FriedRiceNSpice
Captain
Good luck trying to invest in a house in NY or Bay Area with 150k a year.
Chinese Economics Thread
- Thread starter Norfolk
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In New York you might get one in the Bronx or Brooklyn.You can by several in central Detroit.
You might not even need a bank loan. What city in China can you buy several homes on 150k?
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Married couples with $300k combined incomes can easily buy houses. Maybe not in the Bay Area or downtown Manhattan. But easily doable elsewhere with equally good paying jobs: Austin-Texas, Raleigh-North Carolina, Seattle suburbs, etc etc....
Now try having a married couple buy a house in any major city in China without both parents helping.
Competition is less in America than in Asia. Pay is higher too, life is easier. And until recently, opportunities were also better. That has always been America’s advantage.
Come to the ghetto for some affordable homes. Make your slumlord dreams come true. Supply in Detroit had gotten lower over the years due home demolitions as part of blight removal efforts, prices have gone up compared to before.In New York you might get one in the Bronx or Brooklyn.You can by several in central Detroit.
FriedRiceNSpice
Captain
Seattle real estate prices are on par with NY, and 150k salary is a lot more difficult in Austin and North Carolina than NY/Seattle/Bay Area, but the median income to house price ratio is much more favorable in Austin and North Carolina.
In China, it is much more difficult to purchase real estate in a tier one city but is the problem as bad in non tier one cities? With introduction of high speed rail and other improvements in mass transit, people are able to work in tier one cities while living in suburbs and surrounding towns. Finally, lack of property tax and much lower real interest rates help partially offset the problem in China.
It’s not. In Seattle suburbs, you can buy a decent house for around $800k. Married young professionals can afford that with 20% down payment. First time home owners can buy with just 5% down. You just can’t do that in China.
It depends on how much the married couple in China would earn. If they both are engineers working for Huawei, they should be able to afford to buy in Shenzhen or Guangzhou.
The average family disposal income in California is way lower than $300,000.
In Tri-state suburbs you can also buy a decent house for $800K to 1 million. The issue is that the commute is around an hour.
$120k -$150k salary for young professionals working in finance, tech is the norm these days.
Many young people with a bit more experience make much more. Every time they jump to another company it’s another 15% raise plus hiring bonus.