posited would buy one in the older part of my suburb with a great school district. More like a cottage really, but it would do for a family just starting.
I remember when the average home price in marin county was down around 250K..but thats been decades back.
the daily newspaper headline...was for years by and large....the announcement of the average home price...
ATLANTA:
You’d have to earn at least $24,391 to buy an average home.
Average home price: $142,400
Monthly mortgage payment: $569.12
This is a joke, right?
***********************
Recipe for disaster!
Add home insurance, utilities, maintenance, etc., and the buyer will be spending 45-50% of annual gross income! Housing costs should seldom be greater than 20%, IMO.
I remember Dennis’s tenure as mayor.I always thought of MAD magazine when he appeared on tv.
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