What backwoods den do you live in? Even in the GHETTO, housing values tripled over the past 10 years in NY/NJ.
I live near Pittsburgh in a small suburb about 5 or so miles out of town. Principally a blue collar area at one time, but now very poor for the most part — lots of Section 8 housing and projects (our government at work). Mostly seniors and people on public assistance. My house is in pretty good shape, but I’m surrounded by rentals (absentee landlords) and Section 8 housing. And they are a mess. I was born and raised in that neighborhood — had lived in another part of Pittsburgh for a time — but moved back in 1989 to be closer to my parents. Now they are both gone, I’d like to sell, but....
A few streets over from me — some friends of my parents built a house about 10 or so years ago. Beautiful home. Two or three years ago, with their children grown, the couple decided to have their home appraised, with an eye toward selling it. They were told that, had the house been located in a much better neighborhood, they would get maybe $500,000 or more. In my neighborhood, if you get maybe $60,000 for a relatively new home, you take the money and run. I bought my house for $40,000 back in 1989. If I get half that, I’ll be lucky.