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Do you live in Silicon Valley? That might skew your perception a bit. Median income is around $60k, and median house price is $220k. With a couple assumptions t
by evancox100 7y ago
Do you live in Silicon Valley? That might skew your perception a bit. Median income is around $60k, and median house price is $220k. With a couple assumptions that comes out to around 20%
- mikeash 7y agoI do not. 20% is more plausible. The gap between 15% and 20% is high.
- kgwgk 7y agoNote that most people currently paying a mortgage has not bought at current prices. And with the reasonable assumption that high-income households are more likely than low-income households to buy a house in any given year, we can expect the buyer of the median house to have better-than-median income.
- mikeash 7y agoIt makes more sense when you put it like that. The average mortgage holder has a 2019 salary but probably only a 2010 mortgage. (Or whatever bygone year is correct.)