Are home mortgage calculators wrong or why are the salaries always way below the housep prices?
April 26, 2008 · Print This Article
gonzo09 asked:
For example, in Calabasas, the salaries are in the 100K and the usualy income is $180,000 according to city-data, but if you go to CNN’s affordable house calculator the most expensive house you could get is $1,000,000 though most houses are at least $2,000,000 there. Why? Are a lot of people just renting?
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For example, in Calabasas, the salaries are in the 100K and the usualy income is $180,000 according to city-data, but if you go to CNN’s affordable house calculator the most expensive house you could get is $1,000,000 though most houses are at least $2,000,000 there. Why? Are a lot of people just renting?
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
Income is based on your gross amount.. before taxes, which is misleading because no one brings home the amount before taxes. A lot of people ARE renting nowadays because there really isn’t a lot of commitment and also becuase people can’t sell their houses so they put them up for rent.