Monday, February 9, 2009
Price of apples
Well, the price of living in the Big Apple to be more specific...
A New Yorker would have to make $123,322 a year to have the same standard of living as someone making $50,000 in Houston.
In Manhattan, a $60,000 salary is equivalent to someone making $26,092 in Atlanta.
The average monthly rent in New York is $2,801, 53% higher than San Francisco, the second most expensive city in the country.
A couple of weeks ago, I saw an episode of "House Hunters" that took place in Michigan. The guy ended up buying a nice brick 3 bedroom, 2 bath, full basement home in a good neighborhood for $65,000.
If he got a 30 year mortgage (and why would you?), his monthly payment would be around $181/month. Even if he opted for a quicker 15 year mortgage, his payment would be around $362/month.
$2,801/month to rent a small walkup apartment OR $181/month to own a house?
Of course, you'd have to want to live in Michigan.