You have to earn $115,000 a year to afford a typical house now in the US
You have to earn $115,000 a year to afford a typical house now in the US
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It really doesn't make sense to talk about averages for something like this in a country as large and diverse as[US is. Median home price in Hawaii is $973k. In West Virginia it's $158k. The average isn't relevant to most people, just the tiny fraction who live in a place where it's about in the middle. Also worth noting that average salaries vary pretty widely, too.
It does make sense because the average house price has gone up for everyone.
The article is about median prices.
Yep, got that. I'm saying the standard deviation is so high that there's not a lot of use in discussing median prices across the country.
I'm thinking about the argument that people should just move to a cheaper area if they can't afford the city. Doesn't this graph suggest that even if everyone could move anywhere without reducing their salary most working people would still not be able to afford a home?
It might be true, but you can't say that from that graph, which is part of my point. Median income and median home prices for such a gigantic and diverse area make it hard to know what the situation is in a specific area of a specific state. I mean, just in my state (California) there are areas where every home is multi-million dollar, and areas where they're reasonably cheap.