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

[Dave Hess]

The house next to my son’s home renting for $3800 per month.

I see people stopping by and reading the For Rent sign.

Renting a house can get expensive and people are still broke after paying for utilities, food, childcare, car expenses, heath insurance, etc…

The house next door to me is renting for $5000 per month.

It’s a 3-2-2 house in a decent neighborhood, nothing fancy and 50 year old home in a non HOA neighborhood.

 

[SC Maintenance]

The house next door to me is renting for $5000 per month.

It’s a 3-2-2 house in a decent neighborhood, nothing fancy and 50 year old home in a non HOA neighborhood.

So that would imply the renter should be making $180K / year to rent it. Maybe its different when you get to that level, but when I rented my kids apartment that was there benchmark - 3X gross income. FWIW I am now paying $1800 a month for a 1 bedroom apartment in the city for my kid. Luckily it was just for school so total of 16 months. Still hurt.

When I moved here I looked to rent - houses were hard to come by and expensive so I just went ahead and bought. Housing prices have nearly doubled but I looked a while ago and rental houses are only up about 1/3 - so must be a lot more available. About 11 years for those spreads.

 

[JeffKeryk]

The house next door to me is renting for $5000 per month.

It’s a 3-2-2 house in a decent neighborhood, nothing fancy and 50 year old home in a non HOA neighborhood.

That's why I've played a part in 3 purchases in the past 1.5 years.