Cost of Living
My friend, Lefty, has an excellent article out on Cost of Living . You should read it. He moved to his current residence in 1999. I moved into my current residence in 2002. Of note, we live in the same neighborhood. This will be important here. I remember well when we bought the house. Our household income was about $55k, and the house price was $133k. That means it was a 242% House to income ratio. At the time, we had been living in an apartment, the rent for which was $769 per month. Rent was 16.8% of our income. Also, at the time, the median household income in Tennessee was $37K. So we were at 148% of the median. Today, the median household income in Tennessee is $67K. So, if someone were at 148% of that, it would be an income of $99k. Six figures is not what it used to be. Currently, houses in our neighborhood are selling for $450K on average. Of course, when I write "on average," it literally means it is an average - sum them all up, then divide by nu...