Quote:
Originally Posted by rmay635703
Historically an average house cost an average person one year of income
Used housing values follow income, just goes to show how messed up things are today.
Median incomes in Wisconsin communities vary from 35,000-85,000 a year
Experience says I would not want to live anywhere near either of the extremes
Good example of why below
https://www.rareddit.com/r/legaladvi...a_please_help/ |
How far back do you have to go to get to that 1 to 1 ratio between income and home prices? It hasn't been true in my lifetime.
I bought my first house in 2001. 3 bed / 2 bath - 1300 sq ft in Morristown, TN. It cost 2.5 times my income and I made almost 50% more than the median income in the county.
2nd house was a 3 bed / 2 bath - 1500 sq ft in Birmingham, AL. It cost 2.5 times my income and again I had an above average income.
3rd house is 3 bed / 1 bath - 1,000 sq ft in Hillsboro, OR. It cost 3 times my income and again my income is above average.
All of these house have been in middle class neighborhoods and would be considered "starter" homes. Jump to the average size new construction (2700 sq ft) in a trendier neighborhood and you can double those prices.