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Old 20 May 2017, 05:05 AM   #1
BNALION
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Here’s The Salary You Need To Afford A Home In 22 U.S. Cities

http://www.huffingtonpost.com/entry/...b094cdba507c94
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Old 20 May 2017, 05:07 AM   #2
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i read this. the problem is there are lots of areas in these cities that i wouldnt live in if you paid me.

that said the most smug cities are the most expensive. doesnt shock me.
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Old 20 May 2017, 05:08 AM   #3
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Seems SF and NY are screwed...
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Old 20 May 2017, 05:09 AM   #4
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Kansas City, here I come!
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Old 20 May 2017, 05:10 AM   #5
BNALION
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i read this. the problem is there are lots of areas in these cities that i wouldnt live in if you paid me.
Yup! Make the statistics even worse because the prices are much higher in the more desirable areas.
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Old 20 May 2017, 05:35 AM   #6
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92% in my home town...Nice!
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Old 20 May 2017, 05:35 AM   #7
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Sydney and melbourne are more expensive than all those cities except San Francisco. Housing affordability is a major issue down in Australia .


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Old 20 May 2017, 05:55 AM   #8
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The 10% down payment factor is a somewhat insignificant/moot point in Silicon Valley as countless homebuyers from Asia (primarily China) are paying CASH for their homes. To them, $1-2 million upfront is a drop in the bucket.
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Old 20 May 2017, 06:15 AM   #9
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I wonder what % of the population has a watch collection worth more than their home.
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Old 20 May 2017, 06:31 AM   #10
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Seems SF and NY are screwed...
Not if you got in on the dip.
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Old 20 May 2017, 06:32 AM   #11
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So I think I can't buy one of the painted ladies.
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Old 20 May 2017, 07:27 AM   #12
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Been to 13 of those cities.

I'd live in Las Vegas or Seattle quite happily......
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Old 20 May 2017, 08:00 AM   #13
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Originally Posted by BristolCavendish View Post
The 10% down payment factor is a somewhat insignificant/moot point in Silicon Valley as countless homebuyers from Asia (primarily China) are paying CASH for their homes. To them, $1-2 million upfront is a drop in the bucket.
That's happening down here too. $2M+ houses all cash and sell within days of listing from Asian buyers.
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Old 20 May 2017, 08:01 AM   #14
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16% where I live :(
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Old 20 May 2017, 08:20 AM   #15
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I bet Vancouver and Toronto would be 2nd and 4th on this list...

Canada is getting crazy.
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Old 20 May 2017, 09:01 AM   #16
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Info already out of date. Our local news reports that Seattle (King and Pierce Counties) have a median home price of $770,000 and the east side (other side of Lake Washington) is $880,000. And heard last night Bellevue, WA - an eastside city - has topped $1M median price.

It's partly due to Vancouver, BC enacting a 15% foreign purchaser tax on all property purchases. Now those Asian buyers are looking south and, as noted by a couple of people already, dropping (parking/hiding?) cash and driving up prices in the area.
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Old 20 May 2017, 10:59 AM   #17
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It's partly due to Vancouver, BC enacting a 15% foreign purchaser tax on all property purchases. Now those Asian buyers are looking south and, as noted by a couple of people already, dropping (parking/hiding?) cash and driving up prices in the area.
This particular 'purchaser tax' has kind of an exclusionary ring to it. Was it enacted to curtail an increasing influx of immigration and settlement?

For those old enough to recall the 1980s and the economic prowess of the Japan, Inc. business model, most of the businessmen and engineers from Japan usually returned to Japan following a 1-2 year period of employment at their stateside subsidiaries and corporations. This was always their prime objective and very few resettled in the United States. On the other hand, countless Chinese and East Indian professionals have opted to seek permanent residency in the mainland United States and Canada. I suspect that it may have something to do with less than desirable 'quality of life' issues in many (or most) parts of China and India.
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Old 20 May 2017, 11:00 AM   #18
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That is why Multi-Family is so hot right now in many parts of the country

More people renting.....and MF will be the housing choice for Millenials by a large percentage..

