Wow, you must live in a very expensive area! My particular area is not listed, so I used the next closest metro area which is still 2 hours away and MUCH more expensive than here...
And the income needed for a median priced home was just under $54,000.
I pay $400/mo. for a 4-bedroom ~2000sq ft house in a nice neighborhood, I can't imagine needing to make almost 200,000/yr to afford a median priced house! Of course, there aren't many people around here who make that kind of money and there are about ... 5 houses on the market that go for over $200,000
Sad thing is, we moved here from Chicago (where we paid $1100/mo for a 2 br apt) and we're not making *that* much less here! COL really does make a difference.
I'm in Seattle and it says that the median house price is 325K and that you need 103K to get it. I think the wage needed sounds about right based on what we were making and got approved for when we bought our house. I think their median value sounds a little low to me for in-city housing especially what I see for sale around our neighborhood. We desparately need more room but can't afford a bigger house and stay in the city with me not working
In my area, the median home price was $240K, and the annual income required to buy a median house is $76K. Although my area does have a high median annual household income, an average house is too expensive for the average household. Sigh.
I entered the nearby city, the median home price was close to what we paid for our house and the needed salary is a little lower than what DH makes, so it seems about right since we are pretty tight at the moment (just bought the house this year). We qualified for a lot more house and I'm so glad we didn't buy it.
Howeve,r I threw in computer programmer for profession and the salary it gave me is an entry level salary - definitely not average - I made more coming out of college 7 years ago, so I don't know how accurate the salaries are... (unless its supposed to be the minimum someone in that field would make)
I think median home price probably includes condos - not just detached homes. So the mediam price may be the low end of what you can get in your area for a house, but its because there are other lower cost house laternatives factored in. I don't know for ure this is true on this site, but I know in the stats I've seen for local town snad cities its definitely true.
Doesn't have my area, so I picked Boise, with 3 occupations and renting
As an Auto Mechanic, DH made 9/hour - The site shows 18
As a Construction Laborer, DH made 8/hour - The site shows 15
As a Delivery Truck Driver (DH was actually a garbage truck driver), DH made 10/hour - The site site shows 13
Note that DH made the most on the site that shows the least. For rent, it's sort of accurate. 1 bedroom- 10/hour, 2 bedroom - 12/hour. DH was making 7-8/hour back when we were in a 2 bd apartment and while we needed (some, not the full allotment) food stamps, it was ok. 12 an hour would have been nice.
Went back and did home ownership and it shows 65k needed, which sucks to be us cause we barely make half that.
The median housing prices seemed about right for my area but the wages per different jobs I checked off were way too high. I about spit my drink seeing over 9/hr for Home Health Aide. The HHAs in my area are working at or a little over minimum wage (6.25), if it were really 9/hr, I'd of ran back and recertified already.* Dh sure as heck isn't making almost 15/hr as a security guard, he's at 8/hr now, you'd have to be a real higher-up to be making 15. In fact they asked him to switch sites and take a pay cut a few weeks ago. He said no and soon he'll be bartending again.
COL in my area is so-so. Property taxes are through the roof in one area and well under a grand for an acre-ish in other towns. Transportation systems are blah so many people really need a car if they are far away from their jobs.
I guess there are quite a lot of variables to consider.
* If I didn't go through an agency and lucked out and found a family to hire me under the table I could easily get 9/hr
There aren't any houses for less than $300,000 here and that would be a "modest" one. I'm not sure what the average income is but DB only makes about $35,000 a year which puts us basically at poverty level
Wow, it's amazing to see the ranges across the country.
Strange that the link way overestimated some of the wages in your areas.
In my area it said that an elementary school teacher earns about 51K a year. I think that's pretty much on track. And sadly, it's about 1/4 of the salary that teacher would need to afford a median priced home here. ($650,000.) Many young families are moving farther and farther away from their relatives. It's really tough for single parent families too. There is just too huge a gap between wages and cost of living here.
Yikes! We'll NEVER make it! The cost of living where we're at is insanely high and yet the job market is extremely poor. There are very few jobs available here - we used to be a large factory oriented area, but all but maybe one or two have been bought out for overseas.
The housing in surrounding counties is considerably lower...I think we're all scratching our heads as to why housing is so expensive here. Rent on tiny apartments here is more than many of you have listed as mortgage payments. Eek!! Everything is overpriced here...rent, houses, gas, etc. I don't know how the town survives except that we do have a large retirement crowd - many of whom are very wealthy from stocks and 401k programs of a big-time company that used to have it's headquarters here.