Try it here, you have to make over $200k a year.
Edit: and be confident you’ll continue to make that much money
…for 30 years
Is it more expensive or less when the neighborhood has a giant sticky note looming over it?
Yeah I don’t know why it’s relevant in this picture but the giant liminal cube in the background really grabbed me, the more I look at it the more I want to give my soul to Zorg, destroyer of worlds.
right. yeah. we know. and how many Americans have a 6-digit salary? It’s not “more than half”.
The median US salary is ~$62K.
also the average is going to lean cheap rural. cities are all going to be above this and major cities majorly more.
It would be nice to be able to review their methodology. Averages are often pointless metrics. They don’t even hint at how they arrived at ‘typical.’
Edit: My bad. They define typical as $418,489.
“Afford” = go into debt for 30 years.
And who doesn’t feel at ease predicting stable employment for several decades for themselves? After all in a world of “at will” employment and executives that need to hit their numbers for that quarterly stock grant, barely any unions, deliberately anemic unemployment insurance benefits, who wouldn’t jump at the chance?
The house will appreciate more than the mortgage interest. It’s debt, but not bad debt.
That only matters if you ever plan on selling your home. Not everyone buys houses as a financial investment.
Do keep in mind how household income varies over time, a huge majority of the top third are going to be older couples with long established careers and empty nesters. You know, people who already have houses.
looks at pay statement
looks at $117,000 needed to “afford” a house
looks back at pay statement and realizes the income works out to very close to 10 times LESS
😐
I knew I was poor, but damn dude.
10X!!! thats like $5/hr full time. Thats illegal everywhere I know of.
There’s also take home pay after taxes and expenses vs gross.
Gross income (before taxes) for US federal minimum wage is $15,080 for full-time. So, close to 10x less.
my mistake. my states is like twice that and the region I am around near the city is higher. Did not realize the federal was still so low.
Federal minimum wage was last raised to $7.25 per hour effective July 24, 2009.
It’s a good thing that was definitely a livable wage in 2009 and that there hasn’t been any inflation since then.
