what is the "middle class" income for your area?

[luvshinyrocks]

Median incomes are about $50K for males, $40K for females, and $95K per household. Median home price is almost $500K. Grr.

 

[radiantquest]

I just looked and for my town the median income per household is $50K and the median housing cost is $159K. I dont know how accurate that is. It is from 2008. I know that you cannot get a house for $159k with more than 1 bedroom. Most houses are $270K-$350K

 

[Puppmom]

$57,644 median income and $265,640 media home price here. Not sure how a family could afford a $2k mortgage payment on $57k per year...

Also, I haven't seen anything in the area as low as $265k except condos. Single family homes seem to be much higher.

 

[boredstiff]

Interesting. What would you consider affordable housing (as a multiple of the annual household income)?

2.5x is reasonable.

 

[CourtLynB]

I just looked it up for my area. The data was from 2008 and it said median income was $85k and median home value was $650k. But here's the thing, I live pretty much in the Hamptons on Long Island. So we've got multi-million dollar mansions on one side of the road and then regular, local peoples' houses on the other. And many of the homes are considered second homes, so I don't know if those home-owners incomes are factored in.

I'm trying to look for a house well under the median price and property taxes are killer!!

 

[kenny]

What if our area's not middle class?

Do you mean average income for our area?

 

[Dancing Fire]

What if our area's not middle class?

Do you mean average income for our area?

yes!

 

[Beacon]

I checked on my zip code here in San Mateo, CA. Average income $92.9K, average house 548K. I am not sure just how old that data is. One thing for sure you cannot buy a house here for $548K - maybe a townhouse only. Most house will be 850K and over. And at 850K it will be surprisingly NOT nice.

Too costly here and I don't feel we get what we pay for. I would move except for DH's work makes us stay.

 

[JSM]

2008 data:

Median income for households in my county is $57,624. Estimated median house or condo value in 2008: $186,700
(but detached house average price is $250,272)

I think we will be renting for quite some time yet! $250k is WAY above 2.5 times our annual income. House prices seem to have risen exponentially over the past 10 years, while wages seem to be pretty stagnant.

 

[Aryana]

I just checked on my town and the data was from 2008, so this is before the real estate bubble burst.
Median income - $118,351
Median house or condo - $910,000

In 2010 the cost of living in my town is 80.70% higher than the US average.

I moved to CA recently from Chicago, and the cost of living is so much higher here, at least in my current area as compared to my Chicago area. Everything (groceries, gas, electricity, homes, etc.) costs much more than what I was accustomed to.

 

[jaysonsmom]

Around 2-1/2 times your annual salary. Apparently in states like my own (California), the number that would be ok would be 4 times the annual income. I don't know who's doing that, though, according to the stats, people are paying much more for their housing. It's sad, but in my area of San Diego, we do get good weather so we count that as part of our sunshine tax . Eventually, I'll move away from here to get more space and more reasonable housing expenses.

I guess my city fits the bill then:

Median household income: 95K
Median Home value :$400K (but this would be a starter condo)

 

[calibali]

For where I'm moving in a couple weeks (not CA):

Median Household Income: 207,773
Median House: 1.27

Unfortunately you have to crack the 2 mil mark for anything not straight out of the 80s. Very annoying.

 

[Beacon]

Where is this?

 

[yssie]

median income for a household in the city was $119,046, and the median income for a family was $153,197
The median home sale price as of July 2009 was $1,363,000

Moving to CA from MD was painful on the wallet - everything is more expensive out here

Can't wait to move to somewhere where buying a house isn't a farfetched fantasy..

 

[Dreamer_D]

Median family income where I live in 2007 was about $75k.

The median home price where I live is a little over $500k. Much more for a detached home in a desirable area.

So to live here comfortably you need to earn close to double the median income

 

[Dreamer_D]

median income for a household in the city was $119,046, and the median income for a family was $153,197
The median home sale price as of July 2009 was $1,363,000

Moving to CA from MD was painful on the wallet - everything is more expensive out here

Can't wait to move to somewhere where buying a house isn't a farfetched fantasy..

I hear you! We would have earned to same salaries (maybe about 10k less for DH) if we stayed where we were a year ago, but mediam home prices are $300k, not $500!

 

[Dreamer_D]

Interesting. What would you consider affordable housing (as a multiple of the annual household income)?

2.5x is reasonable.

