Posted on 10/01/2023 11:10:08 AM PDT by RomanSoldier19
he typical American cannot afford to buy a home in a growing number of communities across the nation, according to common lending standards.
That's the main takeaway from a new report from real estate data provider ATTOM. Researchers examined the median home prices last year for roughly 575 U.S. counties and found that home prices in 99% of those areas are beyond the reach of the average income earner, who makes $71,214 a year, according to ATTOM.
(Excerpt) Read more at msn.com ...
Westerners need to re-familiarize themselves with:
Fief
Ecclesiastical fief
Crown land
Allodial title
Appanage
Vassal
Feoffment
Subinfeudation
Feoffee
Fealty
Homage
Affinity
Feudal maintenance
Feudal fragmentation
Bastard feudalism
Livery
Manorialism
Lord of the manor
Manorial court
Manor house
Demesne
Glebe
Overlord
Lord
Peasant
Serfdom
Free tenant
But you’re, presumably, a single investor. No issues.
When you’re Blackrock, etc and can buy up entire inventories….you’ll own nothing and like it….that’s a bit different.
Just listen to the ads…..We’ll buy any house, any condition….that takes financial backing the regular guy can’t access.
Bit there is plenty of government money to house tens of millions of illegals for free.
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...and of course plenty to send to Ukraine.
Homes unaffordable the main takeaway?
No the main takeaway is that Biden is going to create more dependency on government and borrow more money to do it.
Bidenomics is like giving a drink to a guy with a hangover so we can all avoid the uncomfortableness of the hangover,
I’m 76, never owned a home. Raised two sons alone in apartments, because I couldn’t afford a down payment for a home, or the money to maintain it. By the time I could afford a home, I didn’t need one. Now all these years later, I’m glad I don’t own a home, so that after I’m gone, my kids won’t be strapped getting rid of a home neither of them wants. It’ll be hard enough for them to get rid of all my books.
I have seen lots of empty old buildings both in rural America and in cities. They could be bought and renovated into simple but adequate homes. Or scraped and replaced. Shouldn’t this situation be turned around somehow ? Where are the creative and industrious new pioneers?
Homes are now 44% more expensive than they were prior to the pandemic, per Redfin.
Ironically, the housing crisis may become even worse in China with unaffordable, mortgage defaults, prohibitive construction costs, and lack of affordable rentals.
Not that we have anything to crow about - it’s a very serious problem and the “costs” of home ownership such as insurance, utilities, and repairs/improvement are going up just as fast along with property taxes.
BFL
That’s an amazing process, no doubt, but it appears they were still using studs to line the interior of the exterior walls for insulation and sheetrock. Plus, if a person doesn’t like the extruded appearance of the exterior concrete facade, they’ll have to “cover” it with something. Don’t get me wrong, I’m all about using alternative homebuilding methods. And a house such as this world be fine for me...as a large one-story home. I’m also perfectly fine with the industrial looking exterior.
Yes I bought a house under Jimmy Carter at 13% interest..but the house cost 40K…same house today is 300K..Unaffordable for most..
Interest was 5.25% when I bought my first house. Was making about $6.50 an hour. Payment==PITI—was $1 more than unfurnished 2nd floor apartment I was renting.
I would bet that some “Family cell phone planes” cost more per month than a mortgage.
REITs like Blackrock bid up everything. And they have the cash to buy outright.
A private individual has to be willing to pay far above the currently highly inflated prices.
And if they’re borrowing the money, the have to borrow at 7.5% interest and put 20% down.
The only reasonable option is to wait...potentially for a few years. You need the REITs to go bust and you need rates below 4%.
Don’t forget:
Shire-reeve
...and
Jus primae noctis
Homeowners don’t want to give up their low interest mortgage. It makes the housing market soooooo screwed up. Go ahead and sell your house for a really nice profit…..and then go a buy an overpriced home with a high interest rate.
Something will give to correct the market. Most of those things are really nasty though.
Exactly, wether by “ design” or unintended consequences, Revolutions occur when the middle class disappears, leaving only those that have and have not.
History also shows when “ Trust in government” disappears, Revolution is ripe.
We are witnessing both.
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