Friday, September 8, 2017

Austin crosses dubious cost of living threshold....


"And I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.”
Revelation 6:6

That's not good:
Mortgage resource HSH.com has crunched the numbers to find the yearly salary needed to afford the principal, interest, taxes, and insurance payments on a median-priced home in Austin, and it's one of the highest in the nation.

The country's 50 most populous metropolitan areas were analyzed, and Texas makes a three-city showing on the 25 most expensive list.

Austin is No. 13 overall and the priciest in Texas, with residents having to bring in $69,952.75 a year in order to afford a $308,000 median-priced home. Nationally, workers have to earn $56,159.89 to afford a home that'll cost them $255,600.
It gets better:
Austin's current salary figure is $3,008.69 higher than what was required during the year's first quarter. If homebuyers in the Austin metro put 10 percent down instead of 20 percent, the required salary would increase from $69,952.75 to $80,004.77.
Read the whole thing here.

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