Posted on 10/29/2021 7:45:12 AM PDT by millenial4freedom
The median U.S. home price just passed $400,000 for the first time ever, according to data from the St. Louis Federal Reserve.
In the third quarter the median home price hit $404,700, jumping nearly 13% since third quarter of 2020, when the median sales price was $358,700.
Though it’s an eye-catching number, the market has been hot of late, and a lack of inventory and high demand means foretold the rise in home prices.
According to a recent note from Goldman Sachs, home prices could rise another 16% by the end of next year. Goldman economist Jan Hatzius pointed out that of all the pandemic shortages, the housing shortage might last the longest and that a crash is very unlikely.
(Excerpt) Read more at finance.yahoo.com ...
Yep, going to be living in my RV down by the lake soon.
Wait until cars pass $100K
Should I sell or rent out? I’d break even on the rent. Vagabond wannabe,
biden administration angle to create greater inflation
Who the heck can afford these houses? Or I should say, how many middle class families can afford these houses?
If you review the costs of houses, compared to median incomes in cities across the country, the majority of middle class families can no longer afford a median priced home in their communities.
People don’t understand median price. They hear it and think “average price.”
Median price has a different connotation, but it still has relevancy in the discussion.
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That sure seems to be happening a lot sooner than later.
it would be hard not to prosper in today’s economy
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With rising inflation, it will be harder to prosper in the future. Excessive money printing has virtually guaranteed it.
That said, real estate is not a bad place to be, asset wise, when inflation sets in.
Yep. And they’ll probably think this is an outrageous price for “first time buyers” and oppressed classes, so they’ll create some “get your free down payment” entitlement to help those people purchase a home... paid for by the rest of us.
Who the heck can afford these houses? Or I should say, how many middle class families can afford these houses?
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Plus the rising costs of utilities, property taxes, and home maintenance expenses. Home ownership is an expensive proposition.
Already have, go look at the Jeep Grand Wagoneer.
That’s only $14,436.22 in 1913 dollars.
Those who own their homes will be taxed out of them.
1600sqft?
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