DC Metro - Income vs Home price compared to other regions

[chariega]

Journalism isn't viable and doesn't pay anymore because anyone and everyone with an internet connection and a blog/Instagram/twitter account thinks they are a journalist these days. The "news outlets" aren't hiring, they're outsourcing to bloggers or policy analysts and paying per article.

[TyBrGr]

Originally Posted by DistrictSonic

True, but most are laying off people. Many are leaving the profession.

The journalism industry is changing, not dying. Our typical newspapers & magazines that you pay for on a weekly/monthly basis are dying. But the websites that offer that same information for free are growing rapidly. Those free websites don't write themselves, they use journalists too. Also, USA Today has the largest circulation in the US & is based in the DC region, it is basically too big to fail, so it will be fine

[KStreetQB]

Professional publications, behind a hefty pay wall, are also hiring in DC. PoliticoPro, for example, has hired a ton of writers in DC the past two years.

Free media is so utterly unaccountable and inaccurate these days that people who need information, instead of entertainment, are having to shell out the dollars for these services. It has become a requirement in my industry anyway, whereas it was a luxury 10 years ago.

[KStreetQB]

Here's a comparison of the salary you must earn in 27 metro areas to purchase a home. We are definitely up there; not quite the highest in this analysis though.

The salary you must earn to buy a home in 27 metros

[paytonc]

Originally Posted by pragmatic12

So if you look at the home price to income ratio, it is much higher than for other metros in the south.
Given the above information, the difference in income doesn't makes up for the huge difference in home prices.

YMMV, but overall, "middle-class" incomes here are sufficient to offset the higher housing costs. Note that on this map, we're in the middle of the pack -- not bright red, like almost every other large city. Nor are most Southern metros much more affordable to the middle class:
Where Is Homeownership Within Reach of the Middle Class and Millennials? - Trulia TrendsTrulia Trends

[chariega]

Originally Posted by paytonc

YMMV, but overall, "middle-class" incomes here are sufficient to offset the higher housing costs. Note that on this map, we're in the middle of the pack -- not bright red, like almost every other large city. Nor are most Southern metros much more affordable to the middle class:
Where Is Homeownership Within Reach of the Middle Class and Millennials? - Trulia TrendsTrulia Trends

I guess it depends on what you qualify as middle class income. Take for instance, someone making 80k will still have to house share unless he wants to spend half his income to find just a one bedroom in the District.

From a buying perspective, looking at KStreetQB's link, you'll need 77K just to afford the median home price of 372K here--and we all know that's not buying you anything bigger than a 2bdr (if you're lucky) condo in the District.

If OP has a stable career not linked to the DC market, and job opportunities elsewhere, it doesn't make sense to spend so much on housing unless he's adamant about living in higher COL place.