The future is in compartmentiization and simplification of lifestyle.
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Old 20 May 2017, 11:03 AM   #19
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92% in my home town...Nice!
Go Pittsburgh !!!
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Old 20 May 2017, 12:13 PM   #20
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Hong Kong is crazy as well

at the moment a 1 bedroom flat is around US$900,000-1m+ and this is perhaps 30 mins travel from central area
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Old 20 May 2017, 02:35 PM   #21
skiahh
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This particular 'purchaser tax' has kind of an exclusionary ring to it. Was it enacted to curtail an increasing influx of immigration and settlement?

For those old enough to recall the 1980s and the economic prowess of the Japan, Inc. business model, most of the businessmen and engineers from Japan usually returned to Japan following a 1-2 year period of employment at their stateside subsidiaries and corporations. This was always their prime objective and very few resettled in the United States. On the other hand, countless Chinese and East Indian professionals have opted to seek permanent residency in the mainland United States and Canada. I suspect that it may have something to do with less than desirable 'quality of life' issues in many (or most) parts of China and India.
No, the stated purspose is to curtail the astronomical rise in housing prices. The theory being that either 1) the tax would put downward pressure on selling prices or, if not, then 2) reduce demand in the market thus slowing the upward spiral in prices.

It doesn't prevent sales, and applies to all foreigners equally, as I understand it. So exclusionary to all but Canadians, but not targeted at any particular groups. Except that it's primarily Asians buying up the properties, so you can put on the tin foil hat and say it's targeted at Asians, rather than housing prices, I suppose.
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Old 20 May 2017, 03:34 PM   #22
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According to the attached reference, Sydney, Australia rates second as the most unaffordable housing in the world and Australia has the third most unaffordable housing in the World based on "average home prices and median income".

huffingtonpost.com.au/2017/01/23/sydney-has-the-second-most-unaffordable-housing-in-the-world/
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Old 20 May 2017, 04:30 PM   #23
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What do people really earn in SF?

I see the salary range numbers and they seem too low to support the housing values..

They must be considerably higher than the generic $128K software engineer salary that is listed for SF on Glassdoor and where ever...
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Old 20 May 2017, 04:46 PM   #24
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Honolulu, HI ... Median Household (not individual) Income: $77,008; Median Home Price: $743,800 ... You can get yourself a complete dump for $400K though����
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Old 20 May 2017, 05:23 PM   #25
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Chump change
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Old 20 May 2017, 08:31 PM   #26
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I knew SF was expensive, but that's crazy.
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Old 20 May 2017, 08:44 PM   #27
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Quote:
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That is why Multi-Family is so hot right now in many parts of the country

More people renting.....and MF will be the housing choice for Millenials by a large percentage..

The future is in compartmentiization and simplification of lifestyle.
I agree

Housing prices are out of reach for so many. We are long overdue for a correction in our part of the world. Even with our stricter lending practices these prices are not sustainable IMO.
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Old 20 May 2017, 09:38 PM   #28
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Here in Australia, it is a few of the State Capitals (Sydney, Melbourne) that have gone nuts. The Regions are very affordable for those prepared to buy within their means (as opposed to going for broke with irresponsible banks and temporarily low interest rates).
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Old 20 May 2017, 10:12 PM   #29
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No, the stated purspose is to curtail the astronomical rise in housing prices. The theory being that either 1) the tax would put downward pressure on selling prices or, if not, then 2) reduce demand in the market thus slowing the upward spiral in prices.

It doesn't prevent sales, and applies to all foreigners equally, as I understand it. So exclusionary to all but Canadians, but not targeted at any particular groups. Except that it's primarily Asians buying up the properties, so you can put on the tin foil hat and say it's targeted at Asians, rather than housing prices, I suppose.
They just implemented the same 15% foreign buyer's tax in Toronto, also to curtail the rising prices. They are also implementing a vacant house tax, as a lot of offshore money is being invested in houses that then sit empty.

In my area (1950-60s predominantly 3 bedroom bungalows) the average price has risen from $1M to over $2M in the last three years. Hopefully the new taxes have an impact.

We are a very tight knit community but that's slowly changing as the young families can no longer afford to buy here. I don't mind the new taxes if it means houses are bought by families who integrate into the community, even if it means the value of my house will drop a bit.
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Old 20 May 2017, 11:20 PM   #30
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Here’s The Salary You Need To Afford A Home In 22 U.S. Cities




Why would anyone want 22 houses


That's just being greedy I manage to limp along with just 4
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