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re: Definition of lower\middle\upper class??

Posted on 2/21/13 at 12:49 pm to
Posted by ItNeverRains
37069
Member since Oct 2007
25897 posts
Posted on 2/21/13 at 12:49 pm to
quote:

According to the census bureau those stats for Franklin are whack. The median income there is $77,000..


Median priced home in 37069 is 350k if median income was 77k, we wouldn't have enough residents qualify to buy median price home.

37064 & 37067 trash
Posted by tigersnipen
Member since Dec 2006
2089 posts
Posted on 2/21/13 at 6:46 pm to
quote:

Median priced home in 37069 is 350k if median income was 77k, we wouldn't have enough residents qualify to buy median price home.


It would be tough but someone making 77k can get a 350k house. I wouldn't recommend it but they can afford it if they choose to be house poor. Looking at about $1900 a month at 3.5% with 5% down. That would be roughly 30% of their gross salary. If they have good credit they can qualify.

Now with that being said it would be foolish to buy a 350k house on 77k but it is doable and banks probably qualify people every day.
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