“This “affordable housing” BS “??
Bought a house 15 years ago for 55K
now worth 400K
Another 10 years ago for 75K
now worth 525K
Wages have not kept up on that scale.
Local market?
Median income 63K
Median House? 525K
That is unaffordable for most folks.
>>>>Local market?
Median income 63K
Median House? 525K
That is unaffordable for most folks.<<<<
You have to be careful about telling the truth here. So many Boomers are going to tell you back in my day you just had to work hard blah blah blah. Yeah back in your day, the average rent was about 3 to 4 days wages. Local to me in a very poor choice of suburb (chicago metro) from my point of view to live in, starter homes are renting for $2,000 or higher.
Something is really broken in regards to real estate costs. Like you said, the prices have been rising way faster than wages over time. Perhaps the costs are rising because many are viewing single family homes as an investment vehicle. But that sort of analysis is over my head to be honest.