How much a family of four needs in annual income to afford a single family home

GON

GON

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Data is from a realtor dot com article.

This is MACRO information. The information does reflect overall housing prices, but more importantly the information reflects taxes, state migration rates, etc.
https://www.realtor.com/news/trends/family-income-to-buy-home-by-state-map/?
490717341_10227020908537752_4611777636421563422_n.webp
 
@GON , it has gotten crazy around here. While it's great to have the equity in our properties, people gotta have a place to live. All the parents on my street tell me, "Yeah, I'm sending them to top schools, but they will never be able to live here."
 
JeffKeryk said:
@GON , it has gotten crazy around here. While it's great to have the equity in our properties, people gotta have a place to live. All the parents on my street tell me, "Yeah, I'm sending them to top schools, but they will never be able to live here."
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People want to live in California, From "go west young man" migration, to a weather and lifestyle that is often very diserable. Want to play, gonna pay. Add in the legal immagrants from Asia who will easily have three generations live under one roof in a small single family home, no relief in California housing prices for families on the horizon.

The southern California wild fires spoke volumes on the committment of people wanting to remain in California, on a MACRO basis. The fires could have resulted in maigrations from California to states with very afforable housing, and ample fresh water, and little to no threat of wildfire. Almost all the states with "five figure" affordable housing have not only afforable housing, but also ample fresh water, and little threat to loss of housing due to wildfires. Yet, no measurable migration from California to Michigan.
california_dreaming.webp
 
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75k that must be 2022 for ohio.

since then my property taxes have went up 50% my home insurance 50% my electric going up 35% next month.
article needs an update.
I could go on with the price increases on literally everything.. but I think my point is clear.

Family of (2) 75k maybe
 
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GON said:
People want to live in California, From "go west young man" migration, to a weather and lifestyle that is often very diserable. Want to play, gonna pay. Add in the legal immagrants from Asia who will easily have three generations live under one roof in a small single family home, no relief in California housing prices for families on the horizon.

The southern California wild fires spoke volumes on the committment of people wanting to remain in California, on a MACRO basis. The fires could have resulted in maigrations from California to states with very afforable housing, and ample fresh water, and little to no threat of wildfire. Almost all the states with "five figure" affordable housing have not only afforable housing, but also ample fresh water, and little threat to loss of housing due to wildfires. Yet, no measurable migration from California to Michigan.
View attachment 274185
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Multi-generational households are very common in California.

https://usafacts.org/articles/how-common-are-multigenerational-households/
 
Dave Hess said:
The numbers seem low for every state.

$125K for a family of 4 in Florida ?

“Multi-generational households are very common in California.”

Same here in Florida, 7 cars in driveway.
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In the past seven years my Wife and I lived in single family homes in states to include:
Arizona, Pennsylvania, Utah, South Carolina, Washington, and New Mexico.

In addition, I deeply studied single family home prices in over 20 states, across all regions of the U.S. with the exception of the North East for well over ten years.

I would concur with the MACRO figures on the graphic.
 
GON said:
People want to live in California, From "go west young man" migration, to a weather and lifestyle that is often very diserable. Want to play, gonna pay. Add in the legal immagrants from Asia who will easily have three generations live under one roof in a small single family home, no relief in California housing prices for families on the horizon.

The southern California wild fires spoke volumes on the committment of people wanting to remain in California, on a MACRO basis. The fires could have resulted in maigrations from California to states with very afforable housing, and ample fresh water, and little to no threat of wildfire. Almost all the states with "five figure" affordable housing have not only afforable housing, but also ample fresh water, and little threat to loss of housing due to wildfires. Yet, no measurable migration from California to Michigan.
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I can tell you it is not just Asian families... But you are right, Accessory Dwelling Unit, or ADU, is the big thing for properties with sufficient lot size. And remodels for 2 story homes with a Senior room on the 1st floor. Properly equipped bathrooms, etc. And homecare giving is booming.
 
JeffKeryk said:
I can tell you it is not just Asian families... But you are right, Accessory Dwelling Unit, or ADU, is the big thing for properties with sufficient lot size. And remodels for 2 story homes with a Senior room on the 1st floor. Properly equipped bathrooms, etc. And homecare giving is booming.
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Yep. California with their IHSS program. I've seen a lot of transactions which include an adult child caring for an elderly parent and receiving payments from the state.
 
GON said:
In the past seven years my Wife and I lived in single family homes in states to include:
Arizona, Pennsylvania, Utah, South Carolina, Washington, and New Mexico.

In addition, I deeply studied single family home prices in over 20 states, across all regions of the U.S. with the exception of the North East for well over ten years.

I would concur with the MACRO figures on the graphic.
Click to expand...
Yes. CA can be split up into at least 5 distance areas. Nor Cal, Bay Area, Central Valley, So Cal, Central Coast.
We are a huge, diverse land mass.
 
97% of land in the US is rural. The answer is to build more houses. We have too many policies by certain folks who are known for pulling up the ladder behind them. “I got mine - who cares about everyone else”. I don’t want future generations nor my kids growing up in 3rd world shanty’s. How about we stop obsessing about money 24/7 and looking as shelters as investments and enacting policies to ensure they “only go up in value” and instead promote policies that allow working people to be able to afford a shelter of their own.
 
Supplemental to the topic:

Monthly mortgage payment needed to buy the median priced home for sale in the US...
Apr 2020: $1,484
Apr 2021: $1,688
Apr 2022: $2,404
Apr 2023: $2,555
Apr 2024: $2,750
Apr 2025: $2,810

That's an 89% increase over the last 5 years.

491960469_10227021311507826_668380400691049309_n.webp
 
gfh77665 said:
The Texas number is skewed. Some places are crazy expensive like the Austin - CenTex area, but there are ample, extremely affordable options across most of the State.
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Your post nails it, one has to look at housing throughout a state, not just a "hot area".

In states like Wyoming, Idaho, Utah, the affordability is significantly more challenging than states like Michigan, Ohio, etc.

We looked (and still looking), super long and hard in Utah. Simply could not justify the housing costs, yet my Wife loved the time we lived in Utah. We would consider a permanent home today in Utah, Wyoming, and Idaho. simply no value buys whatsoever. But in Texas, Michigan, Louisiana, etc-- robust amount of value buys in single family homes.
 
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