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Old 08-02-2010, 05:04 AM
~kev~'s Avatar
~kev~ ~kev~ is offline
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Home prices compared to wages

Interesting article on yahoo news talking about the most affoardable places to live. But what gets me, these are expensive prices.

How can a family making $35,726 a year afford a home costing $223,885 - talk about bloated house prices.

$35,726 / 52 = 687.03. The most expensive house a family on that income can afford should be 65,000 - 70,000, not 223,885.

http://realestate.yahoo.com/promo/le...ing-in-the-usa

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Itís hard to beat the low cost of living in the South. Seven of the ten least expensive cities on our list are in Texas, Arkansas, Kentucky and Tennessee.

We compiled our rankings based on the ACCRA Cost of Living Index produced by the Council for Community and Economic Research. The Index measures relative price levels for housing, utilities, transportation, grocery items, health care and miscellaneous goods and services (it does not include taxes).
 
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Old 08-17-2010, 03:30 PM
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Kev, I currently still renting because it is more affordable than mortgage payments...In my country Mexico, buying a house can be a family affair. For instance, kids can live with parents when they go to college, after they graduate and save enough to buy their own house because they got married. Or they also get married and still live with either parents until they save enough to buy a house. Then, during the time that they work, they can have a benefit called infonavit,which is a government agency than offers low interest loans. In addition, there are many universities that are free or extremely low tuition...therefore there is not such thing as college debt and student loans. Which some people spend years paying off that debt here. It is ridiculous to the prices of housing here, how much money a family needs to make to pay a mortgage, and save to send the kids to college? Here, is ridiculously unbalance...
 
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