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Old 02-27-2008, 02:24 PM
 
10 posts, read 40,417 times
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According to city-data, the average median FAMILY income in the area is 36K, and the rents for 2bd/2ba are 900.00-1300.00 range. I have noticed however, that prices are starting to come down on purchases especially fixer uppers. Both need to come WAY down. These prices are just not realistic given the wages paid in the area. Just an observation. Any and all thoughts appreciated.

Last edited by buffjones; 02-27-2008 at 02:47 PM.. Reason: need bold title/header
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Old 02-27-2008, 02:54 PM
 
Location: Marion, IN
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I live in that area. I know very few people who make anything close to $36K.
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Old 02-27-2008, 03:05 PM
 
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What are they making? This was an average Family income around (2001). Just Curious!
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Old 02-27-2008, 03:37 PM
 
8 posts, read 5,580 times
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Quote:
Originally Posted by Evey View Post
I live in that area. I know very few people who make anything close to $36K.
The median is the median. No offense, but perhaps your circle of friends happens to make more than the median, but that does not change the numbers reported by City Data. Housing in Sarasota is priced way too high. The incomes simply can not support it.
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Old 02-27-2008, 03:40 PM
 
Location: Marion, IN
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Sorry, I meant that people I know make well less than $36K. I do know 2 people who make more, but nobody else makes anywhere near that much.
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Old 02-27-2008, 03:45 PM
 
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According to US Census Bureau Quickfacts, Sarasota County:
Median household income, 2004 $44,023
Persons per household, 2000 2.13

I doubt the stat for persons per household has had a dramatic change.
It wouldn't be far fetched to venture to say that there are two employed persons per household, earning a combined income in the $44,000 range.
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Old 02-27-2008, 03:47 PM
 
8 posts, read 5,580 times
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Quote:
Originally Posted by Evey View Post
Sorry, I meant that people I know make well less than $36K. I do know 2 people who make more, but nobody else makes anywhere near that much.
Okay, now that makes a lot of sense.
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Old 02-27-2008, 03:48 PM
 
8 posts, read 5,580 times
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Quote:
Originally Posted by Carbondated View Post
According to US Census Bureau Quickfacts, Sarasota County:
Median household income, 2004 $44,023
Persons per household, 2000 2.13

I doubt the stat for persons per household has had a dramatic change.
It wouldn't be far fetched to venture to say that there are two employed persons per household, earning a combined income in the $44,000 range.
Good numbers. That shows you where prices need to be in that area. On another thread a realtor was quoted as saying 1500 sq. ft. houses in Sarasota are affordable at $225,000. Wrong, they are still almost $100,000 too high.
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Old 02-27-2008, 04:00 PM
 
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KAP64FL-My thoughts exactly. Your mortgage (and/or rent) should not exceed 25% of income so just do the math. 225K affordable at 44K of income? Or 1300.00/month for rent. Not realistic.
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Old 02-27-2008, 04:28 PM
 
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Sarasota is a resort city, and for as long as I can remember prices have ALWAYS been higher than a lot of other places due to demand for the area, not just the past few "bubble years." It's just the way it is. They may be coming down in price from the boom, but will never be in line with the service worker's income. No resort city is, at least none that I have seen.
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