The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: nextrade! who wrote (10588)	5/4/2003 1:48:58 PM
From: Elroy Jetson	Read Replies (2) of 306849

The amusing article "Riding the bubble: A tale of two cities" is an excellent example of the problems encountered when using medians and averages. Message 18911519 Using the median incomes and home prices, as practiced in the article, we notice the median household in Boston spends 60% of their income on housing while those in Dallas spend only 29% of their income on housing. Based on this information we obviously conclude that those in Dallas qualify for home mortgages, based on their income, while those in Boston do not. To make the cost difference even greater, the residents of Dallas require neither heating nor air conditioning as their average temperature is 65.4 degrees. Those in Boston certainly must pay for some heating as their average temperature is only 50.5 degrees. As well off as they may be, sadly the residents of Dallas have suffered shocking financial reverses. The article reports the median income in Dallas is currently $37,464 while, according to the Texas low-income housing service, they enjoyed a median income of $54,400 in 1998 - a 31% decline in income over the past four years. texashousing.org

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