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ValidusLA

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Also, this is what $1,000,000 gets you in my hometown these days.

Not the worst neighborhood in town, but not in the top 5 either.
 

Piobaire

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A quick Google says average income in Pasadena is about 120k, so given a double income, they're at 4x income.

ETA: whoops, that was household income, so yeah, that's an overheated market I guess.
 

Fueco

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So this is the sort of assertion one usually presents data to support. Just a quick skim of the aggregated data presented so far would seem to indicate your conclusion might not be true.

I may have hit my head harder on the driveway (we had freezing drizzle yesterday) this morning than I thought…
 

Fueco

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No one told me math was going to be involved.

Setback is the new rose-colored glasses?

Quick poll… How many of you here grew up in a household that was below the median household income for where you grew up?
 

jbarwick

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So the question I have then, is it just the upper quintiles that are driving the median houses up in price and size? Clearly the lower income quintiles are not moving into better homes since their income is not increasing.

We’re just widening the gap between the haves and have nots and saying it’s all good because the median is doing just fine.

Since others have given up, I refer to my post where I said interest rates have dropped meaning people can afford more with the same payment. Go to a mortgage calculator and check it out for yourself. You keep thinking people are buying houses with cash and need the whole amount up front. People buy based on how much they can afford monthly...it is the consumer behavior.
 

Piobaire

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I'm not sure what that means but haha?
 

Piobaire

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Since others have given up...

shaq-inside-the-nba.gif
 

Fueco

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Since others have given up, I refer to my post where I said interest rates have dropped meaning people can afford more with the same payment. Go to a mortgage calculator and check it out for yourself. You keep thinking people are buying houses with cash and need the whole amount up front. People buy based on how much they can afford monthly...it is the consumer behavior.

I understand how averages work.
 

Fueco

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jack webb

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Since others have given up, I refer to my post where I said interest rates have dropped meaning people can afford more with the same payment. Go to a mortgage calculator and check it out for yourself. You keep thinking people are buying houses with cash and need the whole amount up front. People buy based on how much they can afford monthly...it is the consumer behavior.
Good point, but maybe less relevant in an over-heated market where cash buyers are at a decided advantage. Being able to write a check for the entire amount without any financing contingencies makes one very attractive to sellers.
 

Piobaire

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What do you think that proves? Genuinely curious as to your thought process and what point you think this makes.
 

SixOhNine

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Quick poll… How many of you here grew up in a household that was below the median household income for where you grew up?
Depends. Are we talking the years when my dad had a job or the years when he didn't?
 

Piobaire

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This graph from that link is probably also an impact on the math, as obvi, you put more down you can afford more house relative to a monthly payment. The 20% threshold is doubly impactful as PMI is not cheap.

economists-outlook-share-of-homeowners-who-put-down-less-than-20-percent-downpayment-april-2011-to-december-2020-line-graph-05-24-2021-1300w-831h.png
 

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