Gross income? Why not net income?

[hereforinfo]

I don't know how people are affording $300-500k homes here with that being the average income. It doesn't make sense.[/B]

They can't afford it. That's why half the houses are in foreclosure. Same reason your bmw is about to be repo'd...the payment is half your takehome pay. Don't you get it? People have been living above their means and now it's catching up to them. It's OVER.

[debtmonster]

They can't afford it. That's why half the houses are in foreclosure. Same reason your bmw is about to be repo'd...the payment is half your takehome pay. Don't you get it? People have been living above their means and now it's catching up to them. It's OVER.

But when I did buy the BMW, I COULD AFFORD IT. When you're making $6000-9000/mo., a $700 payment isn't that bad. Then economy changed and took my income with it.

I can afford my house, I just can't get any jobs nearby. I was thinking I'd be making a lot of money and could sell it after a while. I'm giving it back just so I can move to a big city. Since my home business is tanking, I need a day job again and all of the ones that pay $40-60k are about 120 miles away. I can't wait to go bankrupt. I'm going to try to send in a $1,000 payment this month to the attorney as long as my commission check doesn't suck.

[Doghouse]

California doesn't have one set median household income, it depends on where you live.
And there is no way anyone could make it where I live at on only 60k yr.

Cali, yes California as a whole does have one set median income and it's $59,948 as of 2007 according to State of Calif. and US Census Bureau figures. Of course you can have different median income for a city, a county, a metro area, a neighborhood, a university, fans at the Raiders games, fans at the SJ Sharks games, customers at Round Table Pizza and even BKforum members.

Again, median is simply the middle income and not to be confused with mean or average income. If 5 people made $10K, $21K, $62K, $500,000, $47,000,000 as an example, the median for all 5 is $62K. This is also how home prices are reported.

[Cali]

Doghouse, I have a MBA I kinda know how to get the middle income.

Estimated median household income in 2007:

My area: $83,926
California: $59,948

[debtmonster]

I wish I could afford to live in California. Earthquakes are fun (except when people die.)

[Cali]

You can die anywhere.

I wish I could afford to live in California. Earthquakes are fun (except when people die.)

[debtmonster]

You can die anywhere.

I was in a place that had an earthquake and over 500 people died. To me, I thought it was neat as it was my first quake and I was sitting in a car. But when I got home and saw the news, I saw that hundreds of people had their homes collapse on them. That was sort of NOT cool.

[Cali]

Well we have earthquakes, mudslides and fires. You kinda get used to it.

I was in a place that had an earthquake and over 500 people died. To me, I thought it was neat as it was my first quake and I was sitting in a car. But when I got home and saw the news, I saw that hundreds of people had their homes collapse on them. That was sort of NOT cool.

[hereforinfo]

But when I did buy the BMW, I COULD AFFORD IT. When you're making $6000-9000/mo., a $700 payment isn't that bad. Then economy changed and took my income with it.

Obviously you couldn't afford it, as you owed tens of thousands to other credit cards and repo'd cars at the time. You could only afford it because you weren't paying those other bills.

[Cali]

Is it really worth it to go on and on about this. This is a BK forum, so that means many of us couldn't afford a few things after whatever happen to bring us here.

Obviously you couldn't afford it, as you owed tens of thousands to other credit cards and repo'd cars at the time. You could only afford it because you weren't paying those other bills.

[hereforinfo]

It's just frustrating because most of the people here take responsibility for their situation and have learned from their mistakes, yet DM doesn't seem to get it and is probably going to end up right back here in another 8 years.

[BKOnce]

It's just frustrating because most of the people here take responsibility for their situation and have learned from their mistakes, yet DM doesn't seem to get it and is probably going to end up right back here in another 8 years.

Because DM is still young, full of desires (money$) and ambition (materials),... that's why...

[Cali]

How young is DM?

And I agree it is frustrating.

Because DM is still young, full of desires (money$) and ambition (materials),... that's why...

[debtmonster]

Obviously you couldn't afford it, as you owed tens of thousands to other credit cards and repo'd cars at the time. You could only afford it because you weren't paying those other bills.

Exactly... those things in the past were written off. I moved on with my life and forgot the past and looked towards the future. You're not in my shoes. You don't live where I live. You haven't worked 110 hour weeks like I did. You have no right to judge.

[debtmonster]

How young is DM?

And I agree it is frustrating.

I am not young. I am old just like the rest of you.