Average house price in your state?

[1KoolBee]

I remember shortly after I graduated college in ‘82, I could not qualify to buy a house that was essentially 3 years salary. By the interest was down to like 12.5%.

 

[YY1]

Hold on tight, because it's changing. Florida’s troubled property insurance market is not your best friend, almost a 200% increase in three years for many.

I have actually considered not insuring my home.

It HAS tripled in about 4 years.

I have never made a claim.

It will be paid off in about 6 months.

Might as well put that money in my "self insured" pile with the rest.

 

[Hey-O]

I have actually considered not insuring my home.

It HAS tripled in about 4 years.

I have never made a claim.

It will be paid off in about 6 months.

Might as well put that money in my "self insured" pile with the rest.

I've only used my insurance to have two roofs replaced due to hail in 45 years, my deductible was 500 bucks. What if you raised your deductible to $50,000, just to cover a MAJOR hit. If someone falls in your yard and sues you and you aren't covered, you're done, if they can claim it was a result of your negligence, a swimming pool, trip over something in your yard. The world is out of control and some people spend more time figuring out how to get free money, verses really working for a living. They live among us.

I have two friends that moved back to Missouri after living in Florida for a few years. Big money is slowly going to work it's way from the coast, which they're destroying financially, to the center. At some point, I look for a flip in demographics.

 

[DeltaV]

The average Georgia home value is $331,159, up 4.7% over the past year and goes to pending in around 20 days.

Median Sales Price increased 4.5 percent from $349,350 to $365,000.

Incomes are low however:

As of May 6, 2024, the median income for Georgia households is $72,837. However, other sources have provided different median income estimates for Georgia in 2024, including:

• April 1, 2024: $62,468 according to the U.S. Trustee Program/Dept. of Justice
• May 2024: $59,160 for Atlanta, according to Gusto
• March 5, 2024: $95,420 for Atlanta residents aged 24–44 and $99,907 for those aged 45–64, according to Neilsberg Research

According to the U.S. Census Bureau, the official poverty rate in the United States in 2022 was 11.5%, which is the lowest rate on record and represents 37.9 million people in poverty. However, the Supplemental Poverty Measure (SPM) rate, which is a more comprehensive metric that considers a wider range of income sources and expenses, was 12.4% in 2022, which is an increase of 4.6 percentage points from 2021. The SPM child poverty rate also more than doubled from 5.2% in 2021 to 12.4% in 2022

 

[Detective D]

The average Georgia home value is $331,159, up 4.7% over the past year and goes to pending in around 20 days.

Median Sales Price increased 4.5 percent from $349,350 to $365,000.

Incomes are low however:

As of May 6, 2024, the median income for Georgia households is $72,837. However, other sources have provided different median income estimates for Georgia in 2024, including:

• April 1, 2024: $62,468 according to the U.S. Trustee Program/Dept. of Justice
• May 2024: $59,160 for Atlanta, according to Gusto
• March 5, 2024: $95,420 for Atlanta residents aged 24–44 and $99,907 for those aged 45–64, according to Neilsberg Research

View attachment 1668897

According to the U.S. Census Bureau, the official poverty rate in the United States in 2022 was 11.5%, which is the lowest rate on record and represents 37.9 million people in poverty. However, the Supplemental Poverty Measure (SPM) rate, which is a more comprehensive metric that considers a wider range of income sources and expenses, was 12.4% in 2022, which is an increase of 4.6 percentage points from 2021. The SPM child poverty rate also more than doubled from 5.2% in 2021 to 12.4% in 2022

Poverty rate is set by the gov't.
In the gov't eyes, so long as you aren't starving and can share an apartment with a couple room mates you are not poverty level.
Nothing about their measures includes following the American dream of owning your own home. Or a car for that matter.
They will use large items for inflation calculations though. Which is where we get the stupidly low numbers even though things like food have doubled in price.

Statistics do not have to mirror reality, they are just numbers.
See my post and Bee1971's post.

