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Los angeles is a prime example of this problem. The demand has so far exceeded the supply the brokers are playing the flip game to a point now very few people w
by ApolloRising 10y ago
Los angeles is a prime example of this problem. The demand has so far exceeded the supply the brokers are playing the flip game to a point now very few people who did not already start with a house in los angeles can afford one.
Even the current average tech worker wage at good companies will make buying a home on your own fairly impossible. Forget buying if you are someone who works a normal type job.
A house selling for 250k in a decent neighborhood in 2000 has jumped to 850k in 2016.
- anovikov 10y agoGiven the dynamics of nominal GDP per capita, and mortgage rates falling from 8% in 2000 to 3.6% now, it means real price increase of only 37.5%. Is it such a big deal? Especially since, in both cases, such a house is affordable to the high middle class only, who's income growth is certainly faster than the average because the income distribution got more unequal since 2000.