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So they made today's equivalent of about $98k and bought a house for $196k. Did he buy the house the same year? Outside of major areas like NYC, SF and LA, a p
by thekevan 9y ago
So they made today's equivalent of about $98k and bought a house for $196k. Did he buy the house the same year?
Outside of major areas like NYC, SF and LA, a professional starting at $45k and buying a starter house for $100k is doable.
Your example is anecdotal, here's mine. I know several people who were making $40-50k in professional like sales or engineering after just a few years of college and bought wonderful little starter houses in the $60 - $100k range. This is Rochester NY which has a cost of living score of about 82 out of 100 in the US. (LA is a 166, Austin, 117, Philly, 99, Chicago, 110.)
- antisthenes 9y agoA starter house in the Northeast now costs about $350k, while salaries have stagnated.
- germinalphrase 9y agoAre those relatively recent numbers? 60-100k seems quite low based my experience with the urban Midwest (Madison, Minneapolis) - probably 50% what I'd expect to see. Maybe out in rural areas, but then you have more limited professional class jobs (sales/engineering).