From the Real Deal:
This is the salary you need to earn to buy a home right now in New York, Miami and LA
Using the National Association of Realtors’ data on housing affordability, Business Insider gathered a list of the US metro areas where the minimum salary required to qualify for a mortgage, after a 20 percent down payment, is highest. What they found was that the salary needed to qualify in the top-five metro areas — four of which are located in California — exceeds $100,000.
Here’s what it you need to be earning to buy in New York, Miami and Los Angeles.
The New York-Newark-Jersey City, New York/New Jersey/Pennsylvania metro areas ranked 13th overall in BI’s list. With a population of 20,182,305 and a median home cost of $414,000, the salary you need to buy is $76,613.
From the Star Ledger:
Here’s how much you can earn and still qualify as low-income in N.J.
As rent and home prices keep rising in New Jersey, the number it takes to be considered low-income by the Department of Housing and Urban Development continues to be surprisingly high in New Jersey.
In 2017, a family of four in New Jersey earning $68,000 a year or less is considered low-income, according to HUD.
How on earth do you pay a mortgage on a $414,000 home on $76,613/year? This article is total garbage.
A house like that has at least a $10,000/year property tax bill
The article is a joke.
I guess you could do it but you aren’t doing anything but paying your mortgage and other associated housing costs. Forget everything else.
The IRS is taking a big bite of that $75k before that mortgage payment is made.
I’d just rent.
Exactly, you have no real difference in income between the two articles ($8) – one article says that income level id sufficient to afford a $410k house, and the other says that you are essentially poor.
Wtf?
Mexican Foreign Minister Luis Videgaray posted on Twitter shortly after Trump’s vow to ditch the bargaining table that there were “no surprises” in his remarks.
“We are already in a negotiation,” Videgaray wrote in Spanish. “Mexico will remain at the table with serenity, firmness and national interest ahead.”
http://www.politico.com/story/2017/08/23/trump-nafta-trade-withdrawal-threat-canada-mexico-24194
heaven forbid the US do the same… (the people of the US, not the MNC’s)
Great post Grim. These articles are baffling and you have to wonder if there’s more motive behind the terrible info.
Grim – The second article is quoting the income that is 80% of the Area Median Income for the area. So earning 68,000 would put you in the top quartile of the bottom 50% of all incomes.
The reason they site your are low income is because at 80% of AMI you can qualify to rent a subsidized apartment under Sec 42 LIHTC program. However, there are very few off these 80% units. The majority of units are held for people making less than 60% of AMI or what the IRS calls the deep skew “30% of AMI” which is classified as VLI or very low-income.
The take away for me says more about banks that are willing to make a $300k mortgage loan to someone that is barely above 80% of AMI.
Converesly, the same banks that make those loans are also the beneficiaries of the Low Income Housing Tax Credits that are used to subsidize the affordable apartments. These banks are required to invest per the Community Reinvestment Act. So if they aren’t getting your money in mortgage interest, they are getting your rent money via affordable housing apartment units. Welcome your true Overlords.
Just because ……
https://www.youtube.com/watch?v=X3uqYIptJAc&feature=youtu.be&t=38s
http://dailycaller.com/2017/08/23/violent-leftist-group-plans-to-shut-down-berkeley-march-against-marxism/
Two weeks after violent clashes in Charlottesville, Va., and one week after violent protests in Boston, another clash is shaping up to take place in Berkeley, Calif.
The well-organized, militant group By Any Means Necessary (BAMN) is rallying forces to “shut down” a planned march against Marxism in Berkeley. Berkeley has already been the site of repeated instances of political violence this year, predominantly by aggressive anarchist and Marxist actors. (RELATED: ‘INFERNO’ — Milo Speech Cancelled After Rioters Set Campus Ablaze [VIDEO])
BAMN is organizing to shut down what it claims is a “Neo-Nazi” rally in Berkeley on Saturday. The rally is titled “No to Marxism in America.” The rally organizer, a biological man who identified himself as a transgender woman to media outlets, claims the rally is not a “right-wing” rally, embraces diversity and is meant to oppose the spread of Marxism in Berkeley.
