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when wages go up , inflation goes up , rates go up , the economy is doing better , and we have increased prosperity. that brings higher asset prices and round and round in a circle we go.
when wages go up , inflation goes up , rates go up , the economy is doing better , and we have increased prosperity. that brings higher asset prices and round and round in a circle we go.
You need to loan out money to get the price of houses up. If wages go up faster than debt then wages stay ahead of housing.
When wages go up, people just bid up the price of housing.
Part of the increased pay goes to housing, but part of it also goes to other things, such as food, healthcare, clothing, transportation, savings, and entertainment, to name a few.
Im still trying to figure out how you can join the middle class on $48,603 a year in Oxnard Ca.
I ran the numbers and it turns out that on that income someone would be able to afford maybe a $175,000 home. In Oxnard all you would need to do is weight for home prices to drop to that level. Our little working class neighborhood sells in the $400,000 + range.
You could rent a place though. I just checked and a 1 bedroom apartment in the same complex I used to live in will set you back $1,300 a month for a 1 bedroom. You will need to make 3X the rent to get into one of those so you would need an income of $3,900 a month. Oh wait, that is about what you would have with the $48,603 a year income. If you want to call that middle class feel free. I would never call that middle class though.
I know what I want out of life. I know what it cost to get to that level. I know plenty of people making $150,000 and up that live in Oxnard. Take your average couple, both making $70,000 or $80,000 a year. Together they are at the range. I know RN's that are married, That income combined is hitting close to $200,000 a year if not over. If those numbers blow you away then you may want to look at the real cost to live in an area.
??? ??? ??? In what universe? Rents in Portland are up 40%.
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