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Inventory is down for all homes in the Raleigh area, but substantially down for starter homes and trade-up homes, leading to increased financial strain for house hunters, according to a report from Trulia. Ralph McLaughlin, Trulia’s chief economist, said Raleigh house buyers will feel the financial strain as starter and trade-up home buyers will need to spend 1.4 and 1.2 percent more of their income, respectively, to buy a home compared to this time last year. For premium homes, buyers only need to spend 0.6 percent more of their income...
Inventory is down for all homes in the Raleigh area, but substantially down for starter homes and trade-up homes, leading to increased financial strain for house hunters, according to a report from Trulia. Ralph McLaughlin, Trulia’s chief economist, said Raleigh house buyers will feel the financial strain as starter and trade-up home buyers will need to spend 1.4 and 1.2 percent more of their income, respectively, to buy a home compared to this time last year. For premium homes, buyers only need to spend 0.6 percent more of their income...
did you by chance read the entire article/reprint of Trulia's article?
To buy a starter home in Raleigh, buyers will have to spend 27.3 percent, 19.1 percent for a trade-up home and 9.9 percent of their income for a premium home, the report says.
In the second quarter of 2016, the median starter homes price was $124,967; $225,000 for trade-up homes; and $448,300 for premium homes. Nationally, these numbers are $157,072; $275,262; and $585,334, respectively.
Nationally, startup home buyers will need to spend 37.5 percent of their income, trade-up homes 25 percent and 13.7 percent for premium homes in the second quarter of 2016.
So, in "Raleigh" (the MSA) the % of income needed is typically 25-30% less here than nationally. Similarly, the price of the homes is also 25-30% lower.
Now maybe we'll all understand why all the Long Islanders bemoan the inability to actually buy a home, and what they get when they can.
that was the wrong stat to emphasize... You should know that's a joke. makes me question the entire article now.
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