ST Alpha - "I believe average household income is typically in the $70-$80K range. -- nm" (Reading a Post)

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In response to "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?" by oblique

I believe average household income is typically in the $70-$80K range. -- nm

Posted by Name Withheld by Request (aka BlueKopo) Sep 14 '10, 11:32

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Responses:

*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

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