5 ms·

Where are affordable homes anymore in any big city in the world now? A good apartment in Delhi, India, is 4-6 times the annual income of a high income DINK coup

Where are affordable homes anymore in any big city in the world now? A good apartment in Delhi, India, is 4-6 times the annual income of a high income DINK couple with salaries in excess of $40-50k each (a big amount in India) I can't think of a single major economic center that has affordable housing now.

sandworm101 8y ago
>>I can't think of a single major economic center that has affordable housing now. That's what makes them major economic centers: real estate prices. The building, renovation, redevelopment, renting and investing of real estate ... that a massive part of the the modern economy. Think Vancouver makes its money on tourism or lumber? Fishing? It is all down to industry that is perpetually-increasing land values.
- vkou 8y ago
  What makes them major economic centers is that a lot of useful work is done in them. High real estate prices is just rent-collection by landlords. Vancouver is an outlier that makes its money as a destination for laundered international money. The other economic centers actually produce, and export useful goods.
  - toomuchtodo 8y ago
    So support remote work and the disintermediation of geography from delivering value. Unless you’re twiddling atoms, no need to be somewhere specific in space time. And if you must twiddle atoms, pay a premium for demanding a specific piece of space time that is in high demand. High rent collection is a symptom of high demand for an asset. If the land wasn’t valuable, the rent wouldn’t be high! But the argument that “place X is an economic engine but should still be cheap” is wildly unrealistic.
    - shados 8y ago
      > Unless you’re twiddling atoms Or married to someone twiddling atoms, or needing to support someone twiddling atoms, or married to someone who needs to support someone twiddling atoms... Or have such level of arrogance and greeds (:gasp:) as to want to be near a family member who needs to twiddle atoms... Or if you're straight up greedy and don't want to live in the middle of nowhere.
      - deleted 8y ago
        [deleted]
    - TulliusCicero 8y ago
      > But the argument that “place X is an economic engine but should still be cheap” is wildly unrealistic. Yes, but they could certainly be made cheap-er. The bay area's weather and economic success guarantee that it'll be at least moderately expensive, but that it's absurdly expensive is because of bad policy.
      - toomuchtodo 8y ago
        It's expensive because of property rights, which can't be updated due to owner inertia. To express it as a policy issue does not tell the entire story.
nitrogen 8y ago
People on HN have commented that Texas's tech hub is affordable.
- TulliusCicero 8y ago
  Austin is decently affordable, but part of that is just that it's not as much of a tech hub as SF/SV, NYC, Seattle, or Boston.
  - cellularmitosis 8y ago
    Decently affordable is of course a matter of perspective. A small home which sells for $400k in Austin can be had for $150 in a Houston suburb.
  - RhodesianHunter 8y ago
    If the current rate of growth in tech continues in Austin much longer your comment will soon be made untrue. It's been staggering to watch the growth.
TulliusCicero 8y ago
Tokyo has decently affordable rent relative to its size/level of prosperity. Compare it to NYC or the SF bay area and it's no contest. Vienna can be cheap to live in because a large percentage of the housing is the social/public kind.
- GreaterFool 8y ago
  When I tell people "I live in Tokyo" they immediately assume it's crazy expensive. I always say, compared to what? London? New York? San Francisco? Tokyo is actually cheaper. And there is choice! I could live 15 min away from where I live and save 30% of my rent. But I love the place where I live! (and I don't need to travel anywhere, just walk. So worth the money). One can vary the size / location / age of the building and fight something. Tokyo is so amazing due to mixed-use zoning. Apartments, restaurants, shops, office buildings. All tastefully mixed together. Also the food is so much cheaper. I can get a great, tasty and healthy (-enough) lunch in Tokyo for $10. Same food/quality would cost me $20 in US. Bay Area is terrible. Pay through the roof to live in the middle of nowhere and spend hours every day in traffic.
  - bradlys 8y ago
    I don't think we all spend hours in traffic every day. Nor does everyone pay through the roof. After all, I am surrounded by people who pay less than $4k/yr in property taxes for a $1-3m home that they bought for bargain prices or inherited. It's just the newcomers and perpetually poor who suffer the economic effects. But, hey, the weather is nice and I don't see many "no gaijin" signs here. Would be weird since we're closing in on 40% foreign born after all.
    - GreaterFool 8y ago
      I've never seen "no gaijin" signs here either! Maybe it helps that I don't read Japanese :P > or inherited Sadly I failed to inherit property in major metropolitan area :( I suppose I tried? Regarding prices I was thinking about rent actually. Owning a house in Bay Area is not something that pops into my mind in most circumstances!
seanmcdirmid 8y ago
Berlin? Maybe that’s going away though. Singapore for natives can also be affordable given that buying into housing is socialized.
rcpt 8y ago
In New York you can get an apartment in Jackson Heights for $200k and take the F train to work. https://www.redfin.com/NY/Corona/112-50-Northern-Blvd-11368/unit-6B/home/113180232 https://www.redfin.com/NY/Corona/112-50-Northern-Blvd-11368/... In the Bay Area it's expensive near job centers but it's still expensive 40 miles away.
prostoalex 8y ago
Houston?

