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Study: Hopeful homebuyers need income of nearly $117,000 to afford typical home in U.S.
(www.bankrate.com)
this post was submitted on 25 Apr 2025
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looks at pay statement
looks at $117,000 needed to "afford" a house
looks back at pay statement and realizes the income works out to very close to 10 times LESS
๐
I knew I was poor, but damn dude.
10X!!! thats like $5/hr full time. Thats illegal everywhere I know of.
There's also take home pay after taxes and expenses vs gross/net.
Im pretty sure the article is gross pay.
I wasn't clear.
The article calls out annual household income. Meaning that could be combined income.
A single person making 120k and couple making 60k x2 is not equivalent. Health insurance and living expenses creep up.
Oh I am definately aware of that. Im single income with a wife that has a lot of medical issues and while I make a good salary (when employed) we live modest as fuck to get by.
Gross income (before taxes) for US federal minimum wage is $15,080 for full-time. So, close to 10x less.
my mistake. my states is like twice that and the region I am around near the city is higher. Did not realize the federal was still so low.
Federal minimum wage was last raised to $7.25 per hour effective July 24, 2009.
It's a good thing that was definitely a livable wage in 2009 and that there hasn't been any inflation since then.