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Supplemental Poverty Measure.

Quote:

Originally Posted by jtown,man (Post 8641894)

Exactly.

If I make 50k in Norfolk and move to SF and make 80k(a nice pay jump) this would mean I make 2,500 more a month before taxes. If the median rent here is like 1,000 for a two bedroom and its about 5,000 in SF, I am poorer.

So how would things be with a high 3-figure mortgage payment (refi’d a few times) on a 2/2 midrise condo in downtown SF that’s quadrupled in value since purchase? :D

Quote:

Originally Posted by JManc (Post 8641582)

Read all of what Crawford wrote: Baltimore and Buffalo aren't more affordable than DC or SF. They have a similar or higher share of income going to housing costs, because incomes are so low.

If I am to interpret this correctly, relative to their respective populations, Buffalo really isn't that much of a bargain compared to SF because the higher percentage of people living well below the poverty line. Houses may in the millions in SF but wages are much higher. I am from Upstate NY and the poverty is pervasive and an $80k house we may think is affordable is waaay out of reach for many families in that area. Contrast to the west coast where $80k is about what people pay for a car.

They pay $3000+ per year to PARK the car. I literally bought a house in AZ 17 years ago for an annual mortgage payment about the same as my garage space rental payment in SF (left the car in AZ garage and ended with no net extra cost for the house).

Somebody pays me more than $2,000 a year to park their car in my space, and it's not even San Francisco.

Quote:

Originally Posted by mhays (Post 8642335)

Somebody pays me more than $2,000 a year to park their car in my space, and it's not even San Francisco.

No, it's maybe the second or third most expensive city. But I should have considered that our CC&Rs give us a discounted rate vs the city average so yeah, here $3000 is a bargain.

Quote:

Originally Posted by mhays (Post 8642335)

Somebody pays me more than $2,000 a year to park their car in my space, and it's not even San Francisco.

That's it? About 20 years ago, a parking spot located in a garage about 4 blocks away in Back Bay was $300/mo - $3600/year. Most vehicles in there didn't move and I suspect some were kiddos/students attending Boston University. You can tell by the gunk that would accumulate on their windshields.

I've had the same renter for over a decade, and he keeps paying in six-month installments. If he cancels I'll up it substantially.

It'll be cheaper than those examples. First, only residents of the building can get into the building, not the public. Second, my building has a parking space for every unit, so there might be plenty of extra spaces that people rent out.

Quote:

Originally Posted by Pedestrian (Post 8642325)

So how would things be with a high 3-figure mortgage payment (refi’d a few times) on a 2/2 midrise condo in downtown SF that’s quadrupled in value since purchase? :D

It would be real nice. But right now you have to have money to make money. I couldn't afford to be able to take that type of risk.