Author Topic: The salary you need to afford a home in these 25 cities  (Read 777 times)

Mackin USA

  • Inner Core
  • Hero Member
  • *
  • Posts: 2072
  • Affiliate Manager :-)
    • View Profile
The salary you need to afford a home in these 25 cities
« on: August 17, 2017, 07:35:40 PM »
Buyers in the San Francisco area need to make the most money nearly $148,000 to afford the median-priced home in their area. Interestingly, residents of the New York area need to make considerably less (roughly $86,700) than those in the San Francisco and San Diego areas ($103,000).

https://secure.marketwatch.com/story/the-salary-you-need-to-afford-a-home-in-these-25-cities-2016-03-03
Mr. Mackin
MikeMackin@affiliatemanager.com

DrCool

  • Global Moderator
  • Sr. Member
  • *****
  • Posts: 482
  • I know you all want to know what I think
    • AOL Instant Messenger - drcool1973
    • View Profile
    • What Does Joe Think
    • Email
Re: The salary you need to afford a home in these 25 cities
« Reply #1 on: August 17, 2017, 08:14:53 PM »
If you add the caveat of living in a decent neighborhood I would guess many of those prices would double.

littleman

  • Administrator
  • Hero Member
  • *****
  • Posts: 3782
    • View Profile
Re: The salary you need to afford a home in these 25 cities
« Reply #2 on: August 17, 2017, 08:28:45 PM »
Yeah, you guys would be shocked at what little $2 million will buy you on the West side of the Bay Area, probably the equivalent of a $60k home in Cleveland.

DrCool

  • Global Moderator
  • Sr. Member
  • *****
  • Posts: 482
  • I know you all want to know what I think
    • AOL Instant Messenger - drcool1973
    • View Profile
    • What Does Joe Think
    • Email
Re: The salary you need to afford a home in these 25 cities
« Reply #3 on: August 18, 2017, 01:07:04 AM »
Yeah, you guys would be shocked at what little $2 million will buy you on the West side of the Bay Area, probably the equivalent of a $60k home in Cleveland.

When they moved our paid search team from Jacksonville to SF 4 of the guys who all lived on their own here had to move in together in a 2 bedroom to afford a place to live.

ergophobe

  • Inner Core
  • Hero Member
  • *
  • Posts: 3936
    • View Profile
Re: The salary you need to afford a home in these 25 cities
« Reply #4 on: August 18, 2017, 06:27:37 PM »
Interesting article recently on how the cost of living in the priciest areas is driving *regional* income inequality, making average incomes in some states much lower than others.

Until about 1980, the pattern was that low-skill workers moved from areas of low cost and low wages to places of higher wages and higher cost. That worked, because the higher wages more than offset the costs.

That is still true for a lawyer or a computer engineer, but it is not true for low-skill workers, for whom the wages in the pricey places have not kept pace. So the pattern that held for 100 years is now reversed - low-skill workers are moving to lower-wage regions

https://www.vox.com/policy-and-politics/2017/8/18/16162234/regional-inequality-cause

And then there's this: a worker who makes 81,000/year who moves to Stockton and endures a 3-hour commute to San Francisco because housing is cheaper
https://www.nytimes.com/2017/08/17/business/economy/san-francisco-commute.html

rcjordan

  • I'm consulting the authorities on the subject
  • Global Moderator
  • Hero Member
  • *****
  • Posts: 6744
  • Debbie says...
    • View Profile
Re: The salary you need to afford a home in these 25 cities
« Reply #5 on: August 18, 2017, 08:56:27 PM »
When I was a kid, plenty of NYC salarymen commuted 3hrs one-way from CT.  I thought they were nuts, even back then.

Mackin USA

  • Inner Core
  • Hero Member
  • *
  • Posts: 2072
  • Affiliate Manager :-)
    • View Profile
Re: The salary you need to afford a home in these 25 cities
« Reply #6 on: August 19, 2017, 12:29:27 PM »
In the MID 70's I had a friend > head of real estate for JC Penny in NYC.

He lived in CT and got to the office after 10AM and left at 10PM each day

#CRAZY
Mr. Mackin
MikeMackin@affiliatemanager.com