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> Past that, there is a challenge in tossing around $250k and $500k houses as examples of anything. Those numbers are 4x & 8x over what typical-wage households
by rootusrootus 1y ago
> Past that, there is a challenge in tossing around $250k and $500k houses as examples of anything. Those numbers are 4x & 8x over what typical-wage households can afford.
Is that true? A median household (with ~80K income) should be able to swing a 250K mortgage, probably a $325K house with down payment.
- WarOnPrivacy 1y ago> Is that true? A median household (with ~80K income) should be able to swing a 250K mortgage, probably a $325K house with down payment. 80k is 3-4 typical wages. That is, the wages of jobs that are most obtainable make 25k-31k. The folks in those income brackets are 25% of the population (and 35% of minority groups). Housing stats are commonly presented as if they don't exist. However until few administrations, they had a long history of home ownership.