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> more than eighty percent of urban Americans live in affordable metro areas. I'm sorry but you didn't prove that. You proved that 80% of Americans live near
by hunter23 8y ago
> more than eighty percent of urban Americans live in affordable metro areas.
I'm sorry but you didn't prove that. You proved that 80% of Americans live near houses that are under 300k. To prove that 80% of Americans aren't suffering from housing issues you would have to show that 80% of American households earn an income such that with 25% of that income they can afford a reasonable home. I don't know the answer to that.
I perfectly understand that insane housing prices are a local Bay Area issue. What I'm unsure of is what the case is for most of Americans. The reason I say this is because my high school friends set (of whom 0% are engineers and 0% are in Bay Area), a significant portion (>30%) are struggling with housing related issues. I know that's anecdotal, but I'm just asking if anyone has a real data point to indicate if the housing issue is national or not. Citing that most of America has low house prices does not answer that question.
For context I grew up in an area where a 100K house would be considered luxurious so I am perfectly aware of how low housing prices are in America compared to Bay Area. That area also has lost tons of jobs so in order to support themselves, the younger generation has had to move to higher COL cities where there are jobs available (and where they can't afford housing). If you have any references that show that 80% of the population can easily afford local housing then I would gladly agree with your assertion that the housing issue isn't national.
- tptacek 8y agoGo look at house price to income ratio rankings. They broadly track house prices, which is to say, Chicago --- which does not have a housing price crisis --- appears in the same place on both rankings, and San Jose appears on the top of both lists.