Nor was he the only one to have this reaction.
Here’s mfunk:
I don’t understand why everyone spouts off numbers like in this article about the price a family can afford on a house based on some income. I just bought a house for high $300k’s on my family’s $150k income and that’s basically the upper end of what we can comfortably afford. We pay our mortgage, all other bills, and still manage to save some money every month so maybe that is the discrepancy. But no way in h e l l is a family with an income of $68k affording the mortgage on a $300k house in anything remotely resembling a comfortable way.
These are important questions – will be following up today with Trulia’s chief economist, Jed Kolko, to get some answers.
Here’s more from nolongerthirty:
Somebody making $100k-$120k can reasonably afford a house in the low $300s. They generally have absolutely no business buying a $600k property. Go ahead and do it if you disagree with me, or if you believe your circumstances are exceptional, but it is typically a stupid choice that will leave you impoverished unless your income continues to expand.
I suspect there are many more $600k houses here than there are people who can afford them. People should STOP DECIDING TO BE POOR and refuse to pay these prices. Maybe then housing costs will come down to more rational levels?