BAMN, which was founded by the openly-Marxist Revolutionary Workers League, has previously been involved in violent clashes in Berkeley and elsewhere. The group’s members are unapologetic about their use of physical confrontation, even with harmless participants, as a political tactic.
Among BAMN’s leaders is a Berkeley teacher, Yvette Felarca, who was charged last month with inciting a riot in Oakland. Felarca and other BAMN activists have tried to “brainwash” and “indoctrinate” students into their militia during school hours, Berkeley Unified School District argued in court filings.
The school district also said that efforts to discipline Felarca were derailed by student protesters who would disrupt disciplinary proceedings in support of Felarca.
BAMN has direct ties to the North American Man/Boy Love Association (NAMBLA), one of the nation’s most prominent pro-pedophilia organizations, according to internal NAMBLA documents obtained by TheDC. (RELATED: Documents Tie Berkeley Riot Organizers To Pro-Pedophilia Group, NAMBLA)
BAMN played an active role in organizing the riots shutting down right-wing commentator Milo Yiannopoulos’ speech at the University of California – Berkeley in February.
The group’s planned aggressive demonstrations against conservative commentator Ann Coulter and the students coming to hear her talk led to the cancellation of Coulter’s speech in April due to safety concerns.
Saturday’s planned confrontations in Berkeley come two weeks after an enormous battle between antifa and white nationalists in Charlottesville, Virginia, where 20-year-old James Fields allegedly drove his car into a crowd of counter-protesters, killing one person and injuring dozens more.
One week after the Charlottesville, protesters demonstrating against a free speech rally in Boston launched urine-filled water bottles and rocks at police officers. (RELATED: Pee-Filled Projectiles A Recurring Weapon Of Choice For ‘Anti-Fascists’)
Any questions?
http://insider.foxnews.com/2017/08/23/tucker-carlson-espn-pulling-robert-lee-charlottesville-game-over-his-name
Marxists have killed tens of millions more than the Klan, but I’m sure leftists will protect their freedom of speech besides protecting their teaching jobs. Implying that same-race murder and enslavement is ok.
In 2006, 18% of professors in “social sciences” self identified as Marxists. 25% in the field of Sociology. I suspect the percentage may be rising, though they may be converting into even less coherent schools of thought based more on race/s3x than class. Good reason to avoid majoring in such fields.
http://econlog.econlib.org/archives/2015/03/the_prevalence_1.html
http://tinyurl.com/Dem-policy
By Marxist they mean fans of the Marx Brothers
How on earth do you pay a mortgage on a $414,000 home on $76,613/year? This article is total garbage.
I was making about 65k a year when I bought my home for $435k. I had to put 135k down. I had to lower the amount mortgaged down to $300k so they could sell the loan.
Blue Ribbon – How did you accomplish that? I’m guessing at the time you netted 55k per year after tax. Let’s say you were able to save 1/3rd your salary, it would take you 10 years to build up that down payment.
Were you able to save more than that? Did it take you longer? Just curious.
His grandmother gave it to him………
homeboken says:
August 24, 2017 at 12:36 pm
Blue Ribbon – How did you accomplish that? I’m guessing at the time you netted 55k per year after tax. Let’s say you were able to save 1/3rd your salary, it would take you 10 years to build up that down payment.
Were you able to save more than that? Did it take you longer? Just curious.
Nice!
Berkeley Antifa @berkeleyantifa Aug 20
If you’re coming to Berkeley next week to confront white supremacy, you have to be against the police too
Does this put into perspective how much money is in our location? That’s why I laugh at people that think 90-100k is a lot of money. They just don’t get it. Then they blame govt workers like teachers for their high taxes, as opposed to the fact that it’s a HIGH COST OF LIVING AREA, are you supposed to pay professionals like teachers a poverty salary because you feel taxes are too high? It’s all relative, everything costs more money in a high cost of living area.
