- cross-posted to:
- coolguides@lemmy.ca
- cross-posted to:
- coolguides@lemmy.ca
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I’d love to know where the houses you can afford on a $140K salary in DC are. Unless house here is loosely defined as a place where you live (apartments, condos), I’m certain this data is flawed.
It says “homes” and not “houses”, so probably apartments and condos indeed
Reading is hard
Good luck buying a house in Seattle on a $170,000 salary. It’s going to be a beat-down, tiny thing, with no yard, in a questionable area.
What is the size of the “median” home in each area? Single family, or townhome, or condo?
Given that this appears to be a median average, this graphic does not account for the extremely wide variance depending on the cases above. A two bedroom condo and a five bedroom single family home could easily have a $2000/mo variance in the mortgage cost.
The other item that would perhaps be useful would be to call out what the down payment requirement is for each of these areas; ie, you can only achieve a $3000/mo mortgage if you’ve also put down $140,000, which is unachievable for over 90% of the country.
There is no way that this graphic isn’t including the entire metro area. The city I currently live in is on the list and so is the city that I am planning to relocate to. Prices shown do not accurately reflect the prices of houses/condos that I would consider “in the city”.
From the Bay Area, $1.5M will get you a two bed one bath or three bed 1.5 bath home built in 1925 or so. You can buy in a lower end neighborhood for a little less or a higher end one for a bit more, but the standard is going to be a craftsman home from 1906 with a driveway if you’re lucky.
I think the graphic also used a 20% down payment and a slightly over 6% mortgage in the calculation.
I just want to retire and move someplace cheap, like NYC or London.
Where in the Bay? Here in the Tri-Valley, you can get a 3-4 bed, 2 bath, for 1.5-.8 mil.
Even in downtown San Jose you’re talking about seven figures for an ancient craftsman with outdated electric and plumbing. Willow Glen, Los Gatos, Cupertino, you’re pushing $2M.
If you’re willing to commute from way up in the east bay, you can do a bit better, you’re right, but if you’re commuting to a South Bay company you’re paying for it in travel time and stress.
And tbh, I was stationed for a bit near Dublin. I can’t swear to what the prices are like now, but man, now that I’m out of that line of work I’d choose to live in East SJ or the peninsula instead.
But those are super reasonable prices, I will happily admit, and if you work in SF the commute might be worth it. We just need much more mass transit.
Yep. You’re not getting any kind of stand-alone home in D.C. for $139k salary unless it’s a huge piece of crap.
lmao cries in San Jose
I mean, the thing is, it’s not even that great a city. Like, sure the tech jobs are here, and the bay area overall is nice and has temperate weather, but San Jose itself is a giant sprawling suburb. Downtown is “okay” and we do have public transit in the form of the light rail but it’s pretty slow.
I’m paying $3.4k to rent a 2x2.5 townhome with my partner currently. It’s very nice, and my landlords are just a very nice couple rather than a company, but dang is it expensive just to live here.
And before anyone asks, I live here 1) because I work in tech and the jobs are here, and 2) because my family all lives in the Bay Area and they’re very important to me.
Anyway, my formal recommendation to any of you looking to move to San Jose is to basically not do that. Find a remote job and work in tech that way, or hybrid so you can live further out and commute only a couple times a week.
The median household income in Portland, OR is $78k and the salary needed to afford a house is $136k?
Yup, sounds about right.
edit: Looks like I should consider moving to Pittsburgh…
My husband and I recently bought a house here in Portland. We’re on two software engineers’ salaries with no kids so we can very much afford it, but it would have been a squeeze without an inheritance from my grandparents. It’s times like these where I truly appreciate the ubiquity of privilege. If they had been your average Black citizen, they would not have been given the opportunities to accumulate the wealth that I then inherited.
Welcome to Portland! Software engineer myself. If you two ever want to grab a drink and commiserate, let me know.
Now that insurances against natural disasters start costing a fortune in places like Florida, and you probably have to have such an insurance to get a mortgage there, it, the costs for housing down there will probably skyrocket soon.
Tfw all you can afford is the rust belt
Wait till they find out it’s likely harder to rent in many areas, too, thanks to the new ratio requirement.
required salary for fucking 30 years
Interesting that Pittsburgh has a lower median house price than Detroit.
Have you seen Detroit? A third of homes downtown are completely derelict.
Hey, that’s called a fixer-upper!
Removed by mod
This is beautiful! Does anyone know the software used to create this visualization?
What the fuck America is so Goddamned cheap.
Compare the median salaries in those places to chart, doesnt seem very cheap to me.
I live in phoenix.
Less than 7% of people make enough to buy a home per this chart.
That’s not home price, that’s salary requirements.a house in San Jose costs $1.6 million, not $375 thousand. You’re paying about $9 thousand a month before taxes.
Interesting, where are you living?
Huh? A typical salary here couldn’t afford any of these. 0.
We’ve literally made our society completely dependent on marriage/dual income. For those of us that are perpetually single and don’t have a WFH tech job that could go anywhere, homeownership is as obtainable as a unicorn.
They should include the interest rate they are using to calculate the mortgage. Based on what’s provided they are assuming around a 6% mortgage which is no longer available. Tack an extra $1,000 monthly payment onto that million dollar home and an extra $40,000 to your income to make it affordable. (Assuming debt/income ratio and income taxes)
Did I miss anything?
They did it’s at the bottom. 6.37%
Which, having literally just bought a home, is a supremely optimistic rate to get right now. We spent $10k buying down our interest and only managed 6.9%
This is just not realistic.
Using the median home price is severely underestimating the cost of a decent home in an okay neighborhood.
With these salaries, you can afford a house that needs severe repairs or in either an unsafe or really inconvenient area.
I bought a house in one of these cities in 2017 with slightly more than what they say is the required salary. It was 195k with 4.5%. The school district reassessed the house from the sale, my taxes skyrocketed, and my mortgage increased $600 a month. I ended up selling the house after 3 years to move in my parents with 25k in credit card debt.
Today, that house would cost at least 300k and interest rates are around 8%. I’ve almost tripled my salary since then and my budget is probably max 330k.
