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re: Latest Updates: Russia-Ukraine Conflict
Posted on 5/2/24 at 8:29 am to CitizenK
Posted on 5/2/24 at 8:29 am to CitizenK
Housing costs to income ratio is at record highs
And build quality is lower.
Housing to income ratio is apples to oranges?
Real median household income per the census:
1985: 56k
2022: 74k
Mortgage on an average home at the rates in that year:
Rates are higher now than they were in 2022, but we will go with what we have from the census for the comparison
1985: $531 per month
2022: $1869 per month
13% rate in '85 (I actually rounded up)
5% rate in '22 (rounded down here)
So a mortgage costs 3.5x and median household income went up .5x
quote:
Housing today has fancier and more costly appliances too.
And build quality is lower.
quote:
Apples to oranges once again
Housing to income ratio is apples to oranges?
Real median household income per the census:
1985: 56k
2022: 74k
Mortgage on an average home at the rates in that year:
Rates are higher now than they were in 2022, but we will go with what we have from the census for the comparison
1985: $531 per month
2022: $1869 per month
13% rate in '85 (I actually rounded up)
5% rate in '22 (rounded down here)
So a mortgage costs 3.5x and median household income went up .5x
0
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