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US home prices have soared 47% so far this decade, outpacing all of the growth seen in the 1990s and 2010s
(www.businessinsider.com)
this post was submitted on 14 May 2024
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My area in particular gets a lot of housing market "investment".
The going rate for a one bedroom is $1400 a month or $460,000 for a single family home in the suburbs with no access to public transport.
It's rough out here.
Those numbers mean nothing without knowing the local wages. In my neighborhood the lowest priced 800 sqft homes are 950k and one bedroom rent is $2400. So your area sounds like a killer deal.
I wasn't trying to build a statistically significant argument, just giving my anecdotal woes of the local economy.
However median income for my area is $62,000. Rent range is $1400 - $3000 I gave the low end. Average is about $2,300. Hopefully that gives context.
Yeah, I wasn't trying to give you a hard time, just sharing how drastically different housing markets can be. I could sell my house in California and buy a 400k house outright from the equity that has accumulated. Alot of middle class Californian are doing just that, selling their houses and buying in the south or midwest with cash. It's part of what is inflating your housing costs because your market is more affordable than mine. For comparison, the median houshold income in my city is 89k but the median house list price is 1 million, making your market more affordable and attractive for those that need some relief from inflation.
A $1 million median is insane, even going by median cost of ownership in my area for a fairly standard single family home is $550,000, you could get away for $450,000 on the low end though.
I guess it can always get worse. The part that strikes me is that I live in an area that is fairly low density and was previously known for its home affordability. So I would say you're right, that plus investment firms buying up a lot of the available housing. Not to mention the additional cost that car centric infrastructure lays on the individual.
I really hope things improve but I won't hold my breath.