Wow! The differences in prices is unbelievable! Makes me wonder what the average salary is in your areas? I can’t imagine what you would have to earn to buy something in Hawaii.
Apparently we should have added average salary in your areas - perhaps it jives with house prices?
Mine would be $35-40,000/year.
So $35 - $40,000 equates to $132,000 house. Looking at a little less than a quarter of price paid. I might add this is one persons’ salary.
Everyone else’s match up like that?
Arlington, VA has a median household income of about $79K and an average home price of $600K
I am a little over median household income; My home is worth about 83% of the average home price, but I’m paying about 40% of that currently.
It sounds like I’m in real good shape…however, if I had median income and average home price, I’d be hurting!
Median income in my area is quite low - $30K to $40K. I lucked out because 1) I had a big downpayment from selling my house in Colorado and 2) although we live in a low income area, Mr. Athena consults remotely and makes a Big Metro Area salary. Our house was pricy, but if we ever decided to move, there are plenty of places in the $100-$150K price range that would do quite nicely. In fact, our previous house sold for $125K, and it was plenty nice. If it had a larger kitchen, I’m guessing there’d be a chance that we’d still live there.
Austin, TX.
2373 sq. ft. house with 3 bedrooms and 2 baths. Decent sized yard with a huge Live Oak. The lot is on a “green belt” and I won’t have anything, other than the drainage ditch that the builder never told me about, to one side. The house is just about 1 year old and I had lots of upgrades and stuff - ~ $270K.
I have 1350 sq. feet plus 900 sq. feet of basement, on a 50x150’ lot.
I paid $300 for the title. That’s 300 dollars, not thousands or hundreds.
The appraised value is under $20,000.
Let’s see, the 2001 median income in Calgary was $25,670 (compared to $23,237 in Vancouver and $25,593 in Toronto).
The average resale price in Calgary in 2003 was $211,155 (compared to $329,447 in Vancouver and $293,308 in Toronto). We’re looking at an estimated average home resale price of about $265,000 for 2005.
~1350 sq ft, 3br, 1.75 ba (hall bath only has a shower stall). 40x40 deck in backyard. Historic oak in backyard (which is awesome… I love that tree!). Carport, covered entry porch. Central air and heat. Roof and water heater less than ten years old. Neighborhood association is pursuing historic preservation district status. Baton Rouge, Louisiana.
Paid $112,000 three years ago. Was appraised in June at $135,000 (refinancing). This was pre-Katrina… god knows what the value is today.
Las Vegas
About 2000 square feet.
Bought new in December, 1999 for $185,000 ($92.00/sq ft)
New appraisal (last week) was for $372,000 ($186.00/sq ft)
(In reality, can probably ask and get $400,000+ if I were to sell it today.)
Rockford, Illinois, which is gradually becoming part of the greater Chicagoland area (which is scary, because we’re pretty far away).
We bought a 20 year-old house; 3 bedroom, bath and 3/4, family room, 2 car garage. Lot’s about…50x75, according to my husband. House is about 1500 sq ft. We paid 101K a little less than a year ago.
It just appraised for 125K. The house next door just went up for sale at 135K, and it’s not as nice inside. The house across the street just sold for 130K, and it’s not quite as big.
I think we’re getting some exodus from the suburbs. We could see it happening when we first started looking at houses; we lucked out that we found a good one so quickly.
Boulder county, CO.
Bought in 1991 for $132K, 2000 sq. ft.
Based on recent sales in the area, worth $425K.
Our house, which now as far as I understand is still only a lease-purchase option, is 3,700sf in a neighborhood just outside of Greensboro. It was built 19 years ago, and we are paying roughly $200,000 for it. 3 stories, 4 bedrooms, 3 baths, and something like 2 acres. It is also in the woods, against another 35 acres of woods and pastures and the like. If I recall correctly, it was appraised at $300,000 something, but we knew the builders/owners.
Compared to everywhere else I have read about, Greensboro seems to have a relatively uneven house market.
Detroit burbs, 1000 sq ft originally, 2BR 1B, 2 car garage, lot’s 30X90 or so, paid $72K in 97.
Now 1900 sq ft (with every update imaginable along the way) 3 BR 2B, appraised recently for $142K.
Max: give me a general idea of where you are?
Mid-city DC. 1000 sq. ft. condo, bought for $89K in 1990. My upstairs neighbor just bought the unit with a similar (but smaller by 120 sq ft) footprint last year for $320K. I get postcards from realestate people telling me they could sell my place for $450K but I’m not sure I believe that.
San Francisco within city limits, what is called a “transitional” neighborhood (translation: used to be too scary to live in, now more or less middle class but still has pockets of bad behavior). Probably about 2000 sq.ft., some of which is un-inspected remodelling of what used to be unfinished basement. 25x100 lot, house touches other houses on either side. As for current value, a house 2 doors down with the same original floorplan but somewhat different remodelling sold a couple of months ago for $700,000.
Median income for SF last year recorded as $60K. Median house value in 2004 recorded as $662K, but I know that’s gone up at least 20% since I bought my house last year. Word is that the price insanity around here is starting to level off.
2,400 Sq. Ft. ranch with three baths, four beds, two car attached garage, built in hot tub, sky lights, finished basement, and vaulted ceilings, on 5/8 ths acre in a suburb of Milwaukee.
Paid $158,000 three years ago, but with the values going up nearly 15% per year around here I may be able to get $210,000 for it now. Other homes around here have sold for nearly that and they tend to run smaller than ours and were built in the 50’s whereas ours was built in the mid 80’s.
DC suburbs (near Springfield VA). 2400 sq ft (3400ish if you count the finished part of the basement). Tax appraisal 580K but per a recent sale on my street, we could likely get over 700K relatively easily.
We sold a townhouse a mile away, 3.5 years ago, for 291K (near-record for our street at the time). Nothing special, no garage, 3 levels, 3 small bedrooms, about 1900 square feet. It’s currently on the market for 480K. The owner will probably get 400K for it.
We’ve long-since realized that if we hadn’t moved when we did, there’d be NFW we could have afforded a detached house here. Hell, at those prices, we’d have trouble affording a townhouse. 2BR condos in my zip code are going for nearly 300K. :eek:
850 sq. ft on a corner lot (slightly larger than average lot) built in 1955. 2BR, 1BA, breezeway and attached garage, covered back patio. Partial basement (about 2/3 of the upstairs). Original furnace (really! – works great, too). Bought in 1991 for 35K. Currently worth on the market approx. 70K. I live in Indianapolis, not great neighborhood, but middle-working class for the most part. Pretty safe.
Home values haven’t increased here like in other areas.
Southern Oregon. 2100 sf house, 17 acres of land in a rural setting (miles from anywhere!) House and barn were built in 1991. House has been remodeled, new carpet, kitchen and heat pump since we bought it 2 years ago. Landscaping, decks rebuilt and a large water feature have been added. Fencing and automatic gate were just installed. Barn has been remodeled as well, with power, water and new stalls and a hot wash rack.
We paid $475,000.00 two years ago. With the improvements we have made, my realtor friend would list it for over seven figures as a vinyard or horse property. The Oregon Trail has become rather spendy the last few years… :dubious:
NW OKC
60s vintage, 950 sqft. Central air/heat. Detatched garage. Lot and a half yard.
Purchasing thru previous owner’s self financing at 45K. Appraised value 55K. Slightly fixer-upper which I am doing myself (since I’m in that business).
Nice, older neighbourhood, quiet, 69% home owners vs renters.