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cost of housing

DrPizza

DrPizza

Administrator Elite Member Goat Whisperer
Just heard on a radio show yesterday when they were comparing the cost of purchasing a home in various markets. 4 bedroom, 1 1/2 bath (or 2 bath?), family room, etc. in a neighborhood where someone in middle management would be expected to live....

For the same style of home, average prices varied by 1.2 million dollars depending on the market.... Cali had some of the most expensive, Binghampton, NY had the cheapest

I can't figure out why so many people stick around in those areas where housing is so expensive... why not get a job in an area with lower housing costs, even if it means making a little less money.
 
I can't figure out why so many people stick around in those areas where housing is so expensive... why not get a job in an area with lower housing costs, even if it means making a little less money.
Click to expand...
Yes and finding a job is an easy task.
rolleye.gif
 
Because many times, the cheapest places to live also have the crappiest weather and no interesting terrain. Ex: The entire midwest.
 
Originally posted by: DrPizza
Just heard on a radio show yesterday when they were comparing the cost of purchasing a home in various markets. 4 bedroom, 1 1/2 bath (or 2 bath?), family room, etc. in a neighborhood where someone in middle management would be expected to live....

For the same style of home, average prices varied by 1.2 million dollars depending on the market.... Cali had some of the most expensive, Binghampton, NY had the cheapest

I can't figure out why so many people stick around in those areas where housing is so expensive... why not get a job in an area with lower housing costs, even if it means making a little less money.
Click to expand...

WHOOOHOOO!!!!

<--- Lives in the Binghamton NY area!!!!!!!!!!!!!!!!


(P.S. I bought my House for $52K in 1997.

So what are ya waiting for?? C'mon and move into the neighborhood! I'll even grill up some SPIEDIES for newly placed ATOT homeowners!!!!! 🙂

 
Don't roll your eyes at me!

So, you get a job offer for $40k, in an area where housing costs 10 times as much as other areas, and you take the job?? C'mon, you could be flipping burgers at McD's and afford a nicer home in some markets than you could afford in expensive markets.
 
Originally posted by: DrPizza
Don't roll your eyes at me!

So, you get a job offer for $40k, in an area where housing costs 10 times as much as other areas, and you take the job?? C'mon, you could be flipping burgers at McD's and afford a nicer home in some markets than you could afford in expensive markets.
Click to expand...
How the hell does that math work? Assume $6/hr for flipping burgers at 40hrs per week and 50 weeks per year of work. That is $12k before taxes. Now explain how someone pulling in less than $10k is going to afford a decent house?

 
We bought a house on Long Island in 09/2001. for 165k. We sold the same house with NO IMPROVEMENTS a year later for 245k. Go figure.
 
Originally posted by: minendo
Originally posted by: DrPizza
Don't roll your eyes at me!

So, you get a job offer for $40k, in an area where housing costs 10 times as much as other areas, and you take the job?? C'mon, you could be flipping burgers at McD's and afford a nicer home in some markets than you could afford in expensive markets.
Click to expand...
How the hell does that math work? Assume $6/hr for flipping burgers at 40hrs per week and 50 weeks per year of work. That is $12k before taxes. Now explain how someone pulling in less than $10k is going to afford a decent house?
Click to expand...

Let's assume we're not talking about a high school student at McD's, but one of (well, they all are managers), but one of the managers pulling in 18K per year. (or better) You could get a decent 3 bedroom house for 30K around here. In fact, if you were going to stay in the area, purchasing a home is cheaper than renting in many cases.
Here's a nice little 3 bedroom for $24K
Here Granted, it's nothing spectacular, but how much would you have to make a year to afford a house like that in the expensive markets?


edit: this one's a little nicer... 4 bedroom, nicer neighborhood, $26,900
 
Originally posted by: vi_edit
Because many times, the cheapest places to live also have the crappiest weather and no interesting terrain. Ex: The entire midwest.
Click to expand...

Exactly. I am 1 hour from the mountians and 1 hour from the Ocean. Not many places can offer that. Thats why so many dammed people live in California.

 
Originally posted by: ScoobMaster
Originally posted by: DrPizza
Just heard on a radio show yesterday when they were comparing the cost of purchasing a home in various markets. 4 bedroom, 1 1/2 bath (or 2 bath?), family room, etc. in a neighborhood where someone in middle management would be expected to live....

For the same style of home, average prices varied by 1.2 million dollars depending on the market.... Cali had some of the most expensive, Binghampton, NY had the cheapest

I can't figure out why so many people stick around in those areas where housing is so expensive... why not get a job in an area with lower housing costs, even if it means making a little less money.
Click to expand...

WHOOOHOOO!!!!

<--- Lives in the Binghamton NY area!!!!!!!!!!!!!!!!

(P.S. I bought my House for $52K in 1997.

So what are ya waiting for?? C'mon and move into the neighborhood! I'll even grill up some SPIEDIES for newly placed ATOT homeowners!!!!! 🙂
Click to expand...

Yeah but that's '97. HUGE difference, how much is it worth now? Look at some prices of houses selling in your neighborhood about the same size as yours...

Oh and what kinda work is available in Binghampton, besides a college professor? (now I'm interested in checking this place out!)
 