Where I live the median home costs 6.5 times the median income! GAK!

But it is paradise.

 

[Lynnie]

I live in Philadelphia, so I suppose there's a HUGE income margin. The median household income is 38000 Median home price is 198K. About what my house cost us last year, but we do make more than 38K

ETA: 23% of Philadelphians apparantly live below the poverty level, too

 

[soocool]

Median income $102,165 average home value is $210,900.

We paid $225,000 for our house (private builder, in a neighborhood not a development 15+years ago). current value is about 750,000.
Homes is our area range from 5 years old to 60 years old. Only single family homes in our area.

 

[Dreamer_D]

Median income $102,165 average home value is $210,900.

Goodness, that is bizarre! I have never heard of a place where incomes were so high and houses so cheap! Where do you live if you do not mind sharing?

 

[calibali]

Where is this?

CO, just outside Denver.

 

[vespergirl]

The median income in our town in northern VA is $130,000, and the median home price is around $600,000.

 

[Imdanny]

Median income for my town is $50,000. The median home price is $443,000. See anything wrong with that picture?!

Hawaii is the same way. For example, the last time I checked the median house price on Maui was over $700,000. Whatever the median income is, it wouldn't come close to paying the mortgage on a $700,000 house. Condominiums are less expensive, but still expensive. And no, the jobs situation isn't any better. I think we rank 25th in income level.

 

[Hera]

Median income for my town is $50,000. The median home price is $443,000. See anything wrong with that picture?!

Hawaii is the same way. For example, the last time I checked the median house price on Maui was over $700,000. Whatever the median income is, it wouldn't come close to paying the mortgage on a $700,000 house. Condominiums are less expensive, but still expensive. And no, the jobs situation isn't any better. I think we rank 25th in income level.

$66,000 is what I found on Hawaii. I imagine it's very similar to San Diego in that there aren't that many large companies so it can be hard to get high salary employment. Good thing we get good weather!

 

[soocool]

Median income $102,165 average home value is $210,900.

Goodness, that is bizarre! I have never heard of a place where incomes were so high and houses so cheap! Where do you live if you do not mind sharing?

I live near New Hope, PA. Many from more affluent areas have moved to this area in the past 10 years. So while there are many homes around 40-60 years old which have been selling around $200,000, there are a few million dollar + homes in the area. People around here stay in their homes until they either go to live with their kids, go into a nursing home, or pass away. In other words they live here for a very very long time. Many of my neighbors have lived in their homes for at least 50 years. My one neighbor built his house in the 1950s and it cost less than $5,000.00. It was on the market for less than 10 days and sold for $200,000.00. Apparently where I live is considered very desirable.

ETA: Also wanted to add that the average age here is probably 50, so many have well established careers. Not many young people here. Only those who buy the much much older homes and renovate them.

 

[littlelysser]

This is a very interesting discussion.

I live in a super cheap city, that still pays pretty decently.

The average median income is about 50k - and the median home price is 120k. Now, that isn't a great house in a great neighborhood, but you could get something quite nice for that price.

 

[that_someone_special]

I must live in a pretty poor area It's weird because there are million dollar homes (or near) all over. To me, the figures below are really really low.. so I am surprised to see them!

this is from the wiki site for my city.. "Growth in the middle class has been slow with the 2000 median household income at $37,974 and the median family income at $48,602. However, the median household income now stands at $44,478 and the median family income now stands at $59,816" (2000 census)

I wonder what the 2010 census will be?

ETA: the median home price is $221,672 apparently- which is total BS!! I suppose if you go in any one direction (suburbs) the prices will get cheaper, but my immediate area does not have a median price of $221,672- it is much higher!

 

[charbie]

I'm in a decent midwestern town. Avg hhi is $44k, home is $143k. That would get u a 3 bdroom or so house, ok yard, and probably the need to upgrade a bit. My husband and I make more, but live in a pretty avg house since we are dual-income/no kids and want to save a bit more before getting a nicer house.

 

[Arkteia]

median income for a family in my city is $92,272.
Median home price $364,920 Home price gain 9.66%
I feel like a minority because I drive a Toyota.

 

[atroop711]

I'm in NYC (Manhattan) and god only knows. There's such a mix of incomes here on this island. I do know that many ppl consider themselves middle class when they're bringing home 200k Growing up here in the city, that was more than middle class to us.