To buy a median priced house where I live requires a 150,000 down payment and an income of 200,000 per year based on 20% down. The median household income is 100,000. Only a small percentage of individual wages are 200,000. This economy is deeply wrong.
The article states the developer kept rent low for 30 years. States also made a lot of cash off property taxes on them rising home prices.
2 comments
To buy a median priced house where I live requires a 150,000 down payment and an income of 200,000 per year based on 20% down. The median household income is 100,000. Only a small percentage of individual wages are 200,000. This economy is deeply wrong.
The article states the developer kept rent low for 30 years. States also made a lot of cash off property taxes on them rising home prices.