Can most people with an average income buy a home where you live?

40 comments

1. Lolz, no. You can get this by just getting the average wage for state and current house cost. Its insane mate.

2. Not a chance.

3. Nope.

4. Where I live, yes. Where I used to, no.

5. If average people can’t buy houses, who’s living in all of the houses?

6. Nope. People with notably above average income can’t buy a house either.

7. I live in a Big Ten college town that attracts students from rich families, so no, not a chance, unless you went somewhere way out in the country/woods and lived in a shack.

8. In New Hampshire thats a no for sure. We are a state that is on the high end for cost of living but we don’t have the high salaries that other high cost of living states have.

   Our economy is also pretty small and hard to break into so it’s not uncommon for people to work down in Massachusetts for better pay and opportunity.

9. Yes, with a mortgage. The problem is that average income people with mortgages are outbid by cash-in-hand “flippers” and corporations.

10. No. Homes cost $800,000 and I’m being on the low side.

11. No. The median home price is over $550k in the city I live in. It’s $410k in the Atlanta metro, which apparently now includes 12 counties.

12. I had to look it up- average household income in my town is 55k. My house was 250k. So let’s ask if we can buy a 250k home on 55k income. Well, there are a ton of variables: VA loan yes or no. Is this my first home or am I refinancing. Condo, single family, multi family or rowhome. Is this my primary residence or an investment property. Am I offer pending on a house I found, am I buying ASAP or do I have time on my side to shop around. How much cash do I have for a down payment. What’s my credit score- lets say it’s average at 650. Am I employed or self employed. Have I ever declared bankrupcy. What do my debts and spending look like. They will want my bank statements going back at least 3 months.

    Off the top of my head, I’m going to say that assuming average profiles in all those areas someone can buy a 250k house on 55k income.

13. Not recently.

    The median income in my county is $42,040. The average sales price for a home is $480,000. The rule of thumb is that you can afford a home that is at maximum 4 times your income (but really it should be 3). So the average income can afford a home priced at $168,160. There’s just nothing on the market that low.

    Additionally, on that income “affordable housing” as defined by the state (30% of your income) would cost about $1051 a month. The average rent is $1421.

    Edit: this is in Texas.

14. How do you define “home”?

    Average income might get you a small condo, but even those are getting ridiculous.

    Single family home? Unlikely.

15. Oh yeah. A lot of houses here in NW Indiana are <275k

16. No, and most of the recent sales near me have sold for over asking price.

17. Yes

18. My hometown is Phoenix and the answer is no. The median house price is $425,130. If you wanted to put down a 20% downpayment, that’s $85,026. The median income in the city is $31,820. Say you only put down 10%. On a 20-yr fixed mortgage with 5.5% interest, your monthly payment would be around $2,900 including PMI. Required annual income for this would be $126,000. A couple who split the costs down the middle would have to make $63k/year, twice the average income.

    Sources provided upon request.

19. Almost 70% of NYC residents rent. That should answer your question lol.

    Even with a good paying job, when it comes to buying a home you’re best bet will probably be somewhere in Queens or living just outside the city like in Long Island.

20. What’s average? A lot of people average 6 figure households here. A lot of people buying homes also probably have good incomes, or they bring Cali equity. It depends, 40 minutes north of me and the costs drop quite a bit.

21. No

22. Absolutely not. $15-$20/hr Average home cost in my area is ~500,000. That’s a 2bed 1bath….

23. Depends on what you mean by average. I think if you made the median income you could.

24. No. I legit make over $200K and every apt I see is truly dreadful or I’m outbid.

25. In Fresno County the median household income is $57,000. The average home price is around $370,000. Depending how much the household has saved and how much debt they have they can probably buy a house on the cheaper end of the market here (something in the <300,000 range). It wouldn’t be the biggest house or in the nicest area but it could be done.

26. Absolutely not.

27. Here? Probably, yeah

28. Yes, but with the very, very important caveat that you get what you pay for in St. Louis.

29. No.

30. Yes. It takes some mindful consideration but absolutely yes.

31. Yes

32. No.

33. Of my town? Yes

34. Average yes. Median no.

35. Not even close

36. Depends. If you want to live in a rough area of Louisville you can snap one up for 100k. A lower end but safe area, you could get one for 200k. If you want a nice home in a good neighborhood probably 300k.

    Median household income is 55k here. Median home price is 240k. It’s a bit of a stretch at 1300 a month or so but it could be done. Not recommended. Average income will almost certainly be above median as well. I’d guess 65 or so which would make that a bit more palatable especially for the Lower end areas.

37. Average home is 283k, average income is 41k individual, 76k household. Seems doable.

38. Thats Gonna be a big no from me in Brooklyn

39. Yes.

40. lol