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Old 04-10-2018, 12:58 PM
 
Location: Oregon, formerly Texas
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How Much You Need to Make to Afford a Home in Each State | Mental Floss

I'm somewhat surprised by the orange states... ie: everyone says Texas is so affordable, but according to this it's higher than average.



The most affordable state is West Virginia, but I suspect that there aren't many good jobs there.
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Old 04-10-2018, 01:54 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
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It's a matter of perspective. Texas is very affordable if you are in California, Washington, Oregon, Nevada ...

These maps are very misleading, because within any state there is a huge range of home prices. Here for example, our house in Sammamish is currently valued at about $800,000, while the same house if in Yakima would be about $200,000, and in Omak, $143,000. Put it in Medina, and the price goes up to $2.7 million.
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Old 04-10-2018, 02:20 PM
 
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the map is a joke . i think they based it on ghetto's in some states .
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Old 04-10-2018, 02:41 PM
 
Location: Oregon, formerly Texas
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I think they just did a simple average of home prices. Every state is going to have ghettos with property worth practically nothing.
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Old 04-10-2018, 03:18 PM
 
Location: Lower East Side, NYC
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Doing anything state based is bs most of the time, there's too much variance. Seneca, NY is a helluva lot cheaper than NYC. Peoria to Chicago. Sacramento to San Jose. Also, no one I know says Texas is affordable, they just say it's cheaper than (based where I'm from) Chicago, NYC, Boston, etc.

I'd also question the math on affordability. Buy a house for 5x your income? Stop selling yourself to corporate America. No one thinks about retirement anymore and no one should put that kind of financial burden on themselves.
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Old 04-10-2018, 04:04 PM
 
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Quote:
Originally Posted by Javawood View Post
Buy a house for 5x your income? Stop selling yourself to corporate America
While I get your point on affordability, I don't see how that translates to selling yourself to corporate America, or even why doing so is necessarily a bad thing from a personal finance perspective.

If one doesn't buy a home and spends their money on something else, it's still going mostly to corporations. If one saves for retirement and uses the money while living in Del Boca Vista they are still spending money that goes to corporations. Corporations drive the US economy, if someone is is happy exchanging their money for goods/services from them then more power to 'em.
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Old 04-10-2018, 04:47 PM
 
Location: Cebu, Philippines
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Interpreting the title question literally, the answer is "50 times as much as owning a home in one state".

The fallacy of the thing, is, ,that it does not show how much you would need to earn to "own a home", but now much to own the average home. A person earning a small fraction of that can find a perfectly liveable home in many (but not all) states. In some places like rural South Dakota, you can find a nice little house on a pleasant street for the price of a decent used car.

Last edited by cebuan; 04-10-2018 at 04:58 PM..
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Old 04-10-2018, 07:49 PM
 
Location: Saint John, IN
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Quote:
Originally Posted by mathjak107 View Post
the map is a joke . i think they based it on ghetto's in some states .


I was thinking the same thing! This map HAS to be way wrong! Texas and Arizona higher than Illinois? LOL!!!
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Old 04-10-2018, 07:57 PM
 
Location: Floribama
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Quote:
Originally Posted by CGab View Post
I was thinking the same thing! Illinois has to be wrong!! And Texas and Arizona higher than Illinois? LOL!!!
Well, it say’s “a home”, not “a 4k sqft 5/3 home with granite countertops and marble floors”.
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Old 04-10-2018, 08:04 PM
 
Location: Saint John, IN
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Quote:
Originally Posted by southernnaturelover View Post
Well, it say’s “a home”, not “a 4k sqft 5/3 home with granite countertops and marble floors”.


Well I suppose it could also be a shack with property taxes at $10k too. I lived in Illinois for 40yrs and I'm still in the Chicagoland area. I understand it's based on overages, but I can't see getting approved for much at the income it states with the property taxes being so high. Whereas a state like Arizona or Texas where the property taxes are lower makes a HUGE difference.
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