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Old 09-15-2016, 08:50 AM
 
Location: Downtown Phoenix, AZ
18,927 posts, read 6,877,659 times
Reputation: 5856

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Quote:
Originally Posted by Parhe View Post
But this "metric" is only taking into account the average/median price of homes and nothing else, based on a 30% of income.
To rent in a "managed" complex or get a mortgage, the payment is required to be 33% or less of your monthly income
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Old 09-15-2016, 10:24 AM
 
1,830 posts, read 1,254,694 times
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Quote:
Originally Posted by FirebirdCamaro1220 View Post
To rent in a "managed" complex or get a mortgage, the payment is required to be 33% or less of your monthly income
Interestingly, I think we are both wrong.

"Analysts calculated how much homeowners need to earn each year so that the monthly mortgage payments for the median-priced home — including the principal, interest, taxes and insurance — would take up no more than 28 percent of their monthly gross income."
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Old 09-15-2016, 10:56 AM
 
Location: Denver, CO
760 posts, read 590,159 times
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This can't be right....according to their criteria of salary requirement, I would be able to afford a home of 280-300K, tops. And the average price for a home in Denver is now over 450K.
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Old 09-15-2016, 12:50 PM
 
Location: Downtown Phoenix, AZ
18,927 posts, read 6,877,659 times
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Quote:
Originally Posted by MN_Ski View Post
This can't be right....according to their criteria of salary requirement, I would be able to afford a home of 280-300K, tops. And the average price for a home in Denver is now over 450K.
You're generally not supposed to get a mortgage for more than 3-5x your gross household income
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Old 09-16-2016, 12:54 PM
 
Location: Nebraska
3,255 posts, read 1,634,963 times
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Supposedly, it seems like they figure that people can spend 5.5 times their income on a the price of a house.

There is a huge difference from middle-America to the coasts.

The median household for Los Angeles County is $59,000 and Hennepin County, MN which is where Minneapolis is located is $68,000.

Yet, the income needed for the median house is $92,000 in Los Angeles County and $51,000 in Hennepin County, Minnesota

I know the interest rates are much lower then they were but they seems like alot. Especially, considering that people have taxes, health care costs, care insurance and property taxes.

$72,000 in Denver needed afford $394,000 house seems a bit much.
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