3 ms·
Housing is a good equalizer. The average detached home in Toronto is 1.2 million dollars. The middle class should be able to afford a home, I think. Therefore,
by tostitos1979 10y ago
Housing is a good equalizer. The average detached home in Toronto is 1.2 million dollars. The middle class should be able to afford a home, I think. Therefore, the parent is correct in his/her observation. The inflation numbers we have are grossly inaccurate. If we take the price of housing into account as we adjust incomes, the cut off for the middle class is probably 250-300K.
- pasquinelli 10y agoi disagree that the middle class should be able to afford to buy a home, necessarily. that's completely dependent on the housing market in their area. is there a crisis of homeless middle class people? if not, then they aren't being priced out of a place to live, but out of owning a house. i've never considered the middle class as excluding renters.
- tostitos1979 10y agoIMHO, we're in exceptional times. Taxes are generally based on income but property rents are a function of property prices. I've had a bunch of Uber drivers claim they are struggling to make ends meet in the Bay area - yet they have houses worth over a million bucks. Income-wise, these people are blue-color workers but have insane assets simply because they were in the right place at the right time (good for them!). Meanwhile, I know physicians moving out of places like the Bay and NYC because they cannot afford the rent. Things are messed up and no one at the helm seems to care.