i am curious to know how people can afford to spend so much for housing?? in california....
i am from bangalore, india.....i wanted to help my parents buy a house....but the prices have gone so high that it almost looks like california........i am trying to figure out whether i shall ask my parents to move to another city or what??
eg: Average household income(guesstimate) of bangalore: $6k
minimum price of house: 2 bedroom apartment, 800 sq foot, $45k
rental for same property: $150
interest rate: 12%
thats almost 8 times a household income....
reason for this boom is that every indian in the world with some spare money is investing in bangalore properties....prices have gone up 4 times in the last 5 years....
i think california has seen similar trend....i want to understand why people living in california will not move out to other places........ its almost like californians spend 50% of their income on housing....and atleast 2 hours on commute......is this true??
if we take the average household income to be around 100K.
shouldnt housing start from around 300k for something like 1000sf 2 bedroom unit...
i am still unable to understand who buys those houses for > $500k with average income being around 100K.
is it possible that rich people from all over usa/world started investing....leading to speculative housing market???
(just like bangalore, india)
i am from bangalore, india.....i wanted to help my parents buy a house....but the prices have gone so high that it almost looks like california........i am trying to figure out whether i shall ask my parents to move to another city or what??
eg: Average household income(guesstimate) of bangalore: $6k
minimum price of house: 2 bedroom apartment, 800 sq foot, $45k
rental for same property: $150
interest rate: 12%
thats almost 8 times a household income....
reason for this boom is that every indian in the world with some spare money is investing in bangalore properties....prices have gone up 4 times in the last 5 years....
i think california has seen similar trend....i want to understand why people living in california will not move out to other places........ its almost like californians spend 50% of their income on housing....and atleast 2 hours on commute......is this true??
if we take the average household income to be around 100K.
shouldnt housing start from around 300k for something like 1000sf 2 bedroom unit...
i am still unable to understand who buys those houses for > $500k with average income being around 100K.
is it possible that rich people from all over usa/world started investing....leading to speculative housing market???
(just like bangalore, india)