Location, Location, Location
Real Estate, Land, Housing are a large part of where you decide to Place Yourself
Perhaps you are compelled to go where the job is. But what if you have a choice? The question of what you are doing, why you are doing it, such as are you making a great life for your children, your spouse, perhaps because it will make the world a better place. That is a question for somebody else to help you answer. Here, this page will help compare the cost of living with the money earned.
The basic axiom of "Supply and Demand" still holds. The locations where good jobs pay, they are prestigious, or that simply is the location that a person must be to do the work such as Washington D.C. these spots are desired. Note where you are on the curve of population growth makes a difference. If you are considering a place that will become a
Some other spot are not as desirable, yet may be reasonable places to live while dangerous events do not occur, such as next to a nuclear power plant. Which makes the price very affordable.
Comparison of Earnings to Living Expenses
Retirement is different situation since your income may be fixed, thus you can calculate what your income to the cost of living in a location. If you are working you can hope to climb the ladder of success.
Harvard has a great map that shows the rapid increase in the cost of housing compared to the increase of wages in most of the country: Harvards Home Price-To-Income Ratio Map for the years 1980 to the year 2017 . During the pandemic of 2021 there were great changes in the housing market. Typically the price of a house might increase 2 to 4%. Boise Idaho, Austin, Texas, Tacoma Washington saw price increase from 20% to 30% during the pandemic. Therefore the data that chart contain should be used as a guide not as current actuate data.
Dilemma: A average person worked hard and many hours during their working years. Now this person really wants to live life to its fullest. Therefore they wish to be near a city with social activities. This person is on a fixed budget with savings that will not last forever. The person must make the money last.
Social activities suggest a population center such as a city. A fugal budget means living where the demand and competition for housing is low. Your math teacher has this as a problem on your examine? Can your imagination dream of a solution?
Below is a list of some of the most prestigious and a list of some of the very economical places within the United States of America.
The following charts are based upon averages of data from state to state. Just as there are differences state to state, there are differences county to county, town to town, and street to street.
Prestigious, Yet High Price-compared to-Income Ratio
Portland, OR
- Home price-to-income ratio: 7.3
- Median home price: $558,685
- Median household income: $76,231
- 5-year change in median home price: +32.0%
- Mortgage holders spending >30% of income on housing: 29.7%
Denver, CO
- Home price-to-income ratio: 7.5
- Median home price: $568,178
- Median household income: $75,646
- 5-year change in median home price: +47.3%
- Mortgage holders spending >30% of income on housing: 29.0%
. Washington, DC
- Home price-to-income ratio: 7.6
- Median home price: $698,414
- Median household income: $92,266
- 5-year change in median home price: +22.8%
- Mortgage holders spending >30% of income on housing: 25.2%
Austin, TX
- Home price-to-income ratio: 8.0
- Median home price: $601,313
- Median household income: $75,413
- 5-year change in median home price: +77.8%
- Mortgage holders spending >30% of income on housing: 27.9%
Seattle, WA
- Home price-to-income ratio: 8.5
- Median home price: $875,450
- Median household income: $102,486
- 5-year change in median home price: +45.6%
- Mortgage holders spending >30% of income on housing: 25.9%
Boston, MA
- Home price-to-income ratio: 8.8
- Median home price: $697,690
- Median household income: $79,018
- 5-year change in median home price: +26.9%
- Mortgage holders spending >30% of income on housing: 29.6%
San Diego, CA
- Home price-to-income ratio: 10.1
- Median home price: $864,662
- Median household income: $85,507
- 5-year change in median home price: +59.2%
- Mortgage holders spending >30% of income on housing: 35.7%
Miami, FL
- Home price-to-income ratio: 10.1
- Median home price: $435,121
- Median household income: $42,966
- 5-year change in median home price: +29.2%
- Mortgage holders spending >30% of income on housing: 47.1%
Anaheim, CA
- Home price-to-income ratio: 10.5
- Median home price: $796,098
- Median household income: $76,075
- 5-year change in median home price: +44.6%
- Mortgage holders spending >30% of income on housing: 39.5%
New York, NY
- Home price-to-income ratio: 10.5
- Median home price: $728,404
- Median household income: $69,407
- 5-year change in median home price: +21.4%
- Mortgage holders spending >30% of income on housing: 41.2%
