To be sure if we want an example with someone making $80k after tax, we should really not be looking at houses above $400k. Yes, home prices are nuts, as I observed, but no one should be spending 5x gross income and 6.25x net income on housing.
In my own life, I spent about 2.5x gross income for both of my home purchases. And they were arguably more home than I needed. When I bought my first house, I was single, and I rented out the two other bedrooms. My spouse and I bought a house together, but ultimately could not have children, so the house is too big. (We also live on an acre and have a lot to maintain.) Now I know these Philly suburbs are nothing compared to California real estate, but it's still a medium to high cost of living area compared to the rest of the country, where we're minutes away from any kind of shopping or entertainment we'd want, and 45 minutes from the large international airport.
For sure the rising housing costs make it even harder for households making less than the median. I never argued otherwise. My point was about that which started this thread, that there is "no option" but to work for a big, awful tech company. I disagree, and elevated housing costs don't change that.
In my own life, I spent about 2.5x gross income for both of my home purchases. And they were arguably more home than I needed. When I bought my first house, I was single, and I rented out the two other bedrooms. My spouse and I bought a house together, but ultimately could not have children, so the house is too big. (We also live on an acre and have a lot to maintain.) Now I know these Philly suburbs are nothing compared to California real estate, but it's still a medium to high cost of living area compared to the rest of the country, where we're minutes away from any kind of shopping or entertainment we'd want, and 45 minutes from the large international airport.
For sure the rising housing costs make it even harder for households making less than the median. I never argued otherwise. My point was about that which started this thread, that there is "no option" but to work for a big, awful tech company. I disagree, and elevated housing costs don't change that.