Mortgage is only 47%, 50%, or 54% of your income
cbs5.com – Bay Area’s Population Shifts As Many Leave Calif.
Christen Davis just opened a flower stand in downtown Oakland as a last-ditch effort to stay here in the Bay Area. She’s thinking about leaving.”I was just talking to my boyfriend this morning about it, because he has good friends who just moved to Idaho because it’s much cheaper, and they started a family and wanted to get a business started,” Davis said. “It’s like there’s no middle class here.”
Is there any turth to what Christen is saying? Let’s take a look at these stats from Housing Tracker – I’ve sorted it by “Mortgage as a percentage of income”:
Christen, look dear. Oakland, where you live isn’t even #1 in the list of “Mortgage as a percentage of income” – that’s New York. Now, granted that Manhattan isn’t as special as Oakland but look – it’s only 54% of your income.
That leaves a generous 46% left for property taxes, car taxes, income taxes, groceries, gas, private school, and more!
At the end of the day: what’s more important? being selfish and starting a family? or buying a place and paying for the retirement of those who bought before 1978? Have you no respect for our seniors?
You know what Christen? Maybe it’s best you move to somewhere unspecial like Idaho. I hear they’re making plenty of land there. Go buy something there – see how you live without 580, 880, and 980!
February 15th, 2007 at 7:24 am
I know this blog is about the Bay Area, but my own experience in LA is similar. I’m packing up the family and moving to Seattle. Easiest decision I’ve ever had to make, considering the magnitude. I can rent a very nice house in a beautiful neighborhood (within walking distance of the university I’ll be at) for $1400. Plus, there’s no income tax for the state of WA so much of the rent will be covered merely by moving. And Seattle is considered an expensive city.
February 15th, 2007 at 9:54 am
But…but…I’ll miss the crack stroll and hooker track in East Oakland–dang, I don’t know if I can find that in Idaho…
February 15th, 2007 at 10:53 am
I’m packing up the family and moving to Seattle. Easiest decision I’ve ever had to make, considering the magnitude.
Was it because of my famouse groceries post?
http://www.burbed.com/2006/11/23/how-to-save-20-on-your-groceries-for-thanksgiving/
February 15th, 2007 at 11:29 am
It was.
February 15th, 2007 at 11:54 am
NO INCOME TAX IN THE STATE OF WASHINGTON? WHAT THE F???? HERE IN NEW YORK THEY TAKE 33% THANK YOU VERY MUCH!
IM MOVING TO SEATTLE TOO!
February 15th, 2007 at 12:07 pm
Liz, you should try moving to California first – where people make less than NY, pay more for housing than NY, and pay more in taxes than NY.
That way, you’ll like Washington State even more when you do move.
February 15th, 2007 at 2:21 pm
*LMAO*
Love this thread. How un-American of all of you! Don’t you know that if you don’t take out an interest-only, negative amorization, option ARM and refi AT LEAST ONCE, then the terrorists win???
February 15th, 2007 at 6:01 pm
Crap! I hope they don’t blame me and the other renters when the terrorists blow up the Space Needle.
April 7th, 2007 at 5:14 am
[...] That’s a huge huge drop from the previous quarter where it was 47%. [...]