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Home price to income ratio by zip code

 
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news



Joined: 14 Jul 2007
Posts: 0
Location: Greater Boston

PostPosted: Thu Aug 07, 2008 6:16 pm GMT    Post subject: Home price to income ratio by zip code Reply with quote

Use this forum thread to discuss the following link.

Description: Home price to income ratio by zip code
URL: http://www.ushousingmeltdown.org/house-value-to-income-ratio.asp
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=1853

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balor123



Joined: 08 Mar 2008
Posts: 1204

PostPosted: Fri Aug 08, 2008 1:04 am GMT    Post subject: Reply with quote

For Waltham (02453):

Historical Data:
Year Median Income Median Home Price MHP/MI
1999 $50,189 $243,400 4.8
2005 $56,975 $430,392 7.6 Overvalued: 29%

Forecast Data:
Year Median Income x MHP/MI = Median Home Price
2008 * $62,621 x 4.8 = ** $303,691
2012 * $71,030 x 4.8 = ** $344,472

From recent CNN article:
Median family income
(per year) $80,396

Median home price $389,915

MHP/MI: 4.84

Now if interesting houses in Waltham were prices at $389k and a MHP/MI of 4.8 were reasonable to begin with, then I'd say there is no bubble.
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Dorchester Grandma
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PostPosted: Tue Aug 12, 2008 10:11 pm GMT    Post subject: Foreclosures result Reply with quote

In my zip code (02124) homes were 47% overvalued in 2005. My income is right in step with others here which is probably why I am so comfortable in this neighborhood. It also explains why I have been unable to buy here and why there have been so many foreclosures in this zip code.

I feel increasingly angry at the developers and flippers who took over so many Dorchester triple deckers to make a hefty profit for themselves. Locals have had to pay 6 times their income to live in their own neighborhoods or keep on renting as I have. Mad
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