Posted on 12/07/2023 1:45:39 PM PST by davikkm
The housing market is in turmoil as median house prices took a sharp 17.6% dip in October, plummeting to $409,300 compared to the previous year, according to Reuters. Home sellers, grappling with the fallout, are slashing their asking prices as prospective buyers face insurmountable challenges securing approval amid soaring rates and prices.
Disturbingly, the income required to afford a typical home in the United States has surged to a record 41.4% in 2023, a stark rise from 21.1% in 2012 and 28.5% in 2020, as reported by Redfin. When viewed on a post-tax basis, homebuyers find themselves allocating nearly 60% of their income to meet home payments.
(Excerpt) Read more at citizenwatchreport.com ...
Mobile homes on one acre are (trying) to go for over $200,000 a little over a mile from me.
This seems like a really good time to rent. It’s what my wife and I did in the 2000’s. We saved a TON of money by renting. There was a joke in the real estate business: A guy tried to rent an apartment, but he didn’t pass the credit check, so he had to buy a house instead.
The Disastrous Joe Biden Administration continues
What we have is a housing crisis if you want to live around mostly white people and send your kids to decent public schools.
Interesting. That is something I have been wondering about ... why the first time buyers don't buy a trailer to get their feet in the ownership door. At that price, it wouldn't be a mystery, I guess. I'm going to take a look in my area.
I have one in AZ on 1 acre I could sell for $400K, huge garage and a private dirt 2500 ft runway, one in CA on 2 1/2 acres at $500K and another on 10 Acres for $800K- $1 Million, It’s brand new and was next to impossible to get permits, nobody will ever be allowed again to build on that mountain where I did.
We don’t really have a housing crisis. There’s affordable housing all over the country.
What we have is a housing crisis if you want to live around mostly white people and send your kids to decent public schools.
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In most instances what you’re saying is correct.
However, I’m surrounded by white people & real estate valuations are beyond stupid.
If I didn’t already own my home, then I would buy at these prices, but as far as looking for rental.
“Forget about it!”
Local Craig’s ad. If I was young and poor, this would due nicely. Then I saw the $600 per month association fees...
https://northernwi.craigslist.org/reo/d/minocqua-mobil-home-charming-cottage/7682608099.html
Thanks to taxation, regulation, and NIMBY-ism it is not currently in the interest of builders nor local governments to construct entry-level housing - that is the problem.
What we have is a housing crisis if you want to live around mostly white people and send your kids to decent public schools.
Don't know where you live, but here in SoCal renting a single room, that may or may not have heat, and a shared bathroom in a rundown Hispanic neighborhood will still set you back $600-$800/month. Thanks Newscum.
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