Come on people, understand how much money is being made out there, and if you feel nj taxes are too high, it’s prob because you don’t make money and need to lower your living standard. Live within your means, and you shouldn’t feel overburdened by property taxes. No one is telling you to live in a home you can’t afford. Don’t cry and pout in the hopes taxes will go down so that you can AFFORD it. Just go where you can afford or find a way to make more money. There are plenty of properties in less desirable areas of nj (or other states)where you can pay 4,000 a year. Of course no one wants to live in these areas, and instead go to the more desirable location and bitch about the cost.
I scratch my head every time I hear someone complain about the high costs in a high cost of living location. No duh!! It’s like buying a BMW M3, and then b!tching about the cost of the tires. Go buy something you can AFFORD!
“The New York-Newark-Jersey City, New York/New Jersey/Pennsylvania metro areas ranked 13th overall in BI’s list. With a population of 20,182,305 and a median home cost of $414,000, the salary you need to buy is $76,613.”
And it stinks if you were born and raised in what was once a low cost location that has become high cost……but you can’t stay, just go where you can afford. It’s not easy, but that’s life, have to adjust and survive. Just the way it is.
An easy way to lower your living standard is to buy a house on a 50mph busy road. Sure it won’t be very safe for your kids, but if your’e only having one who cares?
Hahahahahahahaha
Come on people, understand how much money is being made out there, and if you feel nj taxes are too high, it’s prob because you don’t make money and need to lower your living standard.
Just imagine if everyone thought like you, there would be a bunch of wasted prime real estate sitting there doing nothing because you can’t have a nice home on a double lined road.
ExPat – I was going to offer that if you are having trouble with the downpayment, then just buy a house off a dying relative. Senile old people are easier to swindle and you don’t have to list to them complain for long anyway.
And since my road is so unsafe, back it up. How many children were hit on my road? I bet you some 25 mph roads have more evidence of this safety hazard you keep trying to point out.
Love the people in here. They are against the estate tax or any tax that levels the field for the coming capitalists being born. At the same time, they bust your balls if you buy a house off your grandmother. Now you are born on third base and that’s a bad thing. So why are you guys not for an estate tax that helps level the field instead of letting families being able to build dynasties?
Ignore the mainstream media reports on real estate. Examine the data yourself. Stop complaining. Accept the fact the best place in NJ today to buy a house (commute, price appreciation, education) is the Journal Square neighborhood of Jersey City.
I just figured it out. The reason njrereport community is uncomfortable discussing NJ real estate – and blathers on about unrelated topics – is they are short Hudson County housing.
It’s all interrelated. It’s right at the top of the webpage.
New Jersey Real Estate Report Real Estate, Economics, and Politics
Yo! says:
August 24, 2017 at 1:40 pm
I just figured it out. The reason njrereport community is uncomfortable discussing NJ real estate – and blathers on about unrelated topics – is they are short Hudson County housing.
Man, this made me think. If you can put together a group of 5,000 people (secretly) looking into making guaranteed money through real estate investments, you would be able to buy out entire towns or sections of cities. These locations would have to be totally run down, so you get it dirt cheap, and have the 5,000 block of investors gentrify the area. Once gentrified, sell and move on to the next investment location. With such a huge block of money going to work in one area, it’s hard to lose. It’s exactly what these Jews are doing, but at a much slower pace.
https://www.nytimes.com/2017/08/02/nyregion/ultra-orthodox-jews-hasidim-new-jersey.html
D-FENS, thank you for pointing that out. I never noticed it. My eyes zoomed in at that map where real estate longs have generated tech stock returns. Wouldn’t surprise me if the real estate in the 3 square miles on the map is worth more than the real estate is several NJ counties (Sussex).
Best place is where you can find the best deal.
