• Concerned2000 avatar Concerned2000 Posted: 2/27/2013 12:01pm PST

    If you go by the various "formulas" the average american should not buy a car, or a house or even go out to dinner.

    Look at the average income of just below $50k. Take away taxes (which are never accounted for) and you wind up with around $37k a year net. Just the 1/3 income for housing limits at $1027 a month. There are very few urban / suburban areas in the country where you get an "average" house or an "average" apartment for under $1030 a month.

  • fb_82100996 avatar Richard Posted: 2/27/2013 9:26am PST

    Plus, in most cities like Chicago or New York or San Francisco, add another $25k to $50k for a parking spot.