sandworm101 8y ago

>>I can't think of a single major economic center that has affordable housing now. That's what makes them major economic centers: real estate prices. The building, renovation, redevelopment, renting and investing of real estate ... that a massive part of the the modern economy. Think Vancouver makes its money on tourism or lumber? Fishing? It is all down to industry that is perpetually-increasing land values.

vkou 8y ago
What makes them major economic centers is that a lot of useful work is done in them. High real estate prices is just rent-collection by landlords. Vancouver is an outlier that makes its money as a destination for laundered international money. The other economic centers actually produce, and export useful goods.
- toomuchtodo 8y ago
  So support remote work and the disintermediation of geography from delivering value. Unless you’re twiddling atoms, no need to be somewhere specific in space time. And if you must twiddle atoms, pay a premium for demanding a specific piece of space time that is in high demand. High rent collection is a symptom of high demand for an asset. If the land wasn’t valuable, the rent wouldn’t be high! But the argument that “place X is an economic engine but should still be cheap” is wildly unrealistic.
  - shados 8y ago
    > Unless you’re twiddling atoms Or married to someone twiddling atoms, or needing to support someone twiddling atoms, or married to someone who needs to support someone twiddling atoms... Or have such level of arrogance and greeds (:gasp:) as to want to be near a family member who needs to twiddle atoms... Or if you're straight up greedy and don't want to live in the middle of nowhere.
    - deleted 8y ago
      [deleted]
  - TulliusCicero 8y ago
    > But the argument that “place X is an economic engine but should still be cheap” is wildly unrealistic. Yes, but they could certainly be made cheap-er. The bay area's weather and economic success guarantee that it'll be at least moderately expensive, but that it's absurdly expensive is because of bad policy.
    - toomuchtodo 8y ago
      It's expensive because of property rights, which can't be updated due to owner inertia. To express it as a policy issue does not tell the entire story.

nitrogen 8y ago

People on HN have commented that Texas's tech hub is affordable.

TulliusCicero 8y ago
Austin is decently affordable, but part of that is just that it's not as much of a tech hub as SF/SV, NYC, Seattle, or Boston.
- cellularmitosis 8y ago
  Decently affordable is of course a matter of perspective. A small home which sells for $400k in Austin can be had for $150 in a Houston suburb.
- RhodesianHunter 8y ago
  If the current rate of growth in tech continues in Austin much longer your comment will soon be made untrue. It's been staggering to watch the growth.

TulliusCicero 8y ago

Tokyo has decently affordable rent relative to its size/level of prosperity. Compare it to NYC or the SF bay area and it's no contest. Vienna can be cheap to live in because a large percentage of the housing is the social/public kind.

GreaterFool 8y ago
When I tell people "I live in Tokyo" they immediately assume it's crazy expensive. I always say, compared to what? London? New York? San Francisco? Tokyo is actually cheaper. And there is choice! I could live 15 min away from where I live and save 30% of my rent. But I love the place where I live! (and I don't need to travel anywhere, just walk. So worth the money). One can vary the size / location / age of the building and fight something. Tokyo is so amazing due to mixed-use zoning. Apartments, restaurants, shops, office buildings. All tastefully mixed together. Also the food is so much cheaper. I can get a great, tasty and healthy (-enough) lunch in Tokyo for $10. Same food/quality would cost me $20 in US. Bay Area is terrible. Pay through the roof to live in the middle of nowhere and spend hours every day in traffic.
- bradlys 8y ago
  I don't think we all spend hours in traffic every day. Nor does everyone pay through the roof. After all, I am surrounded by people who pay less than $4k/yr in property taxes for a $1-3m home that they bought for bargain prices or inherited. It's just the newcomers and perpetually poor who suffer the economic effects. But, hey, the weather is nice and I don't see many "no gaijin" signs here. Would be weird since we're closing in on 40% foreign born after all.
  - GreaterFool 8y ago
    I've never seen "no gaijin" signs here either! Maybe it helps that I don't read Japanese :P > or inherited Sadly I failed to inherit property in major metropolitan area :( I suppose I tried? Regarding prices I was thinking about rent actually. Owning a house in Bay Area is not something that pops into my mind in most circumstances!

seanmcdirmid 8y ago

Berlin? Maybe that’s going away though. Singapore for natives can also be affordable given that buying into housing is socialized.

rcpt 8y ago

In New York you can get an apartment in Jackson Heights for $200k and take the F train to work. https://www.redfin.com/NY/Corona/112-50-Northern-Blvd-11368/unit-6B/home/113180232 https://www.redfin.com/NY/Corona/112-50-Northern-Blvd-11368/... In the Bay Area it's expensive near job centers but it's still expensive 40 miles away.

prostoalex 8y ago

Houston?