Yo! says:
August 24, 2017 at 1:35 pm
Ignore the mainstream media reports on real estate. Examine the data yourself. Stop complaining. Accept the fact the best place in NJ today to buy a house (commute, price appreciation, education) is the Journal Square neighborhood of Jersey City.
But yes, journal sq is the best based on generalized market trends. Just expensive entry point to invest.
I have no problem leveling the playing field philosophically.
The problem is that we have yet to find a way that doesn’t waste, and ultimately destroy, finite resources in the process.
Further, the people we put in charge seem to have a nasty recurring characteristic of sticky fingers and influence peddling.
Finally those in charge seem to forget that they have the sacred duty of the public’s trust. Their primary guidepost should be the society’s needs, not ego gratification…….
The Great Pumpkin says:
August 24, 2017 at 1:35 pm
Love the people in here. They are against the estate tax or any tax that levels the field for the coming capitalists being born. At the same time, they bust your balls if you buy a house off your grandmother. Now you are born on third base and that’s a bad thing. So why are you guys not for an estate tax that helps level the field instead of letting families being able to build dynasties?
Homeboken, wife and I worked 65 hrs a week for 7 straight years while living in a 1 br apartment. At one point, we had 7 jobs between the two of us. We were able to bank away 50k cash a year. At closing we could have paid for my house outright in cash. We basically didn’t spend a dime of our incomes.
Hasidic Jews in the Greenville section of JC? What the F? On the bright side, maybe a good deli will open?
BRT – Congrats on the discipline. Your case is an extreme outlier. Very few people in this area, or this country, would be willing to work that hard when the reward for that effort is the average house in the area. Not saying yours personally is average, just the result.
BRT,
Nice! I mostly hear such stories from immigrants, good to hear that there are still people with such grit. Lefties must hate such stories, because it makes the other 99% feel bad because their inferior situation is supposed to be society’s fault rather than their own responsibility.
If we want our society to evolve, we must start teaching this philosophy in schools to create a pool of leaders capable of carrying it out.. Public leadership must come with the mindset that the public’ trust is sacred. Kids must be taught that there is no greater honor in our society than becoming an honest public leader and gatekeeper for our society. Teach them that these positions are not about the money, but about the honor that comes with the position of guiding and protecting society. Teach them that’s more desirable than money, that they are the key to survival for that society. If you teach them to seek honor as opposed to wealth, you won’t have to worry about them succumbing to monetary corruption for they will not seek it.
This is what we should be teaching future leaders of our society. The keepers of the gate.
“Finally those in charge seem to forget that they have the sacred duty of the public’s trust. Their primary guidepost should be the society’s needs, not ego gratification…….”
Try living in the basement of your rental for most of your twenties. Only when I married did I finally tell the first floor they had to leave. Lived on the first floor apt for the first two years of my marriage. So yes, the people I was collecting money from were living better than I was. I knew I was a single male in his twenties, and could sacrifice to get ahead. Now I can say that I never payed a dime of rent in my life, was able to save every single one of those rental payments for 10 years instead (along with collecting rent from 4 units). Now you know why I have what I have? I was able to afford 17,000 in taxes at the age of 32 (in an era when most couldnt even afford a starter home)as my first home because I took the correct steps of planning and sacrifice to get there.
My mother and grams taught me how to sacrifice. Grit is their slogan and now is mine.
No One says:
August 24, 2017 at 2:38 pm
BRT,
Nice! I mostly hear such stories from immigrants, good to hear that there are still people with such grit. Lefties must hate such stories, because it makes the other 99% feel bad because their inferior situation is supposed to be society’s fault rather than their own responsibility.
Don’t let him troll you.
D-FENS says:
August 24, 2017 at 1:42 pm
It’s all interrelated. It’s right at the top of the webpage.
