Re:One-Third of Americans Making $250k Live Paycheck-to-Payc...
by rayiner on Wednesday June 01, 2022 @11:22AM
(#31583191)
> How many of them would not be making $250k if they moved away from the HCOL area?
I live in the D.C. metro, considered a "HCOL area." I'm less than an hour from downtown DC. Our house (almost 3,000 square feet) was under $500k in 2016, and there's still plenty of similar houses between here and D.C. that are still under $500k. But most folks making $250k would rather live an hour on the other side of DC, in the expensive Virginia suburbs where similar houses cost twice as much, but they can be surrounded by college educated professionals with similar complexions to themselves...
I used to work in Manhattan and had a great, 30 minute commute from New Rochelle. Looking at Redfin are plenty of 3BR homes in the $500s and $600s within a mile or so of the New Rochelle Metro North Station. That's not cheap, but the PITI on that is a couple of thousand dollars less per month than what the 28% rule gives you for a $250k/year income.
I live in the D.C. metro, considered a "HCOL area." I'm less than an hour from downtown DC. Our house (almost 3,000 square feet) was under $500k in 2016, and there's still plenty of similar houses between here and D.C. that are still under $500k. But most folks making $250k would rather live an hour on the other side of DC, in the expensive Virginia suburbs where similar houses cost twice as much, but they can be surrounded by college educated professionals with similar complexions to themselves...
I used to work in Manhattan and had a great, 30 minute commute from New Rochelle. Looking at Redfin are plenty of 3BR homes in the $500s and $600s within a mile or so of the New Rochelle Metro North Station. That's not cheap, but the PITI on that is a couple of thousand dollars less per month than what the 28% rule gives you for a $250k/year income.