When I look at the income required to purchase one of these median homes, I think back to my dreams and aspirations as a younger man and dreaming of what I would be able to afford if I made $100,000 per year, which by all accounts was and still is quite a bit of money - far above the average income.H/T to Vicguy in comments @ Victoria's Truth for pointing out this piece of perfection.
I thought about the car I could drive and the home I could own if I earned that kind of income. The car certainly isn't a problem but I'll be honest, I didn't really expect the home I could afford to be a mediocre townhouse for the education and effort required for the position that the income came with.
Wednesday, May 2, 2007
Truer words are rarely spoken...
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4 comments:
I was just watching the show "Buy Me" and they had a young couple on there who bought a couple of houses to flip. They thought it would only take one month to fix up one of them. It ended up taking 4 months. It said that when they started there were 1000 listings and at the end of the 4 months there were 6000 listings. Now, I have no idea where this was but, oh my, 1000 listings to 6000 listings in 4 months. Talk about a buyers market.
S2
An interesting article on homeowners in the States suing their lenders.
http://realestate.msn.com/buying/Article2.aspx?cp-documentid=4782984>1=10029
Article in today's Vancouver Sun on price increases
http://www.canada.com/vancouversun/news/business/story.html?id=16af286a-5a34-4596-8f89-7657a03cdfc7
Looks to me from this article that someone somewhere is getting out of real estate and putting their money elsewhere. Oh, I am a bull with the stock market. Bring it on baby.
"Canadians stock up on mutual funds
Reuters
Published: Thursday, May 03, 2007
Canadians bought as much as $2.7 billion in mutual funds in April, which would be the best April for net sales since 1998, the Investment Funds Institute of Canada said in a preliminary estimate released yesterday. Net sales of funds would come in at between $2.2 billion and $2.7 billion."
S2
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