I was being facetious when I called myself poor, but you've hit on something close to heart. Other than my wife and close family, I really have no idea what other people make.
What is poor, what is rich these days? My relatives live nearby and make a combined income of maybe $90,000, but their house is theoretically valued now at close to $600,000. When they purchased their very typical middle class house in a very typical middle class area in 1992, they paid around $200,000 and had an income of around $60,000. They obviously couldn't afford the house they have now with traditional financing (mustering up a 20% loan, fixed-rate mtg, etc).
If you asked me what homeowners' median household income is for Nassau County, I would say $120,000 per year. Even then a 1400 sqf house in "good" (not mint) condition in a good (not best) school district on a 40x100 lot would cost over 4x income.
I would repeat the statement above for the East Bay Area (Pleasanton, Concord, Walnut Creek, etc), where I was visiting last week.
If somebody has recent stats of this information, I would love to see it!
P.S. In NYC, if you make under $300k, you are poorer in my mind than they guy in San Antonio who makes $100k, no doubt about that. |