New Jersey Real Estate Report Real Estate, Economics, and Politics
Yo! says:
August 24, 2017 at 1:40 pm
Pumpkin – So wait, how did you buy the 4 unit multi where you collected rent and lived rent free in the basement? I lived in a basement in my 20’s too, but I didn’t own the building. I guess you were diligently saving your bar mitzvah and lawn cutting money. Or was it that someone handed you that multi in your early 20’s?
Being born on 3rd base and not f#cking it up is hardly an achievement.
Hasids in Greenville? It’s official things have gotten crazy, no sane person wants to live there. I don’t like getting out of my car down there. Things are going to be very strange down there indeed.
On the estate tax, Pumpkin you look at things in a simplistic way. The estate tax is easily avoided by people with 100 million or more, the estate tax is to prevent the professional class from joining the family money crowd. On a even a 25m estate the cost to avoid the estate tax is very high. When you have 100m or 200m the cost of avoidance only goes up a little, there are significant loopholes on purpose.
Gram gram gave him the house, and daddy co-signed a loan. Your fault for not doing the same!
Pumps a little modesty goes a long way. You would never be where you claim to be without a huge push up from gram. Much easier to take your so called steps when someone else built the deck. You should at least acknowledge that.
I’m grateful for my grams, but I busted my a$$ to save for that down payment. I lived as cheap as they come, so I can save every penny. I will never live like that again, like not worrying about money. That was my goal, sacrifice while I’m young so that I have it easier later on.
Feel bad for the individuals who no longer have to worry about money, but are still living like they have to save every penny. Terrible disease. Not an easy transition to make if you get too accustomed to living a certain way.
I respect Pabst Blue Ribbon. But he is not alone. And it’s not all immigrant. It depends a lot on how you are raised (in other words, are you a spoiled brat?). I’ve known the value of hard work since I was about 10. Even younger, but I won’t talk about my RIF days. But from paper routes, to basic landscaping, lawn mowing, snow shoveling and Fall and Spring cleanups. I was always working. The day I turned 14 I worked at Burger King until the day I turned 16 and got a real job at K-Mart. On days I wasn’t scheduled, I temped, learned to drive forklifts and was making nearly $13 an hour when most of my peers in retail were making $4-$5. I too saved up an enormous amount of money through frugal living, and not only did I save my 140K downpayment, but I also made max contribution to my 401K. I even shared a bedroom in a private home one summer with a friends brother to save. I lived with roomates pretty much until I moved in with my wife. From age 23 to about age 30, I socked away about 125K while making on average, about 30K a year. It can be done and it’s not that hard. But don’t expect to keep up with your friends. In any way.
Pumps – You didn’t answer my question. How did you save for the down payment on your 4 unit multi? You said you owned it in your early 20’s AND you said you saved for the downpayment. So please tell me how you saved the DP on the multi and how much were you able to save?
I ask because I want to make sure my kids follow your example. Did you pay for your own college too? I am not able to figure out how you saved all this $, went to HS and college and paid for that too. So honestly, please help me figure out how to help my kids.
Boken,
Daddy left his magic green printing machine before fuzz got him…end of story
whitest guy – Your math does not compute either. At 13/hour you would have to work 40 hours a week for over 5 full years. I guess you didn’t go to HS or College either?
All these tall tales I hear about people working for peanuts and saving big bucks really makes me smile. Keep pissing on your leg and thinking it’s raining.
home. Made $13 when in college driving forklifts. Made between $18K per year and about $36K post college years. Sorry for the lack of clarification.
Would be glad to share my SS statements with you if you really don’t believe me, but I’ve got nothing to prove.
Some of us claim it’s impossible. Others figure out how to make fake NJ Transit rail passes cause we don’t have mommy and daddy helping us.
Homeboken,
My first semester of college, I dropped out. Argued with my parents night and day that I didn’t need college to make money. They tried to explain to me it’s not all about money, but if you want to find out the hard way, go ahead. They said that when I learned my lesson, I had to pay for college on my own.
