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My ripoff state ranks fourth -- where does your state land?


Dottleshead

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Maybe now some of youz guyz can appreciate my concern about real estate prices?  Our Average monthly mortgage payment: $1,459.  I'm trying to sell and move into a place that falls below that average.  Only folks higher than us are California, New York, and Hawaii.

https://www.msn.com/en-us/money/news/ranked-the-average-monthly-mortgage-payment-in-every-state/ss-BB12LQS5?li=BBnb7Kz#image=49

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I'm not going down the clickbait hole but the concept is filled with error.  Across the range of your state what would you estimate the high and the low.

For example, CT has multi hundred million dollar homes down in the New York corner and old farm houses in the other.  Big spread.  Averages can be misused.  Maybe by county or by town might be better but I'd bet on a spread even there.

What do you think the mortgage on a mine shack missing windows sitting on a tailings pile at a clapped out mine is?

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I think there is a reason they provide the household numbers.  Look at it this way - you can bitch about the difference mortgage payments of $469 ($5,628/yr) between you and Mississippi or you can be  happy as a clam at the EXTRA $33,000 you have (net $28k)!!!!!  I gotta say, I'm guessing WA is a bit higher in a lot of "good" things and the 4th rank is part of the reason.


4. Washington
Average monthly mortgage payment: $1,459
Average monthly household income: $7,821 ($93,852/yr)
Difference between state and national average mortgage payment: $300

9. Virginia
Average monthly mortgage payment: $1,334
Average monthly household income: $8,167 ($98,004/yr)
Difference between state and national average mortgage payment: $175

46. Mississippi
Average monthly mortgage payment: $990
Average monthly household income: $5,053 ($60,636/yr)
Difference between state and national average mortgage payment: -$169

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1 hour ago, maddmaxx said:

I'm not going down the clickbait hole but the concept is filled with error.  Across the range of your state what would you estimate the high and the low.

For example, CT has multi hundred million dollar homes down in the New York corner and old farm houses in the other.  Big spread.  Averages can be misused.  Maybe by county or by town might be better but I'd bet on a spread even there.

What do you think the mortgage on a mine shack missing windows sitting on a tailings pile at a clapped out mine is?

We're 32, but that's because there is a HUUUUUUGGGGGHHHHH piece of farmland between Philly and Pittsburgh, with only Scranton, Harrisburg and Erie as contributing urban areas.

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1 hour ago, shootingstar said:

Dottles, we're cheaper across the border because of limping oil-gas local economy.  You can get a new townhouse in our province, for approx. $375,000 --Canadian $$$ and it will have a basement. It will be properly winterized.  Vancouver of course, will supercede Seattle.

That seems like a very attractive offer.  Are they taking tech workers too?  

 

And please elaborate more on this supercede thing.  What do you mean?

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1 hour ago, JerrySTL said:

21st but who what's to live in Illinois anyway. It has some of the highest property taxes plus other taxes and fees. Illinois is having a net population loss with mostly taxpayers leaving. It's doing a death spiral with taxes and spending. Plenty of homes for sale.

Yeah, I'll pass.

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1 minute ago, Dottles said:

That seems like a very attractive offer.  Are they taking tech workers too?  

 

And please elaborate more on this supercede thing.  What do you mean?

Probably not.  It is Canada, I am pretty sure they're looking for musk ox ranchers.

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2 hours ago, Razors Edge said:

I think there is a reason they provide the household numbers.  Look at it this way - you can bitch about the difference mortgage payments of $469 ($5,628/yr) between you and Mississippi or you can be  happy as a clam at the EXTRA $33,000 you have (net $28k)!!!!!  I gotta say, I'm guessing WA is a bit higher in a lot of "good" things and the 4th rank is part of the reason.


4. Washington
Average monthly mortgage payment: $1,459
Average monthly household income: $7,821 ($93,852/yr)
Difference between state and national average mortgage payment: $300

9. Virginia
Average monthly mortgage payment: $1,334
Average monthly household income: $8,167 ($98,004/yr)
Difference between state and national average mortgage payment: $175

46. Mississippi
Average monthly mortgage payment: $990
Average monthly household income: $5,053 ($60,636/yr)
Difference between state and national average mortgage payment: -$169

Just let me have my bitch session, will ya?!?

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The data is questionable. I wondered if these are P&I payments and don't include escrow, so I looked at the original Lending Tree article () and found: "LendingTree analysts looked at the average mortgage payment offered through 2019 to LendingTree users in each of the nation’s 50 states."  The mortgage offered to users does NOT include escrow.

Maryland is ranked 7th highest mortgages at $1357/month, just behind New Jersey at $1367.  That's goofy because in Maryland the property taxes on a $300K house are typically about $3000/yr - including garbage collection fees and all other property fees - but they're about $13,500/yr in much of of New Jersey.

The average income of those with mortgages is surely a mean average, not a median average. The avg. person with a mortgage in Maryland is NOT making $8957/month.  The median avg. household income in Maryland, #1 of all the states, is $83,242 before the pandemic - which is when all these numbers were determined and most of the people near that number are paying mortgages in a high-home-ownership state.

Maryland's rental costs are high, $700/month for just an efficiency apartment in a bad neighborhood, so people try to buy a home ASAP.

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2 minutes ago, MickinMD said:

The data is questionable. I wondered if these are P&I payments and don't include escrow, so I looked at the original Lending Tree article () and found: "LendingTree analysts looked at the average mortgage payment offered through 2019 to LendingTree users in each of the nation’s 50 states."  The mortgage offered to users does NOT include escrow.

