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.
That's the problem, who wants to live in Michigan! BRRRRRR
ReplyDeleteI don't feel so bad about myy rent anymore.
ReplyDeleteMichigan does get cold, but I have to admit, the houses and city looked really nice.
ReplyDeleteMy fiance - did I just call him that?! - and I ponder this all the time! We could OWN a house in Atlanta, Memphis, etc. for less than what we're paying in Santa Monica. But who wouldnt want to live in Santa Monica? :-)
ReplyDeleteLOL! Yeah, it would be pretty hard to leave Santa Monica for Michigan.
ReplyDeleteThe beach life isn't quite the same...