In MOST of WI, the average wage for a manufacturing employee, or warehouse employee, or other industrial, blue collar job, has been between $14 and $20/hour. Some places have adjusted because young people "gave up" on owning anything and are happy to share an apartment and work part time hours in retail. SO a few places have pushed the wage up into the high 20's now, but only in the last 6 months-year. This was done to get people in the door. Most places have not adjusted, because manufacturing/industrial is a slow moving wheel and driven by global forces.
If you haven't picked up on it, WI is largely a manufacturing state. Sure dairy is a thing, but farms have consolidated so much all that is left in rural areas is the industrial parts, with retail shifting to support blue collar people and less and less the farm community. If you look at a map, you will see that basically all of WI is rural. All the little 3k population towns have some manufacturing in them supporting them.

Imagine your household has both parents working and your combined wage is $30/hour. That is reality in this state for the last 10 years. because ten years ago, it was probably $24, not 30. But that's why homes were $60k in town.
Except now they are $150k. In the last year and a half-2 years
Oh and new cars were for stupid kids that didn't mind 75% of their income going to a 7 year loan, or rich people. That hasn't changed. Local dealer sells more new trucks to people from Milwaukee then anywhere, because Chrysler sent them up here to buy one in stock, or it sat here long enough the price was worth the drive.

But it was OK, people that liked it here lived hear knowing this stuff and it was OK, homes were affordable and food was plentiful and you could eat well despite the incomes.
Not anymore. We are circling back to the stint we did last time.

 

[YY1]

South Carolina is conspicuously missing.

Usually "bottom of the barrel" lists are a three way fight between Mississippi, Louisiana, and SC.

 

[YY1]

The year my home ins doubled (from 1200 to 2400) I asked about raising the deductible.

The only option was to go from 8K to 12.5K.....and it would have saved a whopping $245.

I decided against that.

 

[Hey-O]

The part that bothers me is, prices go up and pay checks don't. That will eventually reach a tipping point. The landing will probably not be soft.

 

[eldubb440]

The part that bothers me is, prices go up and pay checks don't. That will eventually reach a tipping point. The landing will probably not be soft.

I hope the current bubble lasts another 5 years or so....... I'm not ready to cash out yet

 

[Hey-O]

I hope the current bubble lasts another 5 years or so....... I'm not ready to cash out yet

To me, I'm a slow and sure type of guy. Getting rich or poor real quick was never my way of thinking. I'm with you, just leave me alone.

 

[Richard Cranium]

I've only used my insurance to have two roofs replaced due to hail in 45 years, my deductible was 500 bucks. What if you raised your deductible to $50,000, just to cover a MAJOR hit. If someone falls in your yard and sues you and you aren't covered, you're done, if they can claim it was a result of your negligence, a swimming pool, trip over something in your yard. The world is out of control and some people spend more time figuring out how to get free money, verses really working for a living. They live among us.

I have two friends that moved back to Missouri after living in Florida for a few years. Big money is slowly going to work it's way from the coast, which they're destroying financially, to the center. At some point, I look for a flip in demographics.

On my recent trip to Florida, it seems that a good 60-70% of the signs on billboards is for lawyers. That right there tells you a whole lot about the mindset in that state.

 

[YY1]

Lots of ambulance chasin' here.

Good luck finding an attorney for anything else, though.

 

[Hey-O]

On my recent trip to Florida, it seems that a good 60-70% of the signs on billboards is for lawyers. That right there tells you a whole lot about the mindset in that state.

I read an article the other day stating that because of the wealthy buying up the coastal properties, housekeepers pay is now pushing 100,000 to 150,000 a year. That's better than a lawyers salary. In ten years if the storms don't break the average person there, the wealthy will. Your right though, lawyers always follow the money and it's heading that way.

 

[68BabyBlue]

Poverty rate is set by the gov't.
In the gov't eyes, so long as you aren't starving and can share an apartment with a couple room mates you are not poverty level.
Nothing about their measures includes following the American dream of owning your own home. Or a car for that matter.
They will use large items for inflation calculations though. Which is where we get the stupidly low numbers even though things like food have doubled in price.

