[johniegrad]

This is sad.

[McGruff]

The only existential threat to humanity is climate change - Joe Biden

[Bayard]

Because with inflation so high only hard assets retain value.

[wny]

while i agree with the premise, stories such as these are meaningless....

what’s a “typical home”? I own a 2000 sf home on 1/2 an acre in a nice suburb in western NY. taxes and insurance, etc., total about $7K a year. I could sell it for $350K or so. Put it in a comparable neighbor hood in Nassau County and taxes/insurance would be $25K/year and it would sell for about $1-million.

likewise, what’s an “average earner”? minimum wage job? 100K income? $200K?......?

[Ikeon]

Stop importing illegals.

[TermLimits4All]

This doesn’t even account for the government theft via property taxes. Freaking crazy how they’re valuing our houses these days.

[The Louiswu]

[Vision]

I'm dumbfounded that nobody ever says, hey, we've been bringing in all these people, 1 out of 4 or 5 people are foreign born now, and nobody thinks this causes prices to rise.

That and add on the Feds criminal mismanagement of interest rates, too low too long, and this is what you get. In fact they can't wait to cut them.

A country of morons!

[Tommy Revolts]

You’ll own nothing and be happy!

[Organic Panic]

Not if you are an illegal alien getting NGO cash.

[NorthMountain]

For years, it was an article of faith around here that interest rates in general and mortgage rates in particular were being held artificially low for nefarious political purposes and that this was a Bad Thing.

So now mortgage rates are up 148% ... isn’t that a Good Thing?

[Jim Noble]

If they were “unaffordable”, they wouldn’t be selling like hotcakes.

[Mr. Jeeves]

Clearly, they are affordable to somebody - even if it is Blackstone.

Supply constraints caused by local government zoning and regulations are the big issue right now. After a moderate easing through 2026 due to projects that were in the pipeline before COVID finally being completed, there is going to be an epic supply shortage starting in 2027. Coupled with a weakening dollar, it would not be a surprise to see housing prices double again in nominal terms by the mid-2030’s.

Don’t expect another 2008 event in our lifetimes. Government will have to put 100 million new “Americans” somewhere, and whether they buy your house or steal it their policies are going to keep discouraging builders from starting new entry-level developments for a long time to come.