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https://www.zillow.com/home-values/ https://www.zillow.com/home-values/ 19.2% according to Zillow. Sure there will be differences between metrics, but housing

https://www.zillow.com/home-values/ https://www.zillow.com/home-values/ 19.2% according to Zillow. Sure there will be differences between metrics, but housing is clearly more than 0.5%. We desperately need to dramatically curtail municipal planning authority and crank up construction.

radlad 5y ago
Shelter in CPI may cover rents instead of just home value? > Shelter, the service the housing units provide, is the relevant consumption item for the CPI. The cost of shelter for renter- occupied housing is rent. For an owner-occupied unit, the cost of shelter is the implicit rent that owner occupants would have to pay if they were renting their homes. https://www.bls.gov/cpi/factsheets/owners-equivalent-rent-and-rent.pdf https://www.bls.gov/cpi/factsheets/owners-equivalent-rent-an...
- eloff 5y ago
  Rents are obviously a lagging measure as they're typically only increased once per year (and by a regulated amount in some markets.) We're in for a world of hurt in terms of housing and rent over the next couple years.
  - radlad 5y ago
    Leases are typically renewed yearly, but is there reason to believe that the start/end date of leases wouldn't be roughly equally distributed by month? They're not all going to renew tomorrow. That said, the difference in rents and home values is disconcerting.
dragontamer 5y ago
Gasoline is over 50% in price, and car prices are up 30%. Shelter isn't even 3rd place.
- radlad 5y ago
  To be pedantic, used cars* are up 31%. New vehicles are closer to 11%.
- wlesieutre 5y ago
  If house prices went up 50% it would cost me hundreds of thousands of dollars, a lot more than the same gas price increase would. Comparing just by percentages doesn’t tell much of a story. The consumer price index has all sorts of stuff built into it, like the price of televisions, which holds the number down. Sure, television prices have dropped substantially, but I’ve spent under $300 on televisions in the last decade so it doesn’t even begin to factor into what my money is worth. Houses are the opposite, it’s such a huge expense that practically everything else is inconsequential in comparison.
- cronix 5y ago
  My house rose about 23% in value YoY based on almost identical units to mine that sold at the end of summer through current. That's 23% of $480,000, which is a hell of a lot more than 50% of $4 for gas or 30% of a $40,000 car. Percentages mean nothing, really.
  - dragontamer 5y ago
    And how much money did you lose on your house properties going up in price? Ah right, you made money and/or equity actually. That didn't really affect your price of housing. Your 30Y mortgage was locked in years ago, so you only benefit when prices go up.
    - cronix 5y ago
      It affects the price of anyone looking to buy a house in my city. My house is right in the median price for the area. Rent prices have also risen accordingly.
    - notch656a 5y ago
      >Your 30Y mortgage was locked in years ago, so you only benefit when prices go up. Unless you stay in the house until you die, in which case property taxes mean you lose bigtime by appreciating values. For a house staying in the family I'd want it to be worth as little as possible.
deleted 5y ago
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radlad 5y ago

Shelter in CPI may cover rents instead of just home value? > Shelter, the service the housing units provide, is the relevant consumption item for the CPI. The cost of shelter for renter- occupied housing is rent. For an owner-occupied unit, the cost of shelter is the implicit rent that owner occupants would have to pay if they were renting their homes. https://www.bls.gov/cpi/factsheets/owners-equivalent-rent-and-rent.pdf https://www.bls.gov/cpi/factsheets/owners-equivalent-rent-an...

eloff 5y ago
Rents are obviously a lagging measure as they're typically only increased once per year (and by a regulated amount in some markets.) We're in for a world of hurt in terms of housing and rent over the next couple years.
- radlad 5y ago
  Leases are typically renewed yearly, but is there reason to believe that the start/end date of leases wouldn't be roughly equally distributed by month? They're not all going to renew tomorrow. That said, the difference in rents and home values is disconcerting.

dragontamer 5y ago

Gasoline is over 50% in price, and car prices are up 30%. Shelter isn't even 3rd place.

radlad 5y ago
To be pedantic, used cars* are up 31%. New vehicles are closer to 11%.
wlesieutre 5y ago
If house prices went up 50% it would cost me hundreds of thousands of dollars, a lot more than the same gas price increase would. Comparing just by percentages doesn’t tell much of a story. The consumer price index has all sorts of stuff built into it, like the price of televisions, which holds the number down. Sure, television prices have dropped substantially, but I’ve spent under $300 on televisions in the last decade so it doesn’t even begin to factor into what my money is worth. Houses are the opposite, it’s such a huge expense that practically everything else is inconsequential in comparison.
cronix 5y ago
My house rose about 23% in value YoY based on almost identical units to mine that sold at the end of summer through current. That's 23% of $480,000, which is a hell of a lot more than 50% of $4 for gas or 30% of a $40,000 car. Percentages mean nothing, really.
- dragontamer 5y ago
  And how much money did you lose on your house properties going up in price? Ah right, you made money and/or equity actually. That didn't really affect your price of housing. Your 30Y mortgage was locked in years ago, so you only benefit when prices go up.
  - cronix 5y ago
    It affects the price of anyone looking to buy a house in my city. My house is right in the median price for the area. Rent prices have also risen accordingly.
  - notch656a 5y ago
    >Your 30Y mortgage was locked in years ago, so you only benefit when prices go up. Unless you stay in the house until you die, in which case property taxes mean you lose bigtime by appreciating values. For a house staying in the family I'd want it to be worth as little as possible.

deleted 5y ago

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