Posted on 01/06/2022 9:19:02 AM PST by SeekAndFind
First of all since the 1970s the population of the US has increased from 203 million to 321 million. That is 118 million more people all trying to fit in the same real estate. We have not increased the land mass of the US since 1970. So, we are bidding up the existing property. Especially, on the coasts. IF you want a cheap house, move to Mississippi.
Secondly, the government, federal state and local have expanded greatly. People want more services from the government. Meanwhile the baby boomers keep retiring and generally living longer. So, taxes have gone up to pay for the people who are no longer contributing or never have. We now have the least amount of people paying income taxes at any point since WWII. Socialism is great right until you run out of someone esle’s money. I paraphrase Margret Thatcher.
About five years ago the house to the east of mine sold for $199,000.
It needed a fair amount of work, but was reasonably priced.
About 16 years ago the 2,500sf house built in 1997 to my west was sold for $175,000. Not one person bothered a real estate agent to look at the house. Desperate relatives of the deceased owner talked an out-of-town relative to relocate back to Florida.
My aunt and uncle waited months to sell their canal front home within walking distance to the public beach for about $72,000 back in 1978.
People need to buy when houses are affordable.
If not affordable, wait until they are.
“Home prices...are soaring faster than wages”
That’s because homebuyers can lock in a house price forever but employers can’t lock in wage rates forever.
I thought zoomers and millenials wanted to live in theysheds?
I needed to escape
CALIFORNIA!
$800,000+ for a fixer upper in Southern California.
A home near me went up $500,000 in 10 years and the inside looks like an apartment. Cheap cabinets and everything painted, busy street, small yard etc. plus hot 110 in the summertime and high electric prices.
See the prices and photos here:
https://tinyurl.com/2p98zwbe
I just moved to Florida and will be closing on a house on the 14th. Welcome!
You got in just in time...
Oh, and welcome to Florida - always joyful to welcome a new conservative to the family.
My brother already lives there. He is the lone conservative in his family. I know he recruited my wife and me as reinforcements. ;-)
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