For example, in 1980, a truck driver in New Zealand earned $10 per hour, thus $21k annual, a nice home in a lesser priced suburb could be purched for $25-40k, $200k got you a historic mansion in a great innercity zone. Effectively, they could enter the property ladder immediately, at payments of no more than 30% of their salary (by govt mandate). Entry level homes were approximately twice the average annual salary.
Today, the truck driver averages $12-16hr, a little over $25 -35k annually, house prices are around $300k in the cheaper suburbs, the innercity home between 2-5mill. He has no chance of servicing even the interest on a entry level home mortgage, and if he works additional jobs is taxed at the higher secondary income rate. Entry level homes are ten times the average salary, effectively pricing single people out of the market.
What is your forecast for the coming years in the market? How do the masses buy homes in future? Whats a single persons best act today? Ticks pls
2006-12-26 18:02:09 · 7 answers · asked by Anonymous in Social Science ➔ Other - Social Science
Globalisation, plus unjust wars and their unavodable outcomes, has a lot to do with escalating prices of goods and servises all over the world on the one hand, and stagnation of wages on the other. Masters of these activities canot keep pace with the costs of THEIR needs and the needs of the ordinary people.
Prices and wages have always been on the ascendance and hardly ever on the discendance. When the two go hand in hand or in a very slight marginal and relative speed, we have no real problem. But when the opposite occurs we are in deep trouble. That is the case at the present.
2006-12-26 18:15:52 · answer #1 · answered by Ebby 6 · 1⤊ 0⤋
It concerns me greatly! future, or rather at present, am trying to purchase the most that I can afford...small condo or small house in not so hot neighborhood. Gotta start somewhere. Population grows but land doesn't.
Quite a few people are teaming up now, either with other family members or with friends with some sort of agreement or timeline to sell for profit in x years and split proceeds.
There are also many different mortgage products. There are 40 year mortgage options here in the US and many others...but there's debates as to how smart a move this is.
2006-12-26 18:12:00 · answer #2 · answered by Ladeeda 2 · 1⤊ 0⤋
find yourself a second job that pays cash or learn how to do hair. a big part of your income is gifts. for loan approval purposes you can take these gifts through the desk and have them count n your paycheck. or find a second job that pays cash. or have a FATTT down payment. single people and homosexuals (not able to marry keeps us permanantly in the single bracket)will have to start with a condo or townhome. build equity then sell at hopefully a higher price than you purchased using the equity as a down for a house. choose well young skywalker... BTW choose something that you can EASILY afford on a monthly basis. overpayments are great for equity and paying down principal.
2006-12-26 18:13:31 · answer #3 · answered by Anonymous · 1⤊ 0⤋
with the aid of fact it could convey finished financial cave in. Plus there could be no person to artwork for with the aid of fact it does no longer be worht taking the prospect of beginning your own business employer with the aid of fact all the prospect could be on your shoulders and ther could be no reward left on the tip of the day. Any money a business employer will pay you ought to be generated by employing your proprotionate contribution the two bodily now or in the previous or by employing the prospect which you tackle behalf of the different persons working for the business employer. you're an fool in case you think of that concept will ever artwork in simple terms given which you run your own business employer it does no longer mean you're loaded !!!!!! whilst replaced into the final time you had a job? If ever
2016-10-06 01:42:09 · answer #4 · answered by ? 4 · 0⤊ 0⤋
what concerns me is all of the people that purchased homes when the interest rates were low and opted for a variable rate instead of fixed rate is getting hammered by increasing interest rates to the point that there homes are in foreclosure.
2006-12-26 18:40:58 · answer #5 · answered by King Midas 6 · 1⤊ 0⤋
The cost of living has far outpaced the actual average yearly income.
I hate this country.
2006-12-26 18:11:15 · answer #6 · answered by concretebrunette 4 · 1⤊ 1⤋
housing market has been rising fast, and a slowdown is likely.
maybe even a small contraction if the economy does not do well.
2006-12-26 18:04:32 · answer #7 · answered by Anonymous · 1⤊ 1⤋