eh... wait long enough and the real estate bubble will pop - driving down prices.
This is an average including the most expensive areas of the county. Homes are still very affordable in areas like the Midwest (under $200k and sometimes under $100k).
You mean the houses that use to be $75-150K with a 3% interest are now $100-200K at 8% interest? Your so right very affordable what a deal!
I hope those people living in the Midwest making 40K a year got their income bumped up to 60-70K a year so they could afford the new housing market.
The issue is housing is going up faster then income.
I hope those people living in the Midwest making 40K a year got their income bumped up to 60-70K a year so they could afford the new housing market.
That's the real rub with these studies that use national averages. It's not affordable for anyone, anywhere - unless you're blessed with a remote job paying HCOL money and don't mind moving somewhere where the nearest doctor is an hour away and the local past time is fentanyl and larceny.
They have to be affordable for the local population as well, not just an average income. Incomes in places with lower cost housing are lower, too, so raw numbers aren't meaningful.
I feel like generally the data shows the situation better if people use median instead of mean.
But perhaps a measure of "median income in region (incl unemployed/underemployed people)" compared to "median house price in region". Not much point in moving to cheap town if you can't find work there, and is that worth uprooting all your communities and social support networks?
