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> Buy land instead, build a home You can't. That's why the prices are so high. The price of construction will be built into the price asked by the land owner s
by paulnpace 5y ago
> Buy land instead, build a home
You can't. That's why the prices are so high. The price of construction will be built into the price asked by the land owner such that the overall price is within bounds of an existing home, and usually more expensive as a new home is seen as a premium product.
Historically, new homes are more expensive than existing homes, as it was in the U.S. prior to the 1990s that a new home was an upgrade from an older home for the people purchasing the new home, and the older home would be purchased (or rented) at a lower rate than the new home, a process that has disappeared due to constriction on supply and nowadays has spawned the term "market affordable housing", as I have seen this term used by charitable organizations that historically focused on housing for the extremely poor, now change somewhat to advocating for housing that merely lower class can afford, as this class is slowly being pushed completely out of affording any form of housing outside of shared rooms.