Question: How much would you have had to earn each working hour this past year, to offset the loss in value if you owned a median priced home in Sacramento?
August 2007 median= $313,500
August 2008 median= $210,000
Loss = $103,500
Avg annual hours worked= 2,000
(If you prefer using "average" home price, rather than median, the answer would be $56.65/hour. If you prefer average price sq/ft, it would be about $60/hour assuming a 2,000 square foot home.)
Paul
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2 comments:
I prefer the 24/7 hourly loss rate:
$11.82
Every single hour.
the opposite of bubble times. In those years people were making an extra $50k-$100k a year for doing nothing.
Now not only is that fake income gone, but now you are losing money.
Not good for retail companies. I have a feeling many will die or be in a lot of pain after a lackluster xmas season.
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