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we have manufactured a housing crisis I agree there's a housing crisis, not sure how we arrived at one, "manufactured" or whatever. Just one data point, perso
by PhantomGremlin 5y ago
we have manufactured a housing crisis
I agree there's a housing crisis, not sure how we arrived at one, "manufactured" or whatever.
Just one data point, personal.
As a young professional I bought a fairly new house in the Portland Oregon suburbs in the 1980s for about 2x my salary.
Today my daughter, a young professional, would have to pay closer to 8x her salary (if you believe Zillow) to buy that very same "starter" house, which is now 35 years older.
Rents have commensurately increased. To quote Jimmy McMillan: "the rent is too damn high".
- jefftk 5y ago"Manufactured" as in "this is a problem we created through bad policy". It is far harder to build new housing in the US than it used to be, which drives up prices for existing homes, which benefits the local homeowners (voters!) at the expense of everyone else.
- ipaddr 5y agoThe population of Portland has more than doubled. Interest rates are at 0 and Portland has a popularity increase over 35 years making properties more desirable. Portland is trying not to ruin what made it unique with density everywhere and they are not making new land so all of that equals higher prices. Once interest rates go back to 7% and people start leaving you will see prices go down. Salem or Gresham would be a cheaper city to move to.
- nly 5y agoInterest rates don't matter to first time buyers trying to get on the housing ladder. When housing is 8x income and the bank won't lend you more than 5x income you need to start with a 40% equity to get anywhere
- Lammy 5y ago> I agree there's a housing crisis, not sure how we arrived at one, "manufactured" or whatever. https://fred.stlouisfed.org/series/OEHRENWBSHNO https://fred.stlouisfed.org/series/OEHRENWBSHNO