Assumes home prices for each county from Zillow ZHVI compared to the county’s median HH income from Census Bureau. Loan assumptions: 30-year fixed mortgage, 5% down, 6.831% rate (Optimal Blue Mortgage Market Indices for 700-719 score, <20% down, 60-day avg), state property tax rates via ATTOM, 0.35% homeowners insurance, 0.78%, PMI rate per MGIC, No HOA; median HH income, population from U.S. Census Bureau. Tool: Excel.
Huh. I remember a tesla-driving democrat claim that the economy is doing all fine because the stock is at an all time high. Funny.
If only we had that 14% off coupon Harris promised for first time home buyers. That woulda made all the difference. /s
Does this assume national median income, but looking at all homes?
Like taking national median income but including homes in San Francisco…not using local San Francisco median income for San Francisco houses?
This is a primary reason for the current voter anger
Unless someone has a big amount of cash on hand, big ticket items such as autos and homes have essentially become unaffordable for too many
Although make a good living because I will never have a wife will never own a home.
Pretty sure the answer to this is states and cities encouraging building smaller homes.
The average home is pushing 3000 square feet. With smaller families a 1500 square foot home on a smaller plot of land would bring back the”starter home”
Yeah this isn’t good for new homebuyers.
There was a stat i heard the other day. This time we’re living in has been the lowest rate of americans moving out of state after finishing school.
Basically the point of the podcast was that usually we get a transition of people moving to cheaper areas from higher cost areas. But what theyre seeing is that is no longer the case and people are staying put for whatever reason causing housing affordability issues in very specific pockets of the US while other areas dont have the same problem.
Annecdotally i tend to agree. My grandpa on my dads side moved from WV to North Jersey NYC area to work in a factory. My grandma on my moms side moved from NC to NYC area to build her family. Their children moved from NJ/NYC to places like arizona, kentucky, california, florida and ohio when they were in their starter family years. And then their kids (My generation) moved back to the NYC/NJ area and stayed put.
When talking to friends, the previous generations moving seemed to be the norm amongst a lot of families. But our generation (Millennial) moving is pretty rare
I made it a point when i graduated college to leave NYC and move to cheaper cities. I lived in 5 cities in total going job to job increasing my earning potential before coming back to NYC at the VP level where it was affordable. Then when i had kids and wanted to afford a family i went to Philadelphia for lower cost of living.
I know for a fact if i stayed where i was born i would not be in the financial situation i am today. But that simply doesnt happen anymore for a number of reasons. Which can further drive the chart that we’re seeing above
![[OC] % of Median HH Income Required for a Mortgage Payment by U.S. Population](https://www.europesays.com/wp-content/uploads/2024/11/5yoa5d9yoi0e1-1920x1024.png)
9 comments
Assumes home prices for each county from Zillow ZHVI compared to the county’s median HH income from Census Bureau. Loan assumptions: 30-year fixed mortgage, 5% down, 6.831% rate (Optimal Blue Mortgage Market Indices for 700-719 score, <20% down, 60-day avg), state property tax rates via ATTOM, 0.35% homeowners insurance, 0.78%, PMI rate per MGIC, No HOA; median HH income, population from U.S. Census Bureau. Tool: Excel.
Huh. I remember a tesla-driving democrat claim that the economy is doing all fine because the stock is at an all time high. Funny.
If only we had that 14% off coupon Harris promised for first time home buyers. That woulda made all the difference. /s
Does this assume national median income, but looking at all homes?
Like taking national median income but including homes in San Francisco…not using local San Francisco median income for San Francisco houses?
This is a primary reason for the current voter anger
Unless someone has a big amount of cash on hand, big ticket items such as autos and homes have essentially become unaffordable for too many
Although make a good living because I will never have a wife will never own a home.
Pretty sure the answer to this is states and cities encouraging building smaller homes.
The average home is pushing 3000 square feet. With smaller families a 1500 square foot home on a smaller plot of land would bring back the”starter home”
Yeah this isn’t good for new homebuyers.
There was a stat i heard the other day. This time we’re living in has been the lowest rate of americans moving out of state after finishing school.
Basically the point of the podcast was that usually we get a transition of people moving to cheaper areas from higher cost areas. But what theyre seeing is that is no longer the case and people are staying put for whatever reason causing housing affordability issues in very specific pockets of the US while other areas dont have the same problem.
Annecdotally i tend to agree. My grandpa on my dads side moved from WV to North Jersey NYC area to work in a factory. My grandma on my moms side moved from NC to NYC area to build her family. Their children moved from NJ/NYC to places like arizona, kentucky, california, florida and ohio when they were in their starter family years. And then their kids (My generation) moved back to the NYC/NJ area and stayed put.
When talking to friends, the previous generations moving seemed to be the norm amongst a lot of families. But our generation (Millennial) moving is pretty rare
I made it a point when i graduated college to leave NYC and move to cheaper cities. I lived in 5 cities in total going job to job increasing my earning potential before coming back to NYC at the VP level where it was affordable. Then when i had kids and wanted to afford a family i went to Philadelphia for lower cost of living.
I know for a fact if i stayed where i was born i would not be in the financial situation i am today. But that simply doesnt happen anymore for a number of reasons. Which can further drive the chart that we’re seeing above
Comments are closed.