“43% Overpriced”

[(former)FormerSanDiegan]

Thanks sdr. I asked the question because I was sick of addressing the fallacy that equates median homes to be afforded by median incomes.

[drunkle]

i think your income number is a bit high. median hh income is something like 60k in sd, after taxes, something more like 40k. 28% fed, 9% ss/medi, misc state tax ~= 37%. and assuming the median hh doesn’t already own a home, they dont have that tax shelter…

40/12 = 3.3k/month.

assuming a married household with 1 kid, monthly expenses are going to be significant. spending 2k/month on housing seems out of line.

adding dependants/tax exemptions, i guess monthly net goes up… still seems off. 1k/month due to dependants?

whatever, anyway. median hh not buying median homes… is that a long term trend? or a more recent development, say as of the 80’s? and what are the causes? supply? (un/under)employment and wages?

[drunkle]

i think your income number is a bit high. median hh income is something like 60k in sd, after taxes, something more like 40k. 28% fed, 9% ss/medi, misc state tax ~= 37%. and assuming the median hh doesn’t already own a home, they dont have that tax shelter…

40/12 = 3.3k/month.

assuming a married household with 1 kid, monthly expenses are going to be significant. spending 2k/month on housing seems out of line.

adding dependants/tax exemptions, i guess monthly net goes up… still seems off. 1k/month due to dependants?

whatever, anyway. median hh not buying median homes… is that a long term trend? or a more recent development, say as of the 80’s? and what are the causes? supply? (un/under)employment and wages?

[drunkle]

i think your income number is a bit high. median hh income is something like 60k in sd, after taxes, something more like 40k. 28% fed, 9% ss/medi, misc state tax ~= 37%. and assuming the median hh doesn’t already own a home, they dont have that tax shelter…

40/12 = 3.3k/month.

assuming a married household with 1 kid, monthly expenses are going to be significant. spending 2k/month on housing seems out of line.

adding dependants/tax exemptions, i guess monthly net goes up… still seems off. 1k/month due to dependants?

whatever, anyway. median hh not buying median homes… is that a long term trend? or a more recent development, say as of the 80’s? and what are the causes? supply? (un/under)employment and wages?

[drunkle]

i think your income number is a bit high. median hh income is something like 60k in sd, after taxes, something more like 40k. 28% fed, 9% ss/medi, misc state tax ~= 37%. and assuming the median hh doesn’t already own a home, they dont have that tax shelter…

40/12 = 3.3k/month.

assuming a married household with 1 kid, monthly expenses are going to be significant. spending 2k/month on housing seems out of line.

adding dependants/tax exemptions, i guess monthly net goes up… still seems off. 1k/month due to dependants?

whatever, anyway. median hh not buying median homes… is that a long term trend? or a more recent development, say as of the 80’s? and what are the causes? supply? (un/under)employment and wages?

[drunkle]

i think your income number is a bit high. median hh income is something like 60k in sd, after taxes, something more like 40k. 28% fed, 9% ss/medi, misc state tax ~= 37%. and assuming the median hh doesn’t already own a home, they dont have that tax shelter…

40/12 = 3.3k/month.

assuming a married household with 1 kid, monthly expenses are going to be significant. spending 2k/month on housing seems out of line.

adding dependants/tax exemptions, i guess monthly net goes up… still seems off. 1k/month due to dependants?

whatever, anyway. median hh not buying median homes… is that a long term trend? or a more recent development, say as of the 80’s? and what are the causes? supply? (un/under)employment and wages?

[sdrealtor]

“whatever, anyway. median hh not buying median homes… is that a long term trend? or a more recent development, say as of the 80’s? and what are the causes? supply? (un/under)employment and wages?”

None of the above. It is simple statisitcs. Follow the logic it’s not hard.

[sdrealtor]

“whatever, anyway. median hh not buying median homes… is that a long term trend? or a more recent development, say as of the 80’s? and what are the causes? supply? (un/under)employment and wages?”

None of the above. It is simple statisitcs. Follow the logic it’s not hard.

[sdrealtor]

“whatever, anyway. median hh not buying median homes… is that a long term trend? or a more recent development, say as of the 80’s? and what are the causes? supply? (un/under)employment and wages?”

None of the above. It is simple statisitcs. Follow the logic it’s not hard.

[sdrealtor]

“whatever, anyway. median hh not buying median homes… is that a long term trend? or a more recent development, say as of the 80’s? and what are the causes? supply? (un/under)employment and wages?”

None of the above. It is simple statisitcs. Follow the logic it’s not hard.

[sdrealtor]

“whatever, anyway. median hh not buying median homes… is that a long term trend? or a more recent development, say as of the 80’s? and what are the causes? supply? (un/under)employment and wages?”

None of the above. It is simple statisitcs. Follow the logic it’s not hard.

[kewp]

Rustico,

I’ll suggest the amount of rampant speculation (and associated overbuilding) over the last decade has created a unique situation. I should have said ‘new’ construction, though. And I’ll stand by that claim. We have too many houses and way too many condos.

sdrealtor,

Once all the wannabe-speculators dump their properties I have a feeling housing is gonna get affordable fast!

[kewp]

Rustico,

I’ll suggest the amount of rampant speculation (and associated overbuilding) over the last decade has created a unique situation. I should have said ‘new’ construction, though. And I’ll stand by that claim. We have too many houses and way too many condos.

sdrealtor,

Once all the wannabe-speculators dump their properties I have a feeling housing is gonna get affordable fast!

[kewp]

Rustico,

I’ll suggest the amount of rampant speculation (and associated overbuilding) over the last decade has created a unique situation. I should have said ‘new’ construction, though. And I’ll stand by that claim. We have too many houses and way too many condos.

sdrealtor,

Once all the wannabe-speculators dump their properties I have a feeling housing is gonna get affordable fast!

[kewp]

Rustico,

I’ll suggest the amount of rampant speculation (and associated overbuilding) over the last decade has created a unique situation. I should have said ‘new’ construction, though. And I’ll stand by that claim. We have too many houses and way too many condos.

sdrealtor,

Once all the wannabe-speculators dump their properties I have a feeling housing is gonna get affordable fast!

[Author]

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