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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Tradelite who wrote (1932)2/26/2002 5:30:12 PM
From: J. P.Read Replies (4) of 306849
 
<<Oh my oh my....here's yet another fellow who takes it upon himself to proclaim real estate "overpriced." Overpriced compared to what???? >>

Here we go again! In Chicago, a halfway decent 4/2 starter home in a halfway decent neighborhood is about 300K. This isn't luxurious mind you, just OK average suburban sprawl. Now assuming the monthly payment with taxes, etc is 3000. Now if you use the benchmark of 25% of your gross, then you need to gross 12,000 a month to reasonably afford that home. That is 12 X 12,000 = 144,000. That's a lot of dough, that's good VP pay and even CEO pay for some companies. OK, say it's a two income home, that's 72K each. That's got to be better than average.

So I'm saying the prices are too high based on the benchmark of salaries. So the guy making 144K a year is living only on equal footing to the guy making 70K a year who happen to have bought 3-5 years ago. Isn't there something wrong with this picture?
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