ST Alpha - "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?" (Reading a Post)

SlickerTalk
Search Archives
The Leaderboard
The FAQ

Down to Post

Backboards:

Posts: 154

In response to "To put that particular house in perspective: Normally the only thing showing up in that price range is townhouses." by Beryllium

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?

Posted by oblique (aka kkuphal) Sep 14 '10, 11:29

I'm dealing with a < $200k mortgage and I think it's alot of money

Responses:

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

Post a message top

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?

Replies are disabled on threads older than 7 days.