I am in Pittsburgh, a market that for the first time in my adult life is not the worst place in America to find a job.
Our population has not grown since the early 1950’s.
And we rank towards the bottom nationally in terms of wage rates.
And yet housing prices are beginning to shoot through the stratosphere. Something seriously out of whack with the fundamentals on that.
RE: And yet housing prices are beginning to shoot through the stratosphere.
This is an indicator of DEMAND for housing. Maybe it is good to check and see how many RETIREES are moving to Pittsburgh....
But then, you said this is now, not the worst place to find a job. That could be another factor.
BTW, you have some of the best universities in your city ( e.g. Carnegie Mellon ). How many of the graduates of these universities actually STAY in Pitt?
And yet housing prices are beginning to shoot through the stratosphere. Something seriously out of whack with the fundamentals on that.
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Housing prices in general do seem out of whack in my opinion. Eventually another recession will come along and reset prices. You don’t want to be holding a big mortgage or have lots of debt when that happens. Just saying.