ST Alpha - "To put that particular house in perspective: Normally the only thing showing up in that price range is townhouses." (Reading a Post)

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To put that particular house in perspective: Normally the only thing showing up in that price range is townhouses.

Posted by Beryllium (aka grayman) Sep 14 '10, 11:27

The real houses don't start to hit the list until 475K and higher, and most of the ones in our range (400-500K) are dumps.

Responses:

Not that you need to answer, but what kind of salaries are people making up there that an average family can afford a $500k+ house? - oblique Sep 14, 11:29 30
- I believe average household income is typically in the $70-$80K range. -- nm - Name Withheld by Request Sep 14, 11:32 21
  - *household*? that would be low. -- nm - Andie Sep 14, 11:37 11
    - A little high, it seems. Unless you mean the average in that area, not the whole country. -- (link) - mara Sep 14, 11:39 1
      - 2 year old numbers though. -- nm - Andie Sep 14, 11:41
    - Not by much according to Statscan. Just found it. -- (link) - Name Withheld by Request Sep 14, 11:39 8
      - two income family, in 2008, average was $74,000. Cross country. i guess that's fair. in a city, that is REALLY low. -- nm - Andie Sep 14, 11:40 7
        
        well, my household is slightly above that average. But only slightly. -- nm - Beryllium Sep 14, 11:42 2
        
        you know your math better than i, plus i'm a renter, but that just seems undoable to me. - TFox Sep 14, 11:45
        
        my household is higher than that by a decent amount, and I could not sniff a - groiny Sep 14, 11:44
        
        I dunno about this. The number of non-gov't $50K/year jobs is a decreasing percentage every year. -- nm - Name Withheld by Request Sep 14, 11:41 3
        
        it's really really location specific. a receptionist, with no experience, makes $45,000 here. -- nm - Andie Sep 14, 11:43 2
        
        Yes, but not many Canadian cities can claim that. I'm a not-generously-but-decent-for-the-market paid lower manager here and I can't crack that. - Name Withheld by Request Sep 14, 11:47
        
        *moves to Canada* nm -- nm - groiny Sep 14, 11:46
  - yes, this -- nm - Beryllium Sep 14, 11:35 8
    - Ok, but for a $500k house, 30 year mortgage, you're still paying what? $2500/mo? That's nearly 50% of the salary -- nm - oblique Sep 14, 11:41 7
      - depends what you put down. you don't buy a $500K house without a down payment. - Andie Sep 14, 11:42 6
        
        Either way, with most lenders preferring a < 40% debt-to-income ratio by what I can tell, that's ridiculous -- nm - oblique Sep 14, 11:45
        
        also, do you pay property taxes there? nm -- nm - groiny Sep 14, 11:43 4
        
        of course. -- nm - Andie Sep 14, 11:44 3
        
        see, I can afford a 400k house here, I just can not afford the taxes on it. nm -- nm - groiny Sep 14, 11:44 2
        
        though from what I understand, they're much much lower here. - Reagen Sep 14, 11:46 1
        
        That's also varible. Winnipeg, which also includes a portion of property taxes for schools, would be three or four times that. -- nm - Name Withheld by Request Sep 14, 11:58
- Canadians are all millionaires due to the health care system. -- nm - Spawn Sep 14, 11:30 6
  - honestly this is part of it - Reagen Sep 14, 11:33 5
    - See, I try to interject some learnin' in my posts. -- nm - Spawn Sep 14, 11:34
    - for most of us, that's a non-factor, because our boss pays our premiums and we pay a little sliver. - TFox Sep 14, 11:34 3
      - Yup. -- nm - Dr.Vermin Sep 14, 11:42
      - Yeah, your IM kinda negates the thought. -- nm - Spawn Sep 14, 11:35 1
        
        i wouldn't say negate. most people still pay significantly less than half their premiums. many way way less than that. -- nm - TFox Sep 14, 11:37
- i am also wondering this. -- nm - TFox Sep 14, 11:29
i'm trying to fathom the rents that would make buying at those prices feasible. -- nm - TFox Sep 14, 11:28 1
- Most Canadian cities don't have this problem, but Toronto, Calgary and lower mainland BC are pretty expensive to live in compared to the rest. -- nm - Name Withheld by Request Sep 14, 11:30

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To put that particular house in perspective: Normally the only thing showing up in that price range is townhouses.

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