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Greensboro, Winston-Salem, High Point The Triad Area
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Old 03-19-2007, 10:59 PM
 
22 posts, read 779,800 times
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I know this is a vague question, but........

How much money do you think a husband and wife (no kids) need to make in order to own a decent single family home in Greensboro?

To elaborate, How is the overall cost of living? Could a couple making $45K, $60K, $75K live comfortably???

Thanks
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Old 01-15-2013, 12:26 PM
 
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about40.000
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Old 01-15-2013, 01:15 PM
 
Location: Salisbury,NC
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Comfortable- Eat out 1 a week, go to some form entertainment, shop, purchase vehicle every few years, own home and have friends over. I would say around $50,000. As long as morg. is for $100,000 or so.
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Old 01-15-2013, 02:39 PM
 
Location: The Triad (NC)
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I just realized this thread is from 2007.
Hopefully someone else will find the info useful.
Quote:
Originally Posted by Mikis View Post
How much money do you think a husband and wife (no kids) need to make
in order to own a decent single family home in Greensboro?
A gross income of no less than 1/3 of the cost of the house they have.

If they have an expectation to have kids and reduce their combined income for X years...
then use that lower number for the calculations.

According to the US census... link here
Median value of owner-occupied housing units, 2007-2011 in Greensboro is $147,800
Median household income, 2007-2011 in Greensboro is $41,973

Using the traditional 2:1, 2.5:1 or even 3:1 ratios... that's out of whack.
(Median income is low in most of NC)

Quote:
To elaborate, How is the overall cost of living?
The mixed average of costs in nearly every US city will be about the same except for real estate.

Compare places you know reasonably well and look over the categories:
Cost of Living comparison calculator

Quote:
Could a couple making $45K, $60K, $75K live comfortably???
Setting aside the way that word "comfortable" is being defined...
they certainly should be able to at $60k or $75k (so long as it's just them).

otoh... it's been reported that $50,000 is about the minimum needed to for self sufficiency
Link to article here

Start with how much rent that income can reasonably afford:
HousingConnections

Then do the mortgage calculations:
Affordable Home Calculator from CNNMoney

Last edited by MrRational; 01-15-2013 at 03:05 PM..
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