Took me two years to learn my lesson and return to school, but not before buying the house with the money I saved working at the post office. I worked like a dog there. Including sundays, my entire summer at 19, except for one day, was spent working 10 hour days. So while eveyome else was partying it up in south beach or Cancun, I sacrificed TIME to work nonstop and get ahead. I earned this.
So think of it as taking two years of life and putting it on pause to get ahead. So while all your friends are partying and living it up, sacrifices were made. Don’t worry, I made up for the partying after the sacrifices were made. I caught up with the partying and was able to take my schooling serious BECAUSE I WAS PAYING FOR IT. Hell, to save money, I took a couple 21 credit semesters. Since anything over 15 credits was free. So load it up, and stress yourself out!! Looking back, no idea how I made it. Was a struggle, esp during exams. .
Life’s been an adventure. I’ve seen life through different social classes. Not many people get to see life through the eyes of poverty and upper middle class. My daughter will only know an upper middle class or higher lifestyle. If things go right, by the time she is in high school, she will have gone from upper middle class to 1%. And I will have lived at least a decade in each social class in my slow rise from the bottom to the top. See what happens and if good fortune continues. One thing I know, bad luck can wipe lots of hard work away. It’s all about how you bounce back, right? How you roll with the punches life throws at you.
I have had a job since 15. I have never been unemployed since the age of 15. I played sports in high school and still worked. Not easy. Had two jobs in college. I was a waiter and tennis instructor.
I was 15 in 1995. First year I had a job. And before that I cut lawns and did spring yard cleanups.
The New Gated Community: More Land, Fewer Neighbors – The Wall Street Journal
https://apple.news/AIDPCupiZQXS7EVNm5WpkzA
I’m sure children are seldom run down on your street because there aren’t any. Just keep her indoors and you’ll be fine. It’s not like she has anybody to play with anyway.
And since my road is so unsafe, back it up. How many children were hit on my road? I bet you some 25 mph roads have more evidence of this safety hazard you keep trying to point out.
Do those “invisible fence” dog collars work on Polish children?
I thought my road was the safest in town. Only 7 houses to get to from my street. Never see a single car for hours. Then the 17 year old girl around the corner got her license. She’s a terror on the road doing 50 mph and taking corners at 35 in an SUV. I threw a bunch of logs from a tree I cut down into the road to force her to drive away from my sidewalk.
“The problem is that we have yet to find a way that doesn’t waste, and ultimately destroy, finite resources in the process.”
Fracking?
“Not many people get to see life through the eyes of poverty and upper middle class. ”
Working while living at home = poverty
Such greatness Gary!
http://www.slate.com/blogs/the_slatest/2017/08/24/trump_tweet_dares_clapper_to_release_beautiful_letter_that_was_a_form_letter.html
Canada now undergoing the largest deportation rate in history. But “diversity is our strength ” says Trudeau.
http://www.reuters.com/article/us-usa-immigration-canada-deportation-idUSKCN1B42QE?utm_campaign=trueAnthem:+Trending+Content&utm_content=599f5cc904d3010284d406cf&utm_medium=trueAnthem&utm_source=twitter
Lying bag of blood.
Dfens,
They were not the country hiring them for cheap labor for years. The USA was.
Who was doing all of the roofing and framing on the housing boom?
Who was doing all of the landscaping?
Who was doing all of the farm labor?
When you needed them for cheap labor you loved having them here.
When you don’t need them you want to send them home like a girlfriend you no longer want. Well maybe that chick you spent the night with does not want to leave even though you want to throw her out…
https://finance.yahoo.com/news/pace-us-home-sales-july-140447717.html
I graduated college in 2007 with about 20K in the bank through saving/internships/compound interest
Lived in my parents house for 4 years saving 75% of my paycheck
Had enough for a 20% downpayment on a 420K house which I bought in 2011
Did not take any exotic trips
Driving an older car
Did not blow $$$ at the bar weekly
Never spent a dime on rent.