An article from CNNMoney and posted on Yahoo Finance, states that homes are at their most affordable in 18 years for the median family income of $64,000. It also lists the most and least affordable city areas in the country. (NYC and Long Island are in the top five least affordable).
Most people say to me that they don't want to live outside of a major city because their salary will go down. However, they fail to realize that it is not the amount of money that you make but the amount you spend on the highest cost consumer good- the price of a house.
Being affordable means that relative to median income, most people can qualify for a house and often one in the $100,000 to $200,000 range, not $400,000. Look for future posts on how much this will save you over a lifetime in mortgage costs.
http://finance.yahoo.com/real-estate/article/107093/Homes-Most-Affordable-in-2-Decades
Tuesday, May 19, 2009
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment