I just realized this thread is from 2007.
Hopefully someone else will find the info useful.
Quote:
Originally Posted by Mikis
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?
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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:
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To elaborate, How is the overall cost of living?
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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:
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Could a couple making $45K, $60K, $75K live comfortably???
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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
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