4 ms·
https://www.longtermtrends.net/home-price-median-annual-income-ratio/ https://www.longtermtrends.net/home-price-median-annual-inco... where are you gonna put y
by realce 4y ago
https://www.longtermtrends.net/home-price-median-annual-income-ratio/ https://www.longtermtrends.net/home-price-median-annual-inco...
where are you gonna put your kids?
You see a long line of stability there, allowing you to store your children at home, since space in homes are affordable against the avg income. However, now space in homes is no longer affordable, and you must store these children in a premium warehouse (daycare) because you must work more to afford the same space at home and you cannot supervise them for as many hours as before.
As another outcome, this means that communities fall apart since less people own less space and also spend less time at the homes they can afford. Do you want your kids playing in a neighborhood full of families with 30 year mortgages, or ones full of renters who move every year because the rental market changed the makeup of who could afford housing in your neighborhood?
that's "what" about the economy.
- anon291 4y agoIf one parent stays home (or only works part time), then you don't need to pay for daycare, and there's lots of cheap homes. The median male salary for 25-35 year old men is 50k. That means you can afford a house up to 200-225k depending on interest rate. Looking in my own HCOL city of Portland, there are many apartments and condos going for that price, which would be perfectly adequate for one or two children. If you're willing to drive out to the burbs, there's plenty of options. Elizabeth Warren's the two income trap goes into the reasons of why two working spouses is significantly more expensive than one working spouse. I have never understood why this isn't obvious to everyone. Also, communities started falling apart well before the cost of living. > do you want your kids playing in a neighborhood full of families with 30 year mortgages, or ones full of renters who move every year because the rental market changed the makeup of who could afford housing in your neighborhood? I am indifferent realistically. Having done both, both are fine. Part of the problem with my own generation is that we're the 'instagram' generation. Everything has to be pinterest perfect before anyone's willing to do anything. Sad.
- realce 4y ago50000 in Portland OR 38,452 after income taxes -- https://smartasset.com/taxes/income-taxes#lKNhcjybn7 https://smartasset.com/taxes/income-taxes#lKNhcjybn7 1108/mo -- 225k home @ 6.25% w/ 50k down - https://www.mortgagecalculatorplus.com/ https://www.mortgagecalculatorplus.com/ 722/mo -- Avg monthly cost of groceries for 3 -- https://mint.intuit.com/blog/food-budgets/monthly-grocery-budget-calculator/ https://mint.intuit.com/blog/food-budgets/monthly-grocery-bu... so (39000-(1108 * 12)-(722 * 12))/12 == $1420 a MONTH for your family of 3 to live on, not counting gas, any house bills whatsoever, or any other expense at all. How does this family get around? They have 1 car that someone takes to work leaving the child/parent without transportation during the day? Can this family even afford one single automobile to drive to work? That's not an "instagram" life - it's not even a functional life. It's inescapable and generationally-indebting poverty.
- bell-cot 4y ago+1...but modern medical costs need to be specifically called out, too.
- spacemadness 4y agoI don’t think they care about the numbers. They just want to push the narrative it’s a generational issue due to crumbling morals and supposed perfectionism driven by social media.
- anon291 4y agoI don't understand. 1420 / month after food is enough to live on. It's enough for two used car payments of 20k / each, plus 200/month for gas, plus cell phone and internet bills and water/power bills. Medical bills? Yes, I agree that is singularly problematic.