The average household income where I live is ~$80k. Excluding the top 5%, it drops to ~$50k. That’s (on average) two full-time workers per household, each making ~$12/hour. Their annual (pre-tax) income would be about $480 per week, or ~$2080 per month each. After taxes, that would be closer to $1450. So likely around $3000 for the household’s monthly budget.
The cheapest homes near me start at $300k. A 30 year mortgage with a 6.5% interest rate and 10% down payment would be almost $2100 per month. That’s assuming they’re able to save the 10% in the first place, and get approved for the loan. It also leaves them with only ~$900 for the entire monthly budget. That’s food, utilities, car payment(s), insurance, childcare, etc…
Yeah I mean I guess I’m biased, pgh housing market hasn’t really be affected and there aren’t massive new housing plans like there are in the west. Here you can buy a house with good bones that needs cosmetic remodeling for 60,000
The average household income where I live is ~$80k. Excluding the top 5%, it drops to ~$50k. That’s (on average) two full-time workers per household, each making ~$12/hour. Their annual (pre-tax) income would be about $480 per week, or ~$2080 per month each. After taxes, that would be closer to $1450. So likely around $3000 for the household’s monthly budget.
The cheapest homes near me start at $300k. A 30 year mortgage with a 6.5% interest rate and 10% down payment would be almost $2100 per month. That’s assuming they’re able to save the 10% in the first place, and get approved for the loan. It also leaves them with only ~$900 for the entire monthly budget. That’s food, utilities, car payment(s), insurance, childcare, etc…
Yeah I mean I guess I’m biased, pgh housing market hasn’t really be affected and there aren’t massive new housing plans like there are in the west. Here you can buy a house with good bones that needs cosmetic remodeling for 60,000