Quote:
Originally Posted by Steely Dan
i'm looking at this through the lens of middle class people (people like me).
let's say a plumber in buffalo makes $50,000/year. he's totally gonna be able to buy an $86,000 home for his family.
let's say a plumber in SF makes $130,000/year. he's nowhere remotely close to being able to buy a $1.3M dollar home for his family.
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This has zero to do with rent burden. You're saying that someone making 50k can more easily buy an 86k asset than someone making 130k buying a $1.3 million asset, which is obvious, and irrelevant.
SF has relatively low rent burden, because incomes are high, and there's a high percentage of non-market housing. Flint has relatively high rent burden because incomes are low and there's a low percentage of non-market housing. The typical SF household is less rent burdened than the typical Flint household.