Middle class in Wichita is not middle class in the coastal CA cities.
In the central part of the SF Bay Area, a family of four w/ $100K/yr income is pinching pennies hard to manage a "middle class" lifestyle - meaning live in a decently nice neighborhood, send kids to a good and safe school, etc.
I know it is kind of chicken vs egg, since one reason they are pinching is the cost of housing. But the cost of living generally is pretty high there.
Quote:
Originally Posted by onewhippedpuppy
My opinion, the market has corrected when a middle class family can afford a middle class home. My Wichita home would probably cost over $1M in SoCal, pretty easily 6x what it's worth in Wichita. But from what I've seen, pay in the area is about 10% better. Does that sound sustainable?
Obviously there will always be a premium for desirable areas like SoCal, but the bottom line is simple. People have to be able to afford living there. $500k for a 1200 sq ft townhome is not sustainable. 25% yearly appreciation is not sustainable.
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