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Shhhhhhh. You will scare him away4*250,000 = $1,000,000
$3,000,000/6 = $500,000
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.
No one told me math was going to be involved.
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.
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.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.
Depends. Are we talking the years when my dad had a job or the years when he didn't?Quick poll… How many of you here grew up in a household that was below the median household income for where you grew up?