It would be useful to know what % of households have $52K median income and what % of homes are priced at the median.
Fundamentals are a better gauge of affordability aren’t they?
I read somewhere that a home should not cost more than 3X income.
I cannot see how a household income of $52K can support a mortgage of $335K, which would be around 6X the income.
It would be useful for someone to break down the expenses to see if that 6X ratio is workable without making the borrower house-poor. People spend elsewhere to support the economy -i.e., cars and other discretionary spending like dining out and buying unnecessary items.
