Decent article on "median" US household.....

[ziggy29]

A $350,000 house is just a starter home in a lot of areas in the northeast .

True, but that usually comes with higher than average wages and salaries. What really often matters is the "affordability index," or some measure of how much income an averageish household earns relative to averageish home prices in the area.

A $250,000 house in a market where the median household income is $80,000 is more "affordable," in some ways, than a $150,000 house in a market where the typical income is $35,000.

 

[freebird5825]

Made me look...
Housing and Transportation Affordability Index

Data is incomplete nationwide, but there are enough locations to take a look at.

 

[Moemg]

True, but that usually comes with higher than average wages and salaries. What really often matters is the "affordability index," or some measure of how much income an averageish household earns relative to averageish home prices in the area.

A $250,000 house in a market where the median household income is $80,000 is more "affordable," in some ways, than a $150,000 house in a market where the typical income is $35,000.

Absolutely but there are no $250,000 houses there . The average house is $380,000 and it is certainly no luxury abode . The average wage is $68,000 .My point was that $350,000 does not necessarily buy a mansion everywhere .

 

[clifp]

There aren't even any homes for $500,000 in many parts of Hawaii. As this $440,000 teardown illustrates. Yet people still figured out how to live here at income levels ($63K) only modestly higher than the median household in the nation.

 

[Nords]

There aren't even any homes for $500,000 in many parts of Hawaii. As this $440,000 teardown illustrates.

For Kailua that's actually a pretty nice lot. And contractors are plentiful now!

 

[Bimmerbill]

A $350,000 house is just a starter home in a lot of areas in the northeast .

Things are still pretty expensive up here in NH. Tho for 280-300K I could get a very nice 2000-2400 sq/ft colonial on about 5 acres in my town.

 

[FinanceDude]

A $350,000 house is just a starter home in a lot of areas in the northeast .

Things are still pretty expensive up here in NH. Tho for 280-300K I could get a very nice 2000-2400 sq/ft colonial on about 5 acres in my town.

Living in the Midwest is affordable compared to other areas, but prices are creeping up. I bought my house in 1995 for $169,900. We probably put $20,000 into it over the past 14 years. At the height of the RE market, I could sell it for $289,000, according to my RE buddy. Now he says I could get $269,000. In my area, any house under $300,000 is considered "affordable"........

 

[freebird5825]

Snowbelt prices...the bottom end of the scale
(source: Syracuse, NY Real Estate on Yahoo! Real Estate - Houses for Sale & more)

Syracuse, NY Real Estate Market Snapshot
updated Monday, June 22, 2009

Homes for Sale - 588
$98,900 Median Price

New Homes - 1
$239,990 Median Price

Foreclosures - 115
$62,242 Median Price

 

[FUEGO]

In my area, any house under $300,000 is considered "affordable"........

According to real estate agents, any house is affordable.

 

[unclemick]

1970, three bedroom one bath 900 sq ft tract home in the burbs outside Kansas City - built to raise a family of four(or more). One car garage since enclosed to make a tad under 1100 sq ft.

Overpaid 85k in 2005 post Katrina.

heh heh heh - you know my fish camp cost 21k in 1979. Houses are waaaay too expensive.

 

[Bimmerbill]

DW bought .66 acres on for 12 or 15K cash (forgot which) back before the market went crazy. Its a nice lot, across the street from a small lake. Water views, not water front.

I keep saying if I get sick of it all I will put a single wide on it and become a drain on society (well, some would argue that I am already a drain) by quitting my job and "retiring." Unfortunately, the town has poor school system, do 3yo DD would have to go private.

Already installed a septic, gravel driveway and electricity. All I need is a well, single wide, some stained tank tops and a supply of pabst blue ribbon!

 

[Notmuchlonger]

According to real estate agents, any house is affordable.

Oh don't worry you will get a raise. Houses never go down! Oh don't throw away your money renting. Oh equity is where it is at!