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re: The average US house now requires a salary of $106k-a-year - $50k more than in 2020
Posted on 3/5/24 at 9:44 am to LNCHBOX
Posted on 3/5/24 at 9:44 am to LNCHBOX
quote:
I'd be terrified trying to buy a house today on $106k household income.
I'm about there on salary and am currently a renter. I have had a hard time pulling the trigger on buying at this income level, even a condo.
0
Posted on 3/5/24 at 9:46 am to stout
quote:
A single wide used to be a great alternative someone could get into under $30K
My wife and I were looking at double wides before we bought in 2006. $46K for a new 4bd/2ba. We already had the land. Ended up finding a home close to her parents in our price range so we went with that instead. Double wides are well over $100K now.
Posted on 3/5/24 at 9:47 am to Odysseus32
quote:
My opinion, just based on knowing the share of folks I do who are in their late 60s - early 80s, is that they will burn all of the money they have left kicking and screaming before downsizing homes.
If your house is paid off or you are locked in at a sub 3% interest rate, why would you downsize and pay more money?
I don’t see the inventory problem improving. People are not walking away from equity and low interest rates to pay more money for less house. There will always be some movement, but you’d be stupid to change now.
Posted on 3/5/24 at 9:49 am to Thecoz
quote:
Yup I am the guy reminding you youngsters America had interest rates held way to low for way to long for politicians to buy votes …
It's more complicated than that. The major reason that they were so low is that the Boomers, our largest generation ever, were in their highest earning and lowest consuming years pre-retirement. The delta between their salaries and expenses was flooded into the market, creating a glut of capital looking for ANY investment that would provide some yield. Now that over half of the Boomers are retired, that capital has been taken out of the market and put into cash, money markets, and T-Bills, thus reducing the amount of capital available to lend. Lower capital volume + high demand = higher interest rates. Granted, government spending didn't help, but this is mostly a natural economic phenomenon.
Posted on 3/5/24 at 10:01 am to cheobode
$99,500
$16K down from listing
950 square feet
9950 Stephen Richards Memorial Dr, Juneau, AK 99801
Property type
Mfd/Mobile
HOA fees
$580/mo
Price per sqftP
$105 q ft
Year built 1970
In the local ghetto, lot rent is almost $600, price close to `100k for a 50 year old trailer.
This post was edited on 3/5/24 at 10:02 am
Posted on 3/5/24 at 10:02 am to Chicken
quote:
Buyers must make $106,000 to be able to comfortably afford a property, according to data from Zillow - which looked at the 50 biggest metro areas across the US.
quote:
What is the median home value?
Follow-up question would then be, what's the median home value across the US when you exclude the 50 biggest metro areas.
Posted on 3/5/24 at 10:03 am to Odysseus32
quote:
My opinion, just based on knowing the share of folks I do who are in their late 60s - early 80s, is that they will burn all of the money they have left kicking and screaming before downsizing homes.
Yup. Burn, blow, etc. Just look at that show hoarders. How does one accumulate that much is beyond me.
Posted on 3/5/24 at 10:04 am to 50_Tiger
quote:
LOL isnt the household median income 60 something K?
The country is fricked regardless, but you cannot really compare median income to average house prices in the 50 biggest metro areas in the US.
Posted on 3/5/24 at 10:04 am to stout
This is the fault of both policial parties. BOTH PARTIES. If you are only blaming Bush/Trump or Obama/Biden then you are a brainwashed idiot.
There is no solution that won't be VERY painful. That day is coming.
One a personal level, you need to work your arse off, get as close to zero debt as possible and own where you live outright. Can't afford to pay off where you live? Downsize.
Debt is a prison and when the correction comes it will sink you.
There is no solution that won't be VERY painful. That day is coming.
One a personal level, you need to work your arse off, get as close to zero debt as possible and own where you live outright. Can't afford to pay off where you live? Downsize.
Debt is a prison and when the correction comes it will sink you.
Posted on 3/5/24 at 10:06 am to Weekend Warrior79
quote:most people live in the 50 biggest metro areas
but you cannot really compare median income to average house prices in the 50 biggest metro areas in the US.
Posted on 3/5/24 at 10:06 am to stout
Posted on 3/5/24 at 10:11 am to jclem11
quote:
Boomers being selfish and overconsuming housing? I'm shocked.
And yet here we are again left with two Boomers again running. They're not going to be around for the mess they're leaving.
Posted on 3/5/24 at 10:13 am to stout
quote:Is that including property tax, insurance, etc. or just the straight up P&I?
Looking at the average home across the US, the monthly mortgage payment has nearly doubled since 2020 - up a huge 96.4 percent to an average of $2,188, assuming a 10 percent down payment.
Posted on 3/5/24 at 10:15 am to Weekend Warrior79
quote:
what's the median home value across the US when you exclude the 50 biggest metro areas.
what's the median income level across the US when you exclude the 50 biggest metro areas?
Posted on 3/5/24 at 10:16 am to Bayou_Tiger_225
quote:
ust the straight up P&I
Posted on 3/5/24 at 10:17 am to stout
I believe it - the wife and I got in last year for our 1st home and was comfortable, but after the 1st year - notes went up almost 500 bucks and now it is super tight.
Posted on 3/5/24 at 10:17 am to stout
quote:
including many younger Americans who are living with their parents in order to save up for a down payment.
False
Posted on 3/5/24 at 10:18 am to LNCHBOX
quote:
I'd be terrified trying to buy a house today on $106k household income.
This. I'm surprised it's not way more.
Posted on 3/5/24 at 10:19 am to BluegrassBelle
Yea I bought my starter home with the intention of being here 5-6 years…it’s looking like I’ll be here longer than that. I’m just grateful I bought a home that I could comfortably afford then so I’m not house poor now.
Posted on 3/5/24 at 10:20 am to elprez00
quote:
I don’t see the inventory problem improving.
Investment properties are a major issue in the housing market. I think that segment continues to rise.
Those at the bottom of the market, young people trying to make a home are screwed.
This post was edited on 3/5/24 at 10:24 am
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