Although the price is attention grabbing, there was a more interesting statement made by Erin McParland of Habitat for Humanity:
“The average income of Toledo residents is about $85,000. The average sale price of a Toledo home is $200,000. Taking into account all other basic living expenses, it takes an income over $100,000 to comfortably afford a home in Toledo. This is unaffordable.”
Buying a house is only affordable if it is less than two times income!
A Wall Street Journal article referenced by McParland has another interesting quote:
“This market is a little gold mine in America” a statement made by Jack Garayan of Fresno California. He and two friends invested in two Toledo rental homes. The first went from $133,000 to $200,000 and the second from $137,000 to $220,000 in the past year.