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Median income of your area


Granny_Weatherwax
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Minneapolis  $56K Metro $71K

Our actual neighborhood $31K with a breakdown of roughly 60% under $35K and then 10% each $35-50K, $50-75K, $75-100K, and $100K+

 

ETA: Actual number for Minneapolis looks like $56K, $71K was minneapolis-st paul metro.

Edited by raptor_dad
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Median household income : $56,000

 

And just because I find it crazy, median detached house price : $625,000!!!

 

When I look up our county data on city-data, it comes up with 61K (vs 58K via the census) for median income and 242K for median detached house value.

 

I can't fathom how folks buy houses where you live...

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When I look up our county data on city-data, it comes up with 61K (vs 58K via the census) for median income and 242K for median detached house value.

 

I can't fathom how folks buy houses where you live...

 

 

We live in a beautiful area, and over the last 20 years have become a retirement community for people from Los Angeles and the CA valley. That is who is buying the majority of houses and driving the insane prices.  Housing is a huge issue here.

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$40, 745 for the tiny farming town I live in.

 

Interestingly, the much bigger town ten minutes away that everyone drives to for pretty much everything has a median household income of $37,446. I would have guessed it was the other way around.

Farming may have something to do with it. There are a lot of tax exemptions for farming which makes taxable income very low even though the lifestyle may be higher.

 

Several local farmers put in in ground pools paid for by the farm. The reason was "letting the boys cool off after a hard day baling or detailing". Reality is the family wanted a pool. I know numerous teens who work for these farmers and have never been allowed to stick so much as a toe into the pool! LOl

 

We have friends who have nearly every living expense paid for by the farm so take out only a small amount of pay, but due to this live as though their income is much higher than what taxes would suggest.

 

I don't begrudge because I am much more a fan of family farms than corporate farms, but in agricultural areas it can make median income on paper look quite low. A better indicator might be assets. If you see assets of a million and income of $27,000 then the key there is everything is wrapped up in the farm and the farm is worth a lot. While not having high income, the owner can sell the farm, equipment, etc. if he/she needs to retire and have some serious equity. No issues with that either. Farming is difficult,back breaking, and often limiting to the family. There should be some perks in exchange!

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I'll become the new looser-

 

Median Household Income for my town- $23,300

 

Other statistics- 15% of households make less than $10K, and 30% fall into the $10-20K range, and another 15% in the $20-30K range- doing the math, 60% of people in my area make less than $30K a year. 

 

 

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$56.337 in 2015. A bit more than we make now. COL 103.3 Median house price $172,500. This is in Illinois.

 

Now, where I grew up, median house price now.....$673,800 with average household income only $76,509. Which is why we can never live there! This is Orange, CA.

Edited by JFSinIL
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Median family income for our county is $42,784 and for my census block is $33,651.  The median home value is $228,681 and the COL index is 88.1.  We live in a popular retirement/second home area, so the actual range of incomes and home values is actually very, VERY broad.

 

Interesting thread, OP!

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I'll become the new looser-

 

Median Household Income for my town- $23,300

 

Other statistics- 15% of households make less than $10K, and 30% fall into the $10-20K range, and another 15% in the $20-30K range- doing the math, 60% of people in my area make less than $30K a year.

Aw, we were so close at $27,200....
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COST OF LIVING My City (PJ)  United States   

Overall  questionmark.png            175             100   

Grocery  questionmark.png          110.2           100   

Health  questionmark.png             116              100   

Housing  questionmark.png           311              100   

Utilities  questionmark.png              94              100   

Transportation  questionmark.png 113              100   

Miscellaneous  questionmark.png 113               100

 

 

OK, so COL is geared to 100 overall in the US.  LOOK at my city.  Only the Utilities category is under 100, and not by much.  And 311 for housing?  That's both purchase and rental.

 

It is really almost impossible to get an accurate read on this, however, as real estate is escalating so fast you can barely keep up with it, even from the point of view of just knowing what is going on in the market.  

 

I read upthread several numbers that seem super high to me for a household income...but the price of a house was still only double than number.  Here, the median household income is $90,000ish.  But the median house price is around $600,000.  And it's not like the medical care of any of the rest are below the 100 COL, so that 90K doesn't have slush in it.  

 

We bought this house in 2013 for $650K.  Zillow and Redfin now have it over $850K...and Redfin said that the value went up $26,000 LAST MONTH.  I know askin' ain't gettin' when it comes to real estate, but this pretty much matches the experience of friends who are trying to buy houses.  It is *always* a bidding war.

 

(I know this seems like private info, but it isn't.  Anyone can look online and find out this kind of info...)

 

I want to stay here.  My life is here.  But we are retired, and investments can't keep up with the COL--and believe me, we were *very* conservative when we planned for our retirement.  So...it may be time for us to move in a couple of years.  Sad.

 

We have friends who bought a fixer-upper here three years ago.  They did the work themselves.  They have sold the house, and with the *equity* they paid off the loan, paid off their truck, and bought a house for cash in another state.  They are moving in 2 months.  That's wonderful for them, but at bottom, it's insane.  

 

So when we discuss this topic next week, my report here will be out of date.  :0)

 

Edited to format the chart. 

 

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I'm jealous of all these low COL areas with their tidy little incomes. I hope we can move to one of those!

 

Well...you might not enjoy a move to our town. We have a low median income but the town is not doing well.  We have so much poverty that our schools are in a program that provides free lunch and breakfast to every kid...no more applying for free lunches. Everyone automatically gets one.   And property taxes are high. Our house is valued at less than $100,000 and the taxes are more than $4000 a year. For a lot of families the property tax burden is crippling.   

 

In the past 15 years our town's median income has plummeted. It's pretty sad. 

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