Quote:
Originally Posted by ASAP
I am going to repeat everything is market dependent... i am in South FL... specifically Miami... any single family house below $450k looks like a dump... fwiw median family income is $55k... that is again a near 9 x multiplier... no idea how thats supposed to work.
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You can't use the median income as a basis for a multiplier for nicer home values. Half the people make less than $55K and they are most likely living in the less expensive homes or renting. You need to figure out how to remove them and identify the median income for those buying $450K+ homes to get that multiplier, or use median income and median home value (which is still skewed to me because it doesn't eliminate renters). Not everyone can afford nicer homes. That's true everywhere.