Statistics do not have to mirror reality, they are just numbers.
See my post and Bee1971's post.

In MOST of WI, the average wage for a manufacturing employee, or warehouse employee, or other industrial, blue collar job, has been between $14 and $20/hour. Some places have adjusted because young people "gave up" on owning anything and are happy to share an apartment and work part time hours in retail. SO a few places have pushed the wage up into the high 20's now, but only in the last 6 months-year. This was done to get people in the door. Most places have not adjusted, because manufacturing/industrial is a slow moving wheel and driven by global forces.
If you haven't picked up on it, WI is largely a manufacturing state. Sure dairy is a thing, but farms have consolidated so much all that is left in rural areas is the industrial parts, with retail shifting to support blue collar people and less and less the farm community. If you look at a map, you will see that basically all of WI is rural. All the little 3k population towns have some manufacturing in them supporting them.

Imagine your household has both parents working and your combined wage is $30/hour. That is reality in this state for the last 10 years. because ten years ago, it was probably $24, not 30. But that's why homes were $60k in town.
Except now they are $150k. In the last year and a half-2 years
Oh and new cars were for stupid kids that didn't mind 75% of their income going to a 7 year loan, or rich people. That hasn't changed. Local dealer sells more new trucks to people from Milwaukee then anywhere, because Chrysler sent them up here to buy one in stock, or it sat here long enough the price was worth the drive.

But it was OK, people that liked it here lived hear knowing this stuff and it was OK, homes were affordable and food was plentiful and you could eat well despite the incomes.
Not anymore. We are circling back to the stint we did last time.

This really parallels with rural PA.

 

[T2R9]

On my recent trip to Florida, it seems that a good 60-70% of the signs on billboards is for lawyers. That right there tells you a whole lot about the mindset in that state.

Same here in South Carolina.

Bought my house in 2013 for 92,500 when the market here was tanked. Average house in my neighborhood is now 400k plus.

 

[eldubb440]

Same here in South Carolina.

Bought my house in 2013 for 92,500 when the market here was tanked. Average house in my neighborhood is now 400k plus.

nice job, no wonder you're dragging home projects

 

[1KoolBee]

The part that bothers me is, prices go up and pay checks don't. That will eventually reach a tipping point. The landing will probably not be soft.

Welcome to Jimmy Carter 2.0

 

[68BabyBlue]

The part that bothers me is, prices go up and pay checks don't. That will eventually reach a tipping point. The landing will probably not be soft.

Got a review of this today when I attended a small local car show. Talked to two younger guys who, like me, were natives of State College. Like myself a generation earlier, they had both moved to the Baltimore/Washington area for careers, landing good jobs in IT and engineering. Both found themselves priced out of the housing market in the area. They had migrated back home, and managed to maintain work from afar, with a combination of travel, and work from home. Cost of living is cheap in my town, but the pay from local jobs mirrors that fact. I've posted numerous times before how I beat the system by driving a truck, hauling shipments originating out of town, and earning more than twice what I could as a local attorney in private practice.

I talked to another GTX guy a few months ago who had done the Maryland deal. He ended up okay by cashing out after a 50 year career with AT&T, and retiring to West Virginia. His wife, a former federal prosecutor, took a horrendous pay cut as part of that transition.

 

[Richard Cranium]

We bought our first house (a small 2 bedroom ranch) in 1987 for $117,000 and my parents gave us $10K as a wedding gift, which was very generous of them at the time. That gift amount was 8.5% of the house cost. Our mortgage even at 11.25% was a little over a grand per month, which was very manageable.

That same house today is valued at about $400K and an 8.5% gift would be $34K. Even by putting down $50K, the mortgage would be about $2,500 per month.

I’d have to say that many young people’s standards today are higher than ours were and most would not be happy in the small starter home that we had. A starter home in the town we live in now is about 600-650K and I don’t know how young people can afford to buy their first home these days.

 

[alsant]

Housing here in PV Arizona is out of control ! We for once had good timing bought in 2019 , now our house is about 100,000 more crazy!