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re: Salary of $115,627 needed in order to qualify for a mortgage on a typical American home
Posted on 10/18/23 at 10:30 am to stout
Posted on 10/18/23 at 10:30 am to stout
Yeah these numbers are not accurate when put into context. It’s the same thing when the low end workers complain they can’t afford an apartment working 40 hours a week, it’s about where they live not what they make. The prices of big cities/high end suburbs distort these numbers. You can move to rural areas, small towns and even medium size cities and it would literally take half of these salaries to own a house. And I mean 3-4 bedroom homes that’s arent rundown at all. Location is the key. It isn’t just where you live in the rural/ urban divide either it’s certain states. You might just not be able to afford to live in California, New York, Oregon etc just because you grew up there. You don’t get to live wherever you want and ignore he economic reality of that area
This post was edited on 10/18/23 at 10:34 am
3
Posted on 10/18/23 at 10:34 am to OGtigerfan87
quote:
You can move to rural areas, small towns and even medium size cities and it would literally take half of these salaries to own a house.
And then work where?
That's the problem.
Posted on 10/18/23 at 10:35 am to OGtigerfan87
quote:
It’s the same thing when the low end workers complain they can’t afford an apartment working 40 hours a week. The prices of big cities/high end suburbs distort these numbers. You can move in rural areas, small town and even medium size towns and it would literally take half of these salaries to own a house. And I mean 3-4 bedroom homes that’s rent rundown at all. Location is the key. It is t just where you live in the rural/ urban divide either it’s certain states. You might just not be able to afford to live in California, New York, Oregon etc.
I work with some startups in the tech business.
In most cases, the R&D needs to be near Stanford and other tech hubs where the talent is concentrated. But the bulk of the other jobs that fit the standard industry practices can just as well exist in Nebraska or some other LCOL place as the company grows.
This post was edited on 10/18/23 at 10:38 am
Posted on 10/18/23 at 10:46 am to OGtigerfan87
quote:
You can move to rural areas, small towns and even medium size cities and it would literally take half of these salaries to own a house.
What you need is that salary to just own a house in the rural area, if you want to be on reasonable terms. If you only make even half that salary, you better find a shack in the middle of no where to be able to afford it.
Only a stupid fool would make the stats reported in OP though. Purchasing a 420k home at today's interest rates on only 115k a year sounds like torture.
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