Income and home value in 'your' town or city?

Chemocurl zn5b/6a IndianaDecember 9, 2008

Below is a link to stats for median income and median house or condo value.

I find it interesting that a median home here is less than 3 years of one's median wages, compared to so many other places in the country....sorry, Canada is not included.

Here are the stats for my small rural town in IN.

Population in July 2007: 5,952. Population change since 2000: -1.1%

Estimated median household income in 2007: $33,607 (it was $30,687 in 2000)

Scottsburg: $33,607

Indiana: $47,448

Estimated median house or condo value in 2007: $91,954 (it was $70,600 in 2000)

Scottsburg: $91,954

Indiana: $122,900

Mean prices in 2007: All housing units: $99,569; Detached houses: $113,516; Townhouses or other attached units: $68,638; Mobile homes: $21,745

Sue

Here is a link that might be useful: City Data-choose state and then your city or town

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dadoes

Bunches of interesting data, although I have to wonder about the accuracy of some of it.

My 2007 income was well above the median. 2008 has dropped considerably. :-(

Value of my house is also well above the median and mean.

    Bookmark   December 9, 2008 at 6:28PM
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joyfulguy

Canadian banks are fairly heavily regulated and are more used to carrying their own mortgages, so we are told that our mortggage situation isn't nearly as troublesome as in the U.S.

There seems to have been a pause in house prices, even a slight drop in some areas, but not a serious issue at present.

There is a sagging in the economy, though ... and will be more so, as our economy is very closely linked to the U.S. one: we say that when the U.S. economy gets a sniffle ... ours gets pneumonia.

I've lived in about 22 locations during my 79 years ... have never owned a home.

Current 2 br. farmhouse costs under $500.00/mo., includes water, o.k. for washing, not for drinking or most cooking, but I pay for power to run the pump. Rent not including oil furnace heat and power.

Income from my three pensions has increased slightly, quarterly. I expect it to continue so.

I have some income from a small personal tax-deferred retirement plan: my enthusiasm for that system has decreased substantially in recent years. That income has increased annually, but the required percentage withdrawal increases annually, so soon it will begin to decline, annually. I'm not worried about that.

I live within my pension income, thus far can save some for other purposes.

My investment income has taken a hit - one substantial situation, our largest telco, known as a "widows' and orphans' stock", was to be sold, to be bought at a premium price by a large pension plan and taken private ... the deal set up just before the U.S. financial debacle ... and completion has been postponed several times.

During that time ... they stopped paying dividends!

Then last month their auditors told them that the deal isn't viable ... would put them too deep into debt. Share price dropped from $38.35 close the day before the announcement to $25.25 next day.

I fully expect them to reinstate dividend, and soon, maybe even paying the omitted ones. But it'll be a long time till I recover the price that I paid for some of the stock.

GGrr-rr-r-r-u-u-m-m-ppp!

Another company, a base metal miner and processor that I bought early this year had share price go up over 1/3 by May ... then slid back to purchase price by about Sept.

They'd bought a major coal co. for possibly a high price, with short-term bridge financing, are worried that recession may cut metallurgical coal shipments, they may have trouble financing. They've stopped paying dividends, as well.

Stock price closed last week at slightly over 1-10th the amount that I paid in Jan. I'd bought more a month ago for nearly double the current price per share.

GGrr-rr-r-r-u-u-m-m-ppp, again!

Thinking of buying more, now, though.

Ed - are you crazy?

I don't think that the company will die, but will recover.

A Canadian bank stock whose price at $107.00 was high in May '07 raised dividend from $3.08 in fall '07 to $3.48 ... and have maintained it, thus far.

But they had substantial exposure to the U.S. financial problems ... the share price dropped to a low of $42.36 or so, last month ... now $50.00 ... a long way down from that $107. a year and a half ago: but they continue to pay the dividend, at the rate established last fall.

A slight ray of satisfaction can be gained from the realization that at a share price of about $90.00 a year ago, the rate of return was 3.87% (tax-advantaged) ...

... and now, at share price of $50.00, is 6.96% (tax-advantaged) ... rather unusually high, for a bank!

ole joyful

P.S. I'm digging up some more stock and mutual fund certificates, these days, to take to my lender to increase the limit on my Line of Credit.

I'd thought that I'd have had some funds available from the forced sale of the telco, several months ago. Then deferred ... was to complete on Thursday, this week.

Now, those funds are not available.

But stocks are on sale.

So I want to buy some.

That's what that currently unused Line of Credit is for!

o j

    Bookmark   December 10, 2008 at 1:39AM
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trk65

Cary, North Carolina
Population 115,343 (up 128.87% since 1990)
Median Household income $78,892 (up 69.85% since 1990)
Median Home Price $204,457 (2.6 times median income)

    Bookmark   December 10, 2008 at 10:10AM
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