I was over at Madcap reading about the prices of homes and how they effect the lower end of the earning power.
Well we have the same problem here
I guess a starter home there is about 220,000 (Canadian) Not sure what it is here. Last time I looked at real estate here you might as well figure 120,000 for starter home.
The problem here is the wages if you going to move to North Idaho bring your money with you
I wanted to know what a $250,000.00 house in Canadien home would be in the United States, it would be $220,632.00.
I understand depending on area you live in prices will very. I got the exchange rate at Onanda
I decide to see what kinda of payment we would have to make on a $220,632 home. Our monthly payments would be $1468 a month.
To break that down on 40 hour work week just to make house payment someone would have to clear $9.16 an hour.
What I put in was a 7% for 30 years contract. The reason I know what the payment would be I went to a Mortgage Calculator
Reality is Murphy makes $10.00 an hour and works seasonal. He would have to go to work full time and year around. And his wages wouldn’t cover any cost to go to work.
The fact I would have to find a full time job to cover the rest of our basic needs of life.
Honest time...The only reason I live in a house is because I inherited it
Working wages been stagnated for ages. The company I work for, started up in 1997 and paid their care givers then $7.90 an hour. We started to call up and griped about our wages and got a raise up to $8.00 started last September. A whole dime. And it took 9 years for a raise
I feel very badly for young couples starting out, people who'd be willing to start in something modest. Even a small 1950's bungalow around here is $180K, and that's something that needs serious work. I don't think we'd be able to manage as a family in this area if we were just getting into the housing market.
ReplyDeleteIt has gotten ridiculous what the price of a home is these days. People now have to go in deep debt if they want to ever own a house! In 1978 we paid $39,900.00 for our house...now it's worth about $140,000.00 I know the wages have gone up since 1978 but not by much and yet the value of houses has tripled!!
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