[lbo-talk] 15 clams+

[snitsnat]

At 11:46 AM 3/23/2005, Jordan Hayes wrote:
> > Who the fuck is making all the money that they can
> > afford the $500k and up houses in this area?
>
>Affording a $500k house isn't such a big deal.  But having the
>downpayment and credit score typically is.  IMHO, the $500k purchases
>are probably being made by people trading up.  A mortgage costs about
>$500/$100k/month these days, and if you can make that "median income" of
>$43k, you'll get just about 100% of your Federal (and state, if you live
>in one of those) Income Tax burden back at the end of the year if you
>have a $400k mortgage.  So a $500k house in that scenario is sorta like
>a $1400/mo rent.  Of course, these days, a straight-up fixed 30yr $400k
>mortgage is for suckers, so you'd more likely find $250k of a 5/1 and
>$150k of an interest-only HELC and then you're down around $1k/mo net.
>
>/jordan

the median income around here is 31k -- around here. In Sonshine's school 
district, however, it's 90k.

kelley