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I don't care if it's apples to apples, if it's unaffordable it's unaffordable.
It also depends on where you live and your COL. I'm in the Chicago burbs and make around $60k/year. You can buy a condo in the burbs for around $150-160k, a small house for $250 and a large 3k sq foot for around $400-500k.
It's not your salary and your local prices that are the problem. The problem is the median income and the median prices. But that isn't a very good indicator because what percentage of buyers purchase new construction?
Goes right back to an earlier thread about starting out today compared to starting out two or three decades ago. Completely different economy and thus completely different expected outcomes.
I'm not throwing any logic out the window. Either the rate of home ownership will go way down, or people will be buying houses they can't afford and getting foreclosed on.
10X income is way out of line - even if it's personal as opposed to HH.
I'm not throwing any logic out the window. Either the rate of home ownership will go way down, or people will be buying houses they can't afford and getting foreclosed on.
10X income is way out of line - even if it's personal as opposed to HH.
It certainly shows that it isn't a nuclear problem
im not exactly sure what level of problem it is but those are very specific markets with specific real estate situations. i guess if you simply want to say "there are places where the ratio is much higher and they are doing ok" then fine but thats not really saying very much and leaves out a lot of important detail.
im not exactly sure what level of problem it is but those are very specific markets with specific real estate situations. i guess if you simply want to say "there are places where the ratio is much higher and they are doing ok" then fine but thats not really saying very much and leaves out a lot of important detail.
They are specific examples and that's why they were brought up in the discussion
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