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re: Salary of $115,627 needed in order to qualify for a mortgage on a typical American home
Posted on 10/19/23 at 8:14 am to meansonny
Posted on 10/19/23 at 8:14 am to meansonny
Lol. I don’t think you know what a central business district is. It typically refers to a small area where critical mass of business activity is concentrated. It is is synonymous with “downtown”
2
Posted on 10/19/23 at 8:30 am to The Third Leg
It doesn't require "downtown". 4 Fortune 500 companies should be sufficient. No?
Technically, every city has a downtown. But I'm not going to pretend that Lawrenceville/Gwinnett County is anything like Atlanta/Fulton County. But not many cities are.
Just look at his maps that he shared. There is virtually nothing in the price range in Gwinnett and Cobb Counties. You can argue with my explanation all you want. But I'm right. The map supports what I'm saying.
The history of metro Atlanta supports what I'm saying.
Technically, every city has a downtown. But I'm not going to pretend that Lawrenceville/Gwinnett County is anything like Atlanta/Fulton County. But not many cities are.
Just look at his maps that he shared. There is virtually nothing in the price range in Gwinnett and Cobb Counties. You can argue with my explanation all you want. But I'm right. The map supports what I'm saying.
The history of metro Atlanta supports what I'm saying.
Posted on 10/19/23 at 8:32 am to The Third Leg
Or. You can disagree with me and continue to wonder why there are no longer any starter homes in a county with 1M people.
Wow.
Wow.
Posted on 10/19/23 at 8:41 am to Antonio Moss
quote:
Since 2008, we have been overprinting our currency and as a result we are experiencing borderline hyperinflation.
It really started under W and every administration since has made it worse.
Posted on 10/19/23 at 9:02 am to JohnnyKilroy
quote:
People like darth really believe millennials could come up with 80k cash for a downpayment if they weren't spending 60 bucks a month on their internet bill and 20 bucks a month paying off their iphone.
Why the heck are they getting a ~$500,000 house, for a first home? Entitlement runs strong with Millennials.
Posted on 10/19/23 at 9:06 am to DarthRebel
quote:
Why the heck are they getting a ~$500,000 house, for a first home? Entitlement runs strong with Millennials.
Math not your strong suit?
Posted on 10/19/23 at 9:09 am to stout
Posted on 10/19/23 at 9:09 am to fareplay
Posted on 10/19/23 at 9:10 am to Rip Torner
Location is always a huge factor. I am in New Mexico and am paying ridiculous rent...but I am in a desirable part of the state. I could prob pay 1/3 for the same place in a different location of the state.
Posted on 10/19/23 at 9:12 am to cyarrr
A condo. 
Posted on 10/19/23 at 9:13 am to meansonny
quote:
Or. You can disagree with me and continue to wonder why there are no longer any starter homes in a county with 1M people. Wow.
I am just trying to get you to understand what a ‘Central Business District’ means.
Posted on 10/19/23 at 9:20 am to JohnnyKilroy
quote:
Math not your strong suit?
Rounded up, since most people like to toss the half million $ out there. That is why I added "~". Average home price is $430,000 right? Close enough.
We should probably round down though, and just focus on SEC states
Average Home price, by SEC states
https://www.fool.com/the-ascent/research/average-house-price-state/
Posted on 10/19/23 at 9:21 am to stout
My house is 1400 square feet. I bought it in 2020 for $149k @ 2.97% with a 20% down payment. My monthly payment is $790 including flood and homeowners insurance.
Posted on 10/19/23 at 9:25 am to DarthRebel
quote:
Rounded up, since most people like to toss the half million $ out there. That is why I added "~". Average home price is $430,000 right? Close enough. We should probably round down though, and just focus on SEC states
Cool.
So looks like for Kentucky, the average down payment is right at $40k.
Again, median household income in Kentucky is $55k. Not individual but household.
How are those people saving up a $40k down payment?
Posted on 10/19/23 at 9:38 am to BluegrassBelle
quote:
Again, median household income in Kentucky is $55k. Not individual but household.
How are those people saving up a $40k down payment?
I would guess some of those are renting. Median household income among homeowners would likely be higher than $55k.
Posted on 10/19/23 at 9:43 am to The Third Leg
I define it as a self sustaining geographic area of commerce.
It don't see it as 1 street (i.e. Wall Street). Or 6 blocks.
The "wake" created from the CBD is exactly what you see in Gwinnett County. Rail lines. Airport. Multiple large hospitals.
It is essentially the surrounding area supporting the district that gives the centrality.
Before you know it, you have a school system the size of a small city. You have dozens of offshoots of medical facilities that support each hospital. All of that is created by the CBD.
If 4 Fortune 500 companies in a county isn't enough to differentiate Gwinnett County from Atlanta, then I don't know what is.
It don't see it as 1 street (i.e. Wall Street). Or 6 blocks.
The "wake" created from the CBD is exactly what you see in Gwinnett County. Rail lines. Airport. Multiple large hospitals.
It is essentially the surrounding area supporting the district that gives the centrality.
Before you know it, you have a school system the size of a small city. You have dozens of offshoots of medical facilities that support each hospital. All of that is created by the CBD.
If 4 Fortune 500 companies in a county isn't enough to differentiate Gwinnett County from Atlanta, then I don't know what is.
Posted on 10/19/23 at 9:45 am to stout
That is the perfect income to live a good life.
Posted on 10/19/23 at 9:45 am to meansonny
By your definition, over half of the DFW metroplex is a central business district.
Posted on 10/19/23 at 9:46 am to EarlyCuyler3
Posted on 10/19/23 at 9:53 am to The Third Leg
I'm not an expert on DFW.
I've watched Atlanta grow for the past 40+ years.
Gwinnett County used to be the boonies where you get acreage and a cheap home.
Then it became the suburbs where you get your starter home.
Then it became a business district where your starter homes were townhouses and condos.
Right now, it has 2 major hospitals, an airport, 4 Fortune 500 companies,and a million people. Hell... it has 2 minor league sports teams and was bidding for 2 major league teams.
You can look outward to Barrow and Walton Counties and see them follow along the exact same path. Will they actually develop their own business districts? Who knows. But they are the sleepy suburbs for Gwinnett (Barrow also doubles as a suburb for Athens).
I've watched Atlanta grow for the past 40+ years.
Gwinnett County used to be the boonies where you get acreage and a cheap home.
Then it became the suburbs where you get your starter home.
Then it became a business district where your starter homes were townhouses and condos.
Right now, it has 2 major hospitals, an airport, 4 Fortune 500 companies,and a million people. Hell... it has 2 minor league sports teams and was bidding for 2 major league teams.
You can look outward to Barrow and Walton Counties and see them follow along the exact same path. Will they actually develop their own business districts? Who knows. But they are the sleepy suburbs for Gwinnett (Barrow also doubles as a suburb for Athens).
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