Oil & The Economy

[Fernando]

median income in CA
View attachment 93540
Arkansas - Median household income (in 2022 dollars), 2018-2022 $56,335

I don't know how you can live on $56,335 after paying insurance, taxes, business expenses, eating out, and going on vacations.

 

[Terrel L. Shields]

$56,335 after paying insurance, taxes, business expenses, eating out, and going on vacations.

Pretty easy. Rent is about $1200 for a 1400 SF house or duplex...Was about $800 in 2020. Our state income taxes are a tiny fraction of CA's. Car tags are $28. Insurance is cheap. Gas is $2,65 a gallon. And "vacation" to most of us means a trip to the Gulf, Rockies, or just here in the Ozarks. Branson is 50 miles from Arkansas, Eureka has shows as well, and horse racing at Hot Springs, and we have no less than 10 lakes within 100 miles. A nice lodge runs under $100 a night, a top one maybe $200. 6 Flags is a six-hour drive, and we have a casino on every corner. We also have a topflight art gallery courtesy of Alice Walton. And if a history buff like me, we have several battlefields from the Civil War, the Cowboy Hall of Fame, National Hall of Fame for Famous American Indians. Will Rogers Museum, US Marshal's Museum, and many more. For fisherpersons we have both trophy bass and trout streams in MO, and below the White River dams and Red River Dam (Greer's Ferry) plus Oklahoma has winter lake fishing for trout, Missouri has a rare subspecies of trout you can fish for as well as a huge hatchery at Roaring River.

 

[Fernando]

Pretty easy. Rent is about $1200 for a 1400 SF house or duplex...Was about $800 in 2020. Our state income taxes are a tiny fraction of CA's. Car tags are $28. Insurance is cheap. Gas is $2,65 a gallon. And "vacation" to most of us means a trip to the Gulf, Rockies, or just here in the Ozarks. Branson is 50 miles from Arkansas, Eureka has shows as well, and horse racing at Hot Springs, and we have no less than 10 lakes within 100 miles. A nice lodge runs under $100 a night, a top one maybe $200. 6 Flags is a six-hour drive, and we have a casino on every corner. We also have a topflight art gallery courtesy of Alice Walton. And if a history buff like me, we have several battlefields from the Civil War, the Cowboy Hall of Fame, National Hall of Fame for Famous American Indians. Will Rogers Museum, US Marshal's Museum, and many more. For fisherpersons we have both trophy bass and trout streams in MO, and below the White River dams and Red River Dam (Greer's Ferry) plus Oklahoma has winter lake fishing for trout, Missouri has a rare subspecies of trout you can fish for as well as a huge hatchery at Roaring River.

I don't rent by my 2 bedrm rentals are going for $2800/month, utilities/landline & cell phone/cable/burglar alarm around $800/month, car insurance over $4,000/year, & eating out monthly easily over $300. And not counting buy food for home consumption. Gas is cheap now at $4.69/gallon. Drive EV car more to cut expense.

Owning a house would include home insurance and property tax. Can't buy a home here with $56,000 income. That's a 5% down payment.

 

[Terrel L. Shields]

Can't buy a home here with $56,000 income.

There are still houses here you can buy for $150k. Build new on your own lot for about $160/SF and in the country a barndominium will run you about $100/SF.

 

[Fernando]

Harris plan for first time homebuyers would have helped buyers in your state. Not much help in CA.

 

[Terrel L. Shields]

Harris plan would have helped buyers in your state. Not much help in CA.

No. It would have driven prices up which hurts the poor. Didn't you take economics in college?

 

[Fernando]

No. It would have driven prices up which hurts the poor. Didn't you take economics in college?

The tax credit helps the poor in competing with more qualified buyers.

 

[Terrel L. Shields]

The tax credit helps the poor in competing with more qualified buyers.

BS - what it does is allow the builders to add exactly that same amount on top of the price, making it even less affordable and other houses will follow along. Same with your EV credit. Without the credit what happened? The prices of an EV dropped.

 

[Fernando]

BS - what it does is allow the builders to add exactly that same amount on top of the price, making it even less affordable and other houses will follow along. Same with your EV credit. Without the credit what happened? The prices of an EV dropped.

EV credit encouraged some to buy EVs. My sister did thinking she was getting a good deal.
More buyers for EVs is the strategy of tax credits.

 

[Terrel L. Shields]

More buyers for EVs is the strategy of tax credits.

Subsidies for the upper middle class paid by the lower middle class in their taxes.

BTW, they are predicting the new rules for CA gas will increase the cost of gasoline by 65 cents per gallon.

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