Friday, January 12, 2007

CNN Says I can afford Ohio, not California

Here's an morbid CNN article about the declining affordability of housing for Americans.

"An annual income of about $85,000 is needed to afford median-priced homes; salaries have not seen modest gains, according to a study. In the New York metropolitan area, a $500,000 median-priced home required a $171,000 annual salary. The median-priced home in San Francisco, the most expensive U.S. market, was $759,000, requiring income of $260,000. In less-expensive Chicago, the median-priced home cost $254,000, requiring an $87,000 salary.
On the opposite end of the spectrum, Mansfield, Ohio, homes cost a median $85,000, requiring $29,118 in income."

Geez Louis. It seems like I can afford to live in Ohio. I like corn but not that much.

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