Maryland is ranked 7th highest mortgages at $1357/month, just behind New Jersey at $1367.  That's goofy because in Maryland the property taxes on a $300K house are typically about $3000/yr - including garbage collection fees and all other property fees - but they're about $13,500/yr in much of of New Jersey.

The average income of those with mortgages is surely a mean average, not a median average. The avg. person with a mortgage in Maryland is NOT making $8957/month.  The median avg. household income in Maryland, #1 of all the states, is $83,242 before the pandemic - which is when all these numbers were determined and most of the people near that number are paying mortgages in a high-home-ownership state.

Maryland's rental costs are high, $700/month for just an efficiency apartment in a bad neighborhood, so people try to buy a home ASAP.

I don't think I ever thought these figures included escrow.  Because, golly, that would be misleading, right?  

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1 hour ago, Dottles said:

That seems like a very attractive offer.  Are they taking tech workers too?  

 

And please elaborate more on this supercede thing.  What do you mean?

I mean Vancouver is expensive...the most expensive in Canada. Yep they are hiring tech workers.  1 of them is doing very well, $1,400Can / share  and the firm declared a few months ago, all their employees work from home full time.

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2 minutes ago, shootingstar said:

I mean Vancouver is expensive...the most expensive in Canada. Yep they are hiring tech workers.  1 of them is doing very well, $1,400Can / share  and the firm declared a few months ago, all their employees work from home full time.

I was thinking about moving to Bellingham.  Maybe I could just drive across the border and interview and then work from home in another country.  They'd probably go for that.

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10 minutes ago, Dottles said:

I was thinking about moving to Bellingham.  Maybe I could just drive across the border and interview and then work from home in another country.  They'd probably go for that.

Or just a bit south along the coast..some great seafood restaurants.  Taylor's has a huge outfit there for their clams, etc. The firm is Shopify. Canada's only FANG...Saleforce's, D-Square's competitor.

Point Robert would be an odd little village to live. 

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On 7/31/2020 at 6:07 PM, Dottles said:

I was thinking about moving to Bellingham.  Maybe I could just drive across the border and interview and then work from home in another country.  They'd probably go for that.

Here are major Canadian cities...I don't totally agree with some of the prices for certain neighbourhoods.  In Canadian $$ dollars of course.  Looks like they chose higher end prices per neighbourhood.    https://www.moneysense.ca/spend/real-estate/where-to-buy-real-estate-in-2020-greater-vancouver/

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On 7/31/2020 at 4:19 PM, JerrySTL said:

21st but who what's to live in Illinois anyway. It has some of the highest property taxes plus other taxes and fees. Illinois is having a net population loss with mostly taxpayers leaving. It's doing a death spiral with taxes and spending. Plenty of homes for sale.

Yeah... we considered leaving IL.  Just about everyone we know lives here.   Our old home sold in 6 days, for more than I expected.

@Dottles so when are you moving to Iowa?

image.png.8b019ba253c9eb4c1c607438f17c8d42.png

 

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22. Florida

Average monthly mortgage payment: $1,124

Average monthly household income: $6,388

Difference between state and national average mortgage payment: -$35

 

And add to it, no State income tax. Also, one of the few States where the automotive vehicle is taxed based on weight rather than value.

But then again, it is Floriduh

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1 hour ago, Bikeguy said:

Yeah... we considered leaving IL.  Just about everyone we know lives here.   Our old home sold in 6 days, for more than I expected.

@Dottles so when are you moving to Iowa?

image.png.8b019ba253c9eb4c1c607438f17c8d42.png

 

I actually have family in Souix City, Iowa that I have never met. And Grand Rapids is not bad. But I don't think I could live in a 500 mile radius of Kazabooboo.

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On 7/31/2020 at 5:09 PM, shootingstar said:

Or just a bit south along the coast..some great seafood restaurants.  Taylor's has a huge outfit there for their clams, etc. The firm is Shopify. Canada's only FANG...Saleforce's, D-Square's competitor.

Point Robert would be an odd little village to live. 

I thought about that. It'd be pretty safe in Point Roberts. Like a giant gatekeeper. But then there would be giant gatekeeper.

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3 hours ago, Allen said:

Thanks for finding this, I was unwilling to scroll through that mess.

Where I live, we’re well below the local median new house price and income level, vs @ the state average mortgage payment & above the income level. 
 

Location, location, location. 

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44 minutes ago, 2Far said:

Where I live, we’re well below the local median new house price and income level, vs @ the state average mortgage payment & above the income level. 
 

Location, location, location. 

I’m sure Monroe is below in both categories vs the state average. 

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2 hours ago, shootingstar said:

I'm certain the locals would be quite unique with their opinions... in a unique corner of the U.S. 

Looking about buying in Bellingham.  Weird place.  State university and it's student body make up like a quarter of the town.  Liberal as hell.  And then you go up the road 5 miles into the farming communities and it's conservative as hell.  As an independent, this works well with me.  But perhaps the best news is the best damn Asian food would be about 30 miles north of us in B.C. I see semi-monthly runs across the border -- post covid that is.

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9 hours ago, Dottles said:

Looking about buying in Bellingham.

You could look out in the country near me!!!  My gravel posts and your moving post seem to have triggered SW's ad-bot to offer this ad:

IMG_8958.thumb.PNG.4e2c171a03632b14267bf884dd37df3e.PNG

New homes (no maintenance!), lots of outdoor space (get active!), mild weather (four seasons!), and near me ('nuff said!).  Come to Virginia!!!

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