Exactly. Those Sundown towns have a Wal Mart and no real good paying jobs. Quality of life in those rural areas is terrible.
The housing market just slid into a full-blown correction
- Thread starter OfTheCross
- Start date
Exactly. Those Sundown towns have a Wal Mart and no real good paying jobs. Quality of life in those rural areas is terrible.
This is again one of these aspects of how there is a skewed view of how the housing market works and how it specifically works in a major metro area .
Housing is a commodity yes - but it doesn't work like some commodities where if there is a increased supply it drives down the price...
Housing in Moscow Idaho isn't like housing in Miami and San Fran
And again I have to reiterate - housing will cost what it costs - one of the problems with building in a city that has high demand is that the floor doesn't go down - it stays flat or it moves up either quickly or slowly.
The people who keep saying build more and that will make it affordable, my response is where has that ever happened in a high demand market?
Again I believe also that housing is crazily priced and it out of reach for average people
But I disagree that the solution is that more housing for rich people ( or well off people ) is going to make it possible for someone who wasn't able to buy gets capable of buying because that hasn't occured anywhere.
The avg income in NYC is 75K for a family but its demonstrably shown that even people who make a LOT more still have issues in affording to pay for housing here
For housing to dive in price to where someone who earns an avg salary can afford to buy/rent the cost of housing would have to go down drastically and for what people are promising the market would have to be in collapse or way way worse in a market like NYC ( like a calamitywould have to.have occured )
Even during the pandemic the rental market price wise stayed relatively still within the price range that it was previous to the pandemic . There weren't apts that were going for 2000 suddenly going for halt that amount - there weren't houses that were going for 300 or 400k suddenly going for 150 or 200k which is what would be needed for someone who earns a avg salary in NYC
ADevilYouKhow
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Survey: 3.3 million U.S. adults displaced by natural disasters in past year
Hurricanes were responsible for more than half of the forced relocations.
www.axios.com
I was trying to buy a house back in 2019 and there were literal bidding wars for them even then. This is pre-pandemic a person would put a house up for sale and within a week it would have an accepted offer usually over list price after the price was pushed up by multiple offers.
Do you honestly think people would be pushing the price of homes up like that if the supply was plentiful? In the area I live they don't even really build starter homes anymore. The homes I see getting built are around $220K or so which while considered an average home price in Michigan that's not something that's easily affordable for a first time home buyer here.
ADevilYouKhow
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'Landlords Are People Too': Landlords Bravely Protest to Evict People Faster
Landlords took to the streets in Canada to protest for what they called "justice," or overhauling tenant law to evict more people.
www.vice.com
ADevilYouKhow
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Rent for Millions of New Yorkers Could Increase by 2 to 5 Percent (Published 2023)
The panel, known as the Rent Guidelines Board, took a preliminary vote on potential rent hikes on Tuesday evening.
Terrifying
Bboystyle
Bang Bang Packers gang!
shyt I wish they built 220k houses in my area
well two things
first youre paying more because of demand for that area
second you are paying more because you arent competing against just "well off" individuals ' you are paying more also because actual institutions are outbidding ad purchasing homes in a strategy to use those homes as "income" - they have deep pockets so if the price is 300K then onceof those companies will simply come in and say forget your 1st time barely scraped it together troubles - ive got 330K ...cash ... right now.
so the new standard for your 300K house now jumps up to 350 K
lets be plain the same thing is occuring with cars - friend of mine lost his 80K corvette in a flood got a check from the insurance company but it was during the return time for covid ...when everyone was ( and still is ) buying a new car
the same Vette t he paid out 80K for in months that 80K was no good since even though teh dealerships were listing the vette for 80k becuase of demand they werent accepting anything less than 110K ...because there were people willing to pay that much to get that vette.
This family left the U.S. and bought an apartment in Portugal for $534,000—look inside their 400-year-old home
In 2015, Alex Trias and his family took a leap of faith and purchased an apartment in Lisbon, Portugal. Since then, they've spend roughly $200,000 on renovations. Now retired, the couple has no regrets about leaving the U.S. Here's a look inside their 400-year-old 2-bedroom, 1,300-square-feet home.www.cnbc.com
just to add onto what Payday posted
so those people in the article that moved to Portugal - they are part of the problem - what they are doing isnt a solution for affordability
to reinforce what i said earlier
- the people in that article HAD a lot of money so of course it was an option
overall the ultimate point is that getting /finding someplace "affordable" is always easy for people who have money and it ultimately doesnt work out so well for the people who lived in that neighborhood for years ....
the problem is ultimately demand - gentrification is like a plague of locusts. its nice to get a neighborhood that gets new shyt and improved services but invariably the increase in desirability ( and thus in the value of the properties ) it raises the costs of living and taxes and pushes out the people who have the most to lose
and does little for those who dont have much in the first place.
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2-5%, thats it??Rent for Millions of New Yorkers Could Increase by 2 to 5 Percent (Published 2023)
The panel, known as the Rent Guidelines Board, took a preliminary vote on potential rent hikes on Tuesday evening.www.nytimes.com
Terrifying
ADevilYouKhow
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2-5%, thats it??
It’s not like peoples incomes necessarily go up that much and the majority of people are rent burdened
ADevilYouKhow
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The Ugly Truth Behind “We Buy Ugly Houses”
HomeVestors of America, the self-proclaimed “largest homebuyer in the U.S.,” trains its nearly 1,150 franchisees to zero in on homeowners’ desperation.
www.propublica.org
HomeVestors Praised ProPublica’s Reporting, Then Tried to “Bury It”
The “We Buy Ugly Houses” company held a virtual meeting for its franchises to outline a plan to “minimize visibility” of our investigation.
www.propublica.org
ADevilYouKhow
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NYC’s largest supportive housing provider sues tenants to collect $1.1M in unpaid rent
Breaking Ground’s CEO said it initiated legal action against residents after it had “exhausted” all interventions.
gothamist.com
ADevilYouKhow
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Lessons From a Renters’ Utopia
Worldwide, housing has become a nightmare of expense and speculation. What did Vienna do right?
