The August edition of Money Magazine has their annual best places to live results for 2007. Coming in at #1 is Mddleton Wisconsin, a suburb of Madison where typical single family homes are about $325,000. Unfortunately the average American household income is about $60,000/yr. which makes $325,000 a real stretch. With good credit scores and some savings the typical household income would probably be able to purchase approximately $200,000 worth of home in todays lending environment. Considering the average American household income, all of Money’s top 10 best places to live are out of reach. From the article:
- Middleton, Wisconsin – Typical single family home: $325,000.
- Hanover, N.H. – $385,000
- Louisville Colo. – $310,000
- Lake Mary, FLa. – $325,000
- Claremont, Calif. – $700,000
- Papillion, Neb. – $250,000
- Milton Mass. – $440,000
- Chaska, Minn – $275,000
- Nether Providence (Wallingford), Pa. – $350,000
- Suwanee, Ga. – $250,000
There was a time not that long ago (~40 years) when a family could make a decent living in this country on one income. Those days are long gone, and what have we gained?