How much you must earn to buy a home and live comfortably in 78 US cities

  • metta

    Posts: 39078

    Jan 27, 2016 7:08 PM GMT
    How much you must earn to buy a home and live comfortably in 78 US cities

    http://www.finder.com/income-to-buy-a-home-in-us-cities
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    Jan 29, 2016 12:24 AM GMT
    Here in Canada Vancouver ranked 3rd most unaffordable real estate market in the world, topping London and NYC. Canada didn't have a correction in 2008 like US, the real estate market just kept going up fueled by decreasing interest rates, which are now bottoming. I don't want to be a home buyer in Canada in 2016.
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    Jan 29, 2016 3:17 AM GMT
    bachian saidHere in Canada Vancouver ranked 3rd most unaffordable real estate market in the world, topping London and NYC. Canada didn't have a correction in 2008 like US, the real estate market just kept going up fueled by decreasing interest rates, which are now bottoming. I don't want to be a home buyer in Canada in 2016.


    You can't mention Vancouver's housing market without talking about foreign investment. There are people oversea buying property in west Van without even viewing it in person. Thankfully, the Government raised the minimum down payment on homes over $500,000 to deter this behavior.

    Also, Canada didn't need a correction because the way our mortgage system works is so good that that other countries have began modelling theirs after ours. We don't sell property to people that can't afford it. That being said, even in Saskatchewan the price of homes and rent rivals that of bigger urban centres across the world. Which is why I'll never buy here.
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    Jan 29, 2016 10:48 PM GMT
    paracosm saidYou can't mention Vancouver's housing market without talking about foreign investment. There are people oversea buying property in west Van without even viewing it in person. Thankfully, the Government raised the minimum down payment on homes over $500,000 to deter this behavior.


    You are comparing apples to oranges. The first statement is true: foreign speculators are one of the key factors for Vancouver's bubble, but the government raising requirements for homes over 500k does not affect deep pocket speculators at all.

    paracosm saidAlso, Canada didn't need a correction because the way our mortgage system works is so good that that other countries have began modelling theirs after ours. We don't sell property to people that can't afford it. That being said, even in Saskatchewan the price of homes and rent rivals that of bigger urban centres across the world. Which is why I'll never buy here.


    If people weren't buying unaffordable homes the government wouldn't have to intervene with the 500k rule, which at the end of the day is just common sense.
  • MarvelClimber

    Posts: 511

    Jan 30, 2016 1:11 PM GMT
    That's cute about NYC. You can barely find a 1 bedroom for 600k. They're mostly studios in that price range. And when you do, lenders will laugh in your face with only 80k income. Home values go up faster than what you can save. By the time you saved enough for a downpayment, you don't qualify for homes in that neighborhood anymore. I'll own a home here when I win the lottery.