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Author Topic: Money  (Read 4711 times)

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AGelbert

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    • Agelbert Truth AND Consequences
Re: Money
« Reply #255 on: December 18, 2017, 05:57:31 pm »
Generally Accepted Accounting Principles - GAAP

According to GAAP the total price (before insurance and interest) of a family dwelling must NOT exceed 2.5 times the annual income of said family.

As of the end of 2016, the median annual family income in the USA was $39,039.

https://fred.stlouisfed.org/series/MEHOINUSA672N

FINE PRINT:

Quote
Source: U.S. Bureau of the Census   Release: Income and Poverty in the United States 
Units:  2016 CPI-U-RS Adjusted Dollars, Not Seasonally Adjusted

Frequency:  Annual

Household data are collected as of March.

As stated in the Census's "Source and Accuracy of Estimates for Income, Poverty, and Health Insurance Coverage in the United States: 2011" (http://www.census.gov/hhes/www/p60_243sa.pdf)

Estimation of Median Incomes. The Census Bureau has changed the methodology for computing median income over time. The Census Bureau has computed medians using either Pareto interpolation or linear interpolation. Currently, we are using linear interpolation to estimate all medians. Pareto interpolation assumes a decreasing density of population within an income interval, whereas linear interpolation assumes a constant density of population within an income interval. The Census Bureau calculated estimates of median income and associated standard errors for 1979 through 1987 using Pareto interpolation if the estimate was larger than $20,000 for people or $40,000 for families and households. This is because the width of the income interval containing the estimate is greater than $2,500.

We calculated estimates of median income and associated standard errors for 1976, 1977, and 1978 using Pareto interpolation if the estimate was larger than $12,000 for people or $18,000 for families and households. This is because the width of the income interval containing the estimate is greater than $1,000. All other estimates of median income and associated standard errors for 1976 through 2011 (2012 ASEC) and almost all of the estimates of median income and associated standard errors for 1975 and earlier were calculated using linear interpolation.

Thus, use caution when comparing median incomes above $12,000 for people or $18,000 for families and households for different years. Median incomes below those levels are more comparable from year to year since they have always been calculated using linear interpolation. For an indication of the comparability of medians calculated using Pareto interpolation with medians calculated using linear interpolation, see Series P-60, Number 114, Money Income in 1976 of Families and Persons in the United States (www2.census.gov/prod2/popscan/p60-114.pdf).

Suggested Citation:
U.S. Bureau of the Census, Real Median Household Income in the United States [MEHOINUSA672N], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MEHOINUSA672N, December 18, 2017.

Let us say it is now $40,000 a year.

That means that the median price of a home should be $100,000. Yet, the medium price of a home in the USA, as of October of 2017, is $247,000.
https://ycharts.com/indicators/sales_price_of_existing_homes

That means that the median priced home in the USA is MORE THAN 100% OVERPRICED! 

The ONLY WAY the banks have gotten away with this INSANITY is by the artificially low interest rates, PERIOD. People are still BRAINWASHED enough to NOT look past the monthly payment, which Wall Street began claiming in the 1990's could be as high as 38% of your income. It was BULLSHIT then and it is BULLSHIT now.

Homes are WAY overpriced. Your bank and your taxman WANT it that way. Don't buy a home that sells for more than a $100,000, unless it has SEVERAL acres of land. A stick built home on an average sized lot is not worth more than $100,000. Don't be a sucker for the banks and the taxman!
Leges         Sine    Moribus     Vanae   
Faith,
if it has not works, is dead, being alone.

 

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