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Oh don’t worry Zillow, in places like Sydney young people have already been well and truly priced out of the market. Our median house price for the massive ‘Gre

Oh don’t worry Zillow, in places like Sydney young people have already been well and truly priced out of the market. Our median house price for the massive ‘Greater Sydney Area’ is a massive 1.5 million dollars. With an average salary around $60k something is already fatally broken with the system.

redis_mlc 5y ago
FYI: Australia has income tax incentives for owning property roughly equivalent conceptually to the effect of Prop 13 in California. So houses are a tax shelter, not personal shelter. That's how a penal colony (err ... remote) mining and tourist economy can support $1.5 million dollar houses.
noahtallen 5y ago
Definitely true for any mid to large size city anywhere in the west of the US as well. Not quite $1.5M bad, but even if you’re making a hefty $100k as a young person in tech (way above normal salaries for these areas), saving towards a $500k starter house is a very hard ask on top of paying off student debt and rent. If you don’t have existing equity or an abnormally large salary, you’re screwed.
sergers 5y ago
Same here in Vancouver BC and every other major metropolitan city in Canada... I bought my house 10 years ago, for a modest 600k.(good deal at the time). My neighbour which has a lower value home (same builder, I live in his former personal home which he put more money into, larger lot size aswell) sold his house 2 months ago for 1.4million. I supposedly live in the once cheaper suburbs... I could never afford to buy into this market as a first time home buyer Average household salary is like 60k or less, heck I am in low 6 figures and can hardly afford cost of living with my existing mortgage payments (I spend about 70% on mortgage/utilities/insurance etc).
taurath 5y ago
It is basically if you aren’t in tech or in an industry with access to legacy money and connections (real estate, law, etc), homeownership is out of reach in many metro areas in the US. However, there’s a constant drone of people migrating, and only a few “acceptable” places to go. 2nd and 3rd “tier” cities on that acceptable list are now growing massively.
gamechangr 5y ago
Most of the USA is affordable. There are places like California and New York where that not very affordable. Most of the Midwest and south is very very affordable.

redis_mlc 5y ago

FYI: Australia has income tax incentives for owning property roughly equivalent conceptually to the effect of Prop 13 in California. So houses are a tax shelter, not personal shelter. That's how a penal colony (err ... remote) mining and tourist economy can support $1.5 million dollar houses.

noahtallen 5y ago

Definitely true for any mid to large size city anywhere in the west of the US as well. Not quite $1.5M bad, but even if you’re making a hefty $100k as a young person in tech (way above normal salaries for these areas), saving towards a $500k starter house is a very hard ask on top of paying off student debt and rent. If you don’t have existing equity or an abnormally large salary, you’re screwed.

sergers 5y ago

Same here in Vancouver BC and every other major metropolitan city in Canada... I bought my house 10 years ago, for a modest 600k.(good deal at the time). My neighbour which has a lower value home (same builder, I live in his former personal home which he put more money into, larger lot size aswell) sold his house 2 months ago for 1.4million. I supposedly live in the once cheaper suburbs... I could never afford to buy into this market as a first time home buyer Average household salary is like 60k or less, heck I am in low 6 figures and can hardly afford cost of living with my existing mortgage payments (I spend about 70% on mortgage/utilities/insurance etc).

taurath 5y ago

It is basically if you aren’t in tech or in an industry with access to legacy money and connections (real estate, law, etc), homeownership is out of reach in many metro areas in the US. However, there’s a constant drone of people migrating, and only a few “acceptable” places to go. 2nd and 3rd “tier” cities on that acceptable list are now growing massively.

gamechangr 5y ago

Most of the USA is affordable. There are places like California and New York where that not very affordable. Most of the Midwest and south is very very affordable.