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Old 08-01-2017, 07:54 AM
 
64,710 posts, read 66,206,532 times
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our house we owned in queens in nyc was 16k in 1959. 650k today .

 
Old 08-01-2017, 07:55 AM
 
4,310 posts, read 2,452,293 times
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Quote:
Originally Posted by MLSFan View Post
in the most expensive parts.... you choose the "expensive" parts of the US to make your comparison

why don't you compare house prices from rural oklahoma instead? can't cherry pick data that you don't like?
Because I don't live there. I'm an example of someone with vastly more savings than most struggling in poverty.
 
Old 08-01-2017, 07:56 AM
 
4,310 posts, read 2,452,293 times
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Quote:
Originally Posted by mathjak107 View Post
our house we owned in queens in nyc was 16k in 1959. 650k today .
Run an inflation calculator for that. Bet you it was much cheaper even with inflation baked in.
 
Old 08-01-2017, 07:57 AM
 
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just tracking inflation brought it to about 135k in todays dollars .
but comparisons are hard to do . median incomes were like 5900 or so back then but that was not the case in nyc for home owners . they likely earned way more same as today and homes were likely more too . homeowners as a group in the area our home is in is much higher than median .

so trying to compare income to home prices is a very localized case by case thing
 
Old 08-01-2017, 08:01 AM
 
4,310 posts, read 2,452,293 times
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Quote:
Originally Posted by mathjak107 View Post
just tracking inflation brought it to about 135k in todays dollars .
but comparisons are hard to do . median incomes were like 5900 or so back then but that was not the case in nyc for home owners . they likely earned way more same as today . homeowners as a group in the area our home is in is much higher than median .
Do an inflation calculation for the income. Bet it wasn't much different. Looks like I got you in the ropes: you had it very easy.
 
Old 08-01-2017, 08:03 AM
 
64,710 posts, read 66,206,532 times
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no you don't , because it is a local comparison you would need to do . comparing the price of homes in houston or phoenix and national median incomes to what goes on in our market place in nyc is totally different numbers and ratio's .

all that matters is what your income was and is and most of us have no comparison since we were not homeowners then .

general rule of thumb is housing should run about 2-1/2 times income . whether it applies to your area is another story .

Using the rule of thumb that buyers should expect to spend two and a half times their annual salary on a home purchase, the properties in Manhattan that could be said to be middle class would run between $200,000 and $588,000.

that is very low end .

On the low end, the pickings are slim. The least expensive properties are mostly uptown, in neighborhoods like Yorkville, Washington Heights and Inwood. The most pleasing options in this range, however, are one-bedroom apartments not designed for children or families. so location vs income is very critical to where you live

Last edited by mathjak107; 08-01-2017 at 08:53 AM..
 
Old 08-01-2017, 10:50 AM
 
Location: Shawnee-on-Delaware, PA
3,678 posts, read 3,258,659 times
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Quote:
Originally Posted by tnff View Post
People love it, but it's a really bad saying. A raising tide doesn't make the boats bigger so they all still float at the same relative level. Nothing changed there. Except for the boats with holes in them. And the people stuck with no boat to get on who get drowned. It's a really false analogy to use. Libertarians and "I got mine, the hell with everyone else" love it. Even as a conservative I hate it because it sets up a false expectation and will eventually lead to negative backlash.
It's just an aphorism consisting of 6 words that conveys the general idea that a good economy helps everyone. It's not meant to solve every problem. I mean heck, if you "don't have a boat" or "your boat is full of holes" than obviously you need special assistance.
 
Old 08-01-2017, 11:04 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
4,114 posts, read 3,409,203 times
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Quote:
Originally Posted by Perma Bear View Post
Because I don't live there. I'm an example of someone with vastly more savings than most struggling in poverty.
But you've made many comments about many places you don't live at.
 
Old 08-01-2017, 11:11 AM
 
2,252 posts, read 1,393,549 times
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Quote:
Originally Posted by MLSFan View Post
san jose population was 200,000 in 1960, 1 million today

it isn't the same city as back then, why would things like housing be used as a "standard" then? housing is expected to change as well and it did, it got expensive
It seems sarcasm is lost in you. Seems legit is a popular meme that means you don't think it's a good or reasonable comparison. I agree with you. San Jose is a tech boom city. Looking at prices in the 60s before computers were mainstream is a useless comparison.

Electrical socket says "key cleaner"
Seems legit
 
Old 08-01-2017, 11:23 AM
 
5,445 posts, read 4,404,945 times
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Quote:
Originally Posted by freemkt View Post
Please explain. How does a rising economic tide lift the boats of, say, burger flippers or retired rent serfs living on Social Security?
Yes, even burger flippers benefit from a growing economy. With a growing economy, people have more disposable income which means they generally eat out more. By them eating out more, the restaurants are busier which means more staff and more hours which can mean more managers needed. This provides growth and salary increase all within the single restaurant. Push this further and more restaurants will open up which requires more workers which creates a surplus of jobs which can also increase starting wages due to lack of applicants.
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