Originally posted by: DrPizza

Let's assume we're not talking about a high school student at McD's, but one of (well, they all are managers), but one of the managers pulling in 18K per year. (or better) You could get a decent 3 bedroom house for 30K around here. In fact, if you were going to stay in the area, purchasing a home is cheaper than renting in many cases.
Here's a nice little 3 bedroom for $24K
Here Granted, it's nothing spectacular, but how much would you have to make a year to afford a house like that in the expensive markets?
Click to expand...
Ok at $18000 per year with 20% taxes income will be roughly $14.4k, or around $1200 per month. Assume the house payment is $100/month. That leaves $1100 per month for utilities, property taxes, car payments, insurance, food, etc. That would be one hell of a tight budget.
 
Originally posted by: Toasthead
Originally posted by: vi_edit
Because many times, the cheapest places to live also have the crappiest weather and no interesting terrain. Ex: The entire midwest.
Click to expand...

Exactly. I am 1 hour from the mountians and 1 hour from the Ocean. Not many places can offer that. Thats why so many dammed people live in California.
Click to expand...

Where i grew up i was an hour from the mountains and an hour from the ocean.. and thats was the east coast 🙂
 
Originally posted by: DrPizza
I can't figure out why so many people stick around in those areas where housing is so expensive... why not get a job in an area with lower housing costs, even if it means making a little less money.
Click to expand...

For me it's because I have family here (Pac NW). Yes it is expensive and the tax burdens hurt but the quality of life here kicks a$$. Besides, I don't want to travel too far to go home for the holidays. 🙂
 
Originally posted by: lozina
Originally posted by: ScoobMaster
Originally posted by: DrPizza
Just heard on a radio show yesterday when they were comparing the cost of purchasing a home in various markets. 4 bedroom, 1 1/2 bath (or 2 bath?), family room, etc. in a neighborhood where someone in middle management would be expected to live....

For the same style of home, average prices varied by 1.2 million dollars depending on the market.... Cali had some of the most expensive, Binghampton, NY had the cheapest

I can't figure out why so many people stick around in those areas where housing is so expensive... why not get a job in an area with lower housing costs, even if it means making a little less money.
Click to expand...

WHOOOHOOO!!!!

<--- Lives in the Binghamton NY area!!!!!!!!!!!!!!!!

(P.S. I bought my House for $52K in 1997.

So what are ya waiting for?? C'mon and move into the neighborhood! I'll even grill up some SPIEDIES for newly placed ATOT homeowners!!!!! 🙂
Click to expand...

Yeah but that's '97. HUGE difference, how much is it worth now? Look at some prices of houses selling in your neighborhood about the same size as yours...

Oh and what kinda work is available in Binghampton, besides a college professor? (now I'm interested in checking this place out!)
Click to expand...


Here are some compareable homes in my town (Endicott/Endwell)
 
Also,

I grew up here in the Binghamton area, so it is and will always be "HOME" to me (and my wife!)


BTW, we do have a

LOCKHEED MARTIN plant in the area!!!!!!

Seriously though, If ANY of you are interested in the area, you can PM me and I will answer any question you may have as best i can.
 
Getting a high paying job in an expensive area isn't a bad thing.

1. You can afford the home even if its more expensive.
2. In one week, you can save as much as someone with a lower paying job in a cheap town saves in 1 month or more.
3. You can buy a luxery car while the other person buys a used car or a ford.
4. You can afford better vacations more often too.


Like bay area in CA has high cost of living, but (per ratio) I see more lexus, bmw, and porches here than any cheap small town.
 
I telecommute so I can move anywhere in the country (or even out) - yet I choose to stay in a more "expensive" area in the US because it's exactly the environment I want to be in... close enough to the big city, but far enough to enjoy the suburban life. I would never want to move so long as I don't have to. Besides, I believe they'd adjust my salary given the work location... at least that's what coworkers say...
 
Simple answer? Because the cost of housing is not the only consideration when people choose a place to live.
 
Originally posted by: cheapbidder01
Getting a high paying job in an expensive area isn't a bad thing.

1. You can afford the home even if its more expensive.
2. In one week, you can save as much as someone with a lower paying job in a cheap town saves in 1 month or more.
3. You can buy a luxery car while the other person buys a used car or a ford.
4. You can afford better vacations more often too.


Like bay area in CA has high cost of living, but (per ratio) I see more lexus, bmw, and porches here than any cheap small town.
Click to expand...

Yes, but how much of that is a case of just "keeping up with the jones"? Sure you may show wealth, but are you really wealthy? I would put my vote that the family in the midwest making $100,000 a year is more financially sound than a family on the coasts making $175k a year.
 
Simple answer? Because the cost of housing is not the only consideration when people choose a place to live
Click to expand...

Bingo.

Now, I live in a high-priced area that's crammed full of ambitious middle-management types. First, you're surrounded by other like-minded people with similar ambitions. That means you make a lot of connections. Second, it's more impressive to say "I live in Upper Saddle River" than it is to say "I live in Binghampton" (nice though the Binghampton area is), and I live on (whatever) street - where other like-minded people know perfectly well how much the house is worth.

Third, and very important, is that serious management types live on the edge financially. They wear nicer suits than they really can afford. They drive fancier cars than they should. They buy nicer houses, vacations, whatever, their wives have fancy clothes, jewelry, etc. The idea is that it gives them motivation to go out and make even MORE money - work longer, harder, etc. Most of them seriously don't understand the "live below your income" lifestyle, it just doesn't make sense to them. That would mean they were giving up.

Besides, my house has gone from $200K ten years ago to around $600K. An easy $400K profit? Can you do that in Binghamton?



 
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