Long Beach, CA
- Home price-to-income ratio: 11.2
- Median home price: $761,094
- Median household income: $67,804
- 5-year change in median home price: +48.6%
- Mortgage holders spending >30% of income on housing: 40.4%
San Jose, CA
- Home price-to-income ratio: 11.2
- Median home price: $1,303,422
- Median household income: $115,893
- 5-year change in median home price: +52.1%
- Mortgage holders spending >30% of income on housing: 31.9%
Oakland, CA
- Home price-to-income ratio: 11.6
- Median home price: $952,381
- Median household income: $82,018
- 5-year change in median home price: +51.7%
- Mortgage holders spending >30% of income on housing: 38.3%
San Francisco, CA
- Home price-to-income ratio: 12.3
- Median home price: $1,522,827
- Median household income: $123,859
- 5-year change in median home price: +28.2%
- Mortgage holders spending >30% of income on housing: 37.2%
Los Angeles, CA
- Home price-to-income ratio: 13.6
- Median home price: $913,754
- Median household income: $67,418
- 5-year change in median home price: +49.1%
- Mortgage holders spending >30% of income on housing: 44.4%
- Methodology & Detailed Findings
Affordable Places to Live
for the most recnt numbers (statistics) check with
www.census.gov
West Virginia
- Home price-to-income ratio:
- Median home price: $140,000
- average price of just $98 per square foot
- Median household income: $51,600
- property tax rate of just .57%
- 5-year change in median home price:
- Mortgage holders spending > of income on housing:
Arkansas
- Home price-to-income ratio:
- Median home price:
- $101 per square foot
- property taxes of .61%,
- Median household income: $50,540.
- 5-year change in median home price:
- Mortgage holders spending > of income on housing:
Iowa
- Home price-to-income ratio:
- Median home price: $165,000
- $114 per square foot
- state’s property taxes 1.53%
- Median household income:
- 5-year change in median home price:
- Mortgage holders spending > of income on housing:
Alabama
- Home price-to-income ratio:
- Median home price: $170,000
- Average per-square-foot $114
- Median household income: $50,500.
- 5-year change in median home price:
- Mortgage holders spending > of income on housing:
Mississippi
- Home price-to-income ratio:
- Median home price: $145,000
- $115 per square foot
Property taxes are .79%
- Median household income: $45,000
- 5-year change in median home price:
- Mortgage holders spending > of income on housing:
Kentucky
- Home price-to-income ratio:
- Median home price: $168,000
- $117 per square foot
- Median household income: $50,000.
- 5-year change in median home price:
- Mortgage holders spending > of income on housing:
Nebraska
- Home price-to-income ratio:
- Median home price: $206,000.
- $118 per square foot
- state’s property tax rate of 1.61%,
- Median household income: $61,000.
- 5-year change in median home price:
- Mortgage holders spending > of income on housing:
Ohio
- Home price-to-income ratio:
- Median home price: $181,000
- $119 per square foot
- average property taxes 1.57%.
- Median household income:
- 5-year change in median home price:
- Mortgage holders spending > of income on housing:
Oklahoma
- Home price-to-income ratio:
- Median home price: $150,000.
- $120 per square foot
- Median household income: $53,000.
- 5-year change in median home price:
- Mortgage holders spending > of income on housing:
Louisiana
- Home price-to-income ratio:
- Median home price:
- $120 per square foot
- Median household income: $51,000.
- 5-year change in median home price:
- Mortgage holders spending > of income on housing:
Kansas
- Home price-to-income ratio:
- Median home price: $176,000
- $122 per square foot
- Median household income: $59,600
- 5-year change in median home price:
- Mortgage holders spending > of income on housing:
Indiana
- Home price-to-income ratio:
- Median home price: $185,000
- square foot: $125
- property tax rates 1.37%
- Median household income: $56,300
- 5-year change in median home price:
- Mortgage holders spending > of income on housing:
Missouri
- Home price-to-income ratio:
- Median home price: $194,000.
- per square foot pricing averaging $145
- a property tax rate .93%
- Median household income: $55,500
- 5-year change in median home price:
- Mortgage holders spending > of income on housing:
Michigan
- Home price-to-income ratio:
- Median home price: $208,000
- $156 per square foot
- Median household income:
- 5-year change in median home price:
- Mortgage holders spending > of income on housing:
Illinois
- Home price-to-income ratio:
- Median home price: $233,000
- property taxes state average 2.16%
- Median household income: $66,000
- 5-year change in median home price:
- Mortgage holders spending > of income on housing:
My Direct Line ...Phone: 856. 974.1981
Sales associate with
Weichert
5070 Route 42
Turnersville, New Jersey, 08012
United States of America
Earth
David Cohen Office 856.974.1981, Office 856.227.1950
