"Affordable housing based on property under $500Ktherefore...

"Affordable housing based on property under $500K

therefore property up to approx 7.5 times the average wage

Yep that is affordable
LOL"

According to an online calculator a person on 60k could borrow $457k. Therefore a $500k house would be affordable if:

-The loan is for 50 years
-They have no car repayments
-They have no credit cards
-They have no dependents
-The interest rate is 6%
-They have a 43k deposit.
-They have no other weekly expenses

Totally affordable! House prices are clearly set to boom!