Posted on 08/25/2024 10:39:48 AM PDT by SeekAndFind
American housing prices continue their upward trajectory, with a Redfin report revealing a record number of homes priced at $1 million or more in over 100 towns across the United States. The report indicates that one in every ten homes is now valued at $1 million or above.
Yahoo Finance housing reporter Dani Romero analyzes this trend and how it impacts the broader housing market.
(Excerpt) Read more at finance.yahoo.com ...
If this doesn’t convince you now much our currency has been devalued I don’t know what will.
They may cost that much but they’re not worth it.
But only for tax purposes.
Interesting factoid—the median home price in California is five times the median home price in West Virginia.
National studies are measuring apples and oranges.
But in a free market, isn’t any product worth whatever willing buyers and willing sellers agree upon as the value?
Great point.
>> 100+ towns across the United States
BFD
Point taken.
So true. When I was growing up, they were probably worth $50,000. When I left the service, you could probably buy one in Coronado for about that ;price.
True by annual wages are thirty times different between the states. Most in West Virginia couldn’t afford a million dollar home if it was given to them.
Almost 9 in 10 dollars are now worth less than a dime.
Season 1 of Goliath had a lady in a house in the Venice Canals. Venice, CA. I zillowed that area. The cheapest house was a 380 sf house, 1 bedroom, 1 bath, for $1.88 million. My dream. A bargain.
I crunched that wage number as well.
CA wages are a bit less than double WV wages.
Folks in CA in high cost areas are getting taken for a ride.
What it means to the average property owner is that property taxes rise until they can’t afford their home. A similar thing happened to a friend of mine in Phoenix. She had to sell the house she grew up in because the neighborhood gentrified.
This conclusion is based on roughly two towns per state.
90 percent of the country couldn’t afford the taxes on them. You could give them away but they couldn’t even pay the taxes. They’ve be forced to sell them before they were seized for failure to pay taxes.
“BFD”
You are correct. Ten of the towns may be in the San Francisco area, ten in the NYC area, etc.
Via Luxxle:
“Tampa Bay Times
tampabay.com
Land of Dunedin’s razed historic Kellogg mansion lists for $7M
Nearly two years after a historic Dunedin home known as the Kellogg mansion was approved for demolition, the land is back on the market.”
They seem to like it. I know some are leaving but it’s still the most populous state by a lot. I’d never live there, but I do like Southern California. I’d love to live on Coronado. But that’s a dream today.
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