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From the Milwaukee Journal Sentenial
"It takes a 10% down payment toward purchase price and a $71,354 annual income to afford the nation's median-priced house."
It takes a 10% down payment and a $47,569 annual income to qualify for a $150,000 house in metro Milwaukee.
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August 11 2005, 12:01:19 UTC 6 years ago
$230,000
$230,000 is the _average_ price of a home bought or sold in Madison in the year 2004. Egads. My neighbor had her very nice home appraised for about 180k. The neighbors with a shittier property, smaller home in worse condition sold their home for 255k. She is putting her home, appraised at 180k onto the market for 275k.Is this some part of real estate that I don't understand or is it some cryptic expression of the deep underlying greed of Americans? What do people do with all of that money they make from owning a home? Get a bigger home?
I'm never going to own a home. Never.
August 11 2005, 17:11:37 UTC 6 years ago
Wait...
WIFE? Did you two folks get hitched!?!If so, Congrats!
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August 12 2005, 12:20:12 UTC 6 years ago
Re: Wait...
Right after graduation, I take it. Gods, has it been that long?August 11 2005, 03:12:19 UTC 6 years ago
Not necessarily in that order.
August 11 2005, 12:05:22 UTC 6 years ago
Second... I don't think that's entirely it. I really think that people see this housing boom as their way to fat fast cash, and don't even see the repercussions trickling around.
People are getting interest-only mortgages. They make payments of $1000-1250 for the first five years, and then BAM! the "real" cost of owning that gigantic fucking home kick in and their mortgage payments are closer to $5000. They just figure they'll sell the home in that first five years before the big payments kick in.
I dare ask about the wave of foreclosures that will happen when the housing boom crashes and real people like us can't afford to buy these gigantic McMansions and the greedy bastards are stuck with their payments.
Nobody's going to be able to afford houses like that after the crash!
August 11 2005, 12:31:59 UTC 6 years ago
On top of that, Americans have stopped saving money like they used to. Instead, we're borrowing and buying at rates hitherto unseen. What makes it even worse is that, in the past, the Fed and businesses would reinvest in the community. Now they just keep profits or expand by spending money and borrowing.
To make up for the fact that America is spending far more than it really earns, we have tons of money rolling in from China. China owns some annoying large (under 10, I think) percent of our economy. I worry what may happen if they do indeed succeed in buying Unocal or ... the American company that makes dishwashers. I forget the name. If the succeed, I may shift my 401k into Chinese stocks.
And that icon rocks. Go here to understand.
--
Side bar - what you doing Friday? I took the day off.
August 11 2005, 15:48:36 UTC 6 years ago
But after work I'm getting my couch. Yea!
Then after getting my couch I'm moving some furniture.
Then after moving furniture, Sev is taking me out for sushi.
Then after sushi, I'm hanging out with you and your woman and Huza and his woman.
Then after that I'm feeling like a third wheel. Yea!
August 11 2005, 16:08:53 UTC 6 years ago
OMFG DOUBLE ENTENDRE! ;)
Anonymous
August 11 2005, 17:01:25 UTC 6 years ago
August 11 2005, 17:30:17 UTC 6 years ago