I am surprised wages are low considering that SA has some considerable industries.

For rental properties in general maybe looking at (debt+proposed PITI)/(wages+(75%*rent-current PITI)) might be the formula that would be more accurate. 

Either way we get it done for 250ish, MAX, All the best  I guess that laborers make minimum wage in your area , and the companies pay under the table and have no insurance .   

If you're a high earner, say $500k/year but can live off say $100k/year, then you can do it quicker.

Do you see an influx in wage earnings?

Wages not keeping up with inflation, so people only have so much $ unless of another government bailout

Is there evidence of job and wage growth in the metropolitan statistical area (MSA)?

I live in NC, I'm 41, my wife is a high W2 earner, and we don't plan on touching this money for 12-15 years. 

Tech and manufacturing jobs are moving into the area from CA bringing higher wage earners. 

Additionally, Millennials rely heavily on online platforms and mobile apps for property search, virtual tours, mortgage applications, and transaction management, reshaping the way real estate transactions are conducted.Delaying Homeownership and Embracing Renting: Despite their strong desire for homeownership, many Millennials face financial challenges, including student loan debt, stagnant wages, and high housing costs.