Today I Read "Average hourly earnings rose to $17.16, a 0.4 percent increase from January. That was slightly faster than the 0.3 percent gain economists were expecting. Over the 12 months ending in February, wages grew by 4.1 percent." That got me thinking about living an "average" life around here.
So that means the average person working brings home about $36k a year. I guess librarians are above average? Taking a look at a similar number, Real median household income is about $46k in NY, but lower here in my neck-o-the-woods.
This Site Says the average "value" of a house is about $107k in Erie County, and our Median Income (household?) is $40k. Mortage/taxes (according to my rough guess) for an "average" house in Erie County would be about $1,000 a month.
So assuming you're perfectly "average", making $40k a year, paying $1,000 a month for your house you're paying about 50% of what you bring home *just* to own your house.
I would love to see these same numbers for the year my house was built, 1968, and compare them to the numbers for this year. If I had to guess, based on the original owners, we live in what would've been an unoffordable neighborhood 40 years ago. I guess what I'd need would just be the original sale price of my house and maybe average incomes from that time.