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  1. #1 In Nearly 70% Of US Counties, The Average Worker Canít Afford To Buy A Home 
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    It's not just California...

    In Nearly 70% Of US Counties, The Average Worker Canít Afford To Buy A Home
    http://www.shtfplan.com/headline-new...-home_03302018

    Housing, as weíve pointed out in the past, is perhaps the most reliable bellwether of widening economic inequality in the US. And in its latest quarterly report on housing affordability in the US, ATTOM discovered that median-priced homes arenít affordable to average wage earners in an astounding 68% of US housing markets.

    In its report, the company calculated affordability by incorporating the amount of income needed to make monthly home payments Ė including mortgage payments, property tax payments and insurance Ė on a median-priced home, assuming a 3% down payment and a 28% maximum ďfront-endĒ debt-to-income ratio.

    That required income was then compared with the median home price.

    The 304 counties where a median-priced home in the first quarter was not affordable for average wage earners included Los Angeles County, California; Maricopa County (Phoenix), Arizona; San Diego County, California; Orange County, California; and Miami-Dade County, Florida. Meanwhile, the 142 counties (32 percent of the 446 counties analyzed in the report) where a median-priced home in the first quarter was still affordable for average wage earners included Cook County (Chicago), Illinois; Harris County (Houston), Texas; Dallas County, Texas; Wayne County (Detroit), Michigan; and Philadelphia County, Pennsylvania....
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  2. #2  
    PORCUS STAPHUS ADMIN Rockntractor's Avatar
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    It isn't so much the price of the house anymore, it's the cost of property tax and insurance they can easily double the payment.
    Woe to those who call evil good, and good evil;
    Who substitute darkness for light and light for darkness;
    Who substitute bitter for sweet and sweet for bitter!
    21 Woe to those who are wise in their own eyes
    And clever in their own sight! Isaiah 5:20-21 NASB

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  3. #3  
    Ancient Fire Breather Retread's Avatar
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    Quote Originally Posted by Rockntractor View Post
    It isn't so much the price of the house anymore, it's the cost of property tax and insurance they can easily double the payment.
    In many cases itís the land itself. A $1mill home in Arlington co. VA shows the building worth less than half that and there is less than 7000 sqft of land.

    https://propertysearch.arlingtonva.u...nts?lrsn=19566

    Or this one just down the street, same lot size, same land value - $515,000 but home is just at $160,000

    https://propertysearch.arlingtonva.u...nts?lrsn=19560
    It's not how old you are, it's how you got here.
    It's been a long road and not all of it was paved.
    A man is but a product of his thoughts. What he thinks, he becomes. Gandhi
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  4. #4  
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    Quote Originally Posted by Retread View Post
    In many cases itís the land itself. A $1mill home in Arlington co. VA shows the building worth less than half that and there is less than 7000 sqft of land.

    https://propertysearch.arlingtonva.u...nts?lrsn=19566

    Or this one just down the street, same lot size, same land value - $515,000 but home is just at $160,000

    https://propertysearch.arlingtonva.u...nts?lrsn=19560
    That's exactly how it is in Southern California. The cost of the land the house is on is most of the price.
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