3 ms·

Example - https://www.nerdwallet.com/article/mortgages/condo-vs-house https://www.nerdwallet.com/article/mortgages/condo-vs-house "According to NAR data, in Dec

by sershe 4y ago

Example - https://www.nerdwallet.com/article/mortgages/condo-vs-house https://www.nerdwallet.com/article/mortgages/condo-vs-house "According to NAR data, in December 2020 the median price for existing, detached single-family homes was $314,300, while it was $272,200 for condos. " - very little difference. Even less per sqft. I actually agree that zoning and most relevant environmental regulation should be abolished, the govt should stop giving people tools to block development. But that would affect the price of land, not the price of construction. For the rest of the rant - price/income ratio didn't grow THAT much - before COVID spike that is evidently not caused primarily by NIMBYs, NIMBYism existed far longer than that: https://www.longtermtrends.net/home-price-median-annual-income-ratio/ https://www.longtermtrends.net/home-price-median-annual-inco.... Those who gave up on buying a house should move out of mismanaged coastal cities (I can afford them and yet I certainly wish I did!)

effingwewt 4y ago
So you think someone making minimum wage can afford 270k+? Also those prices are only for existing condos and houses For your second link here's a fact- house prices have skyrocketed for decades now while minimum wage has remained the same 7.25/hr for the same time if not longer. The very link you used shows a huge spike from 5.1 up to 8+ and those are all historic highs. Your data doesn't match your argument.
- sershe 4y ago
  1) Why would anyone on minimum wage need to afford a median house (or condo)? The person making the least would need to afford the cheapest house, not the median one. 2) No, housing prices have not skyrocketed for decades. It' simply not true, much less a fact. Aside from housing bubble and COVID mismanagement, they were flat-ish for decades in relation to income, only growing slowly. 3) Are you saying the recent "huge spike" over the last few years is caused by single family housing being preferred to multi-family construction? To me it clearly isn't.
  - effingwewt 4y ago
    - sershe 4y ago
      What argument are you talking about? You were claiming that the problem is that the only houses being built are "expensive SFHs" and that needs to stop. I gave you the numbers that (1) multi-family (condo is the closest I could find) is not much cheaper the houses, do you disagree? Construction costs for apartments I could find are all over the place and hard to compare (they are often wide ranges with wide ranges of units) but they don't appear to be much lower too. Fundamentally, multi-family gets built because you can squeeze more housing in the same piece of land, land is the limiting factor, and land regulation makes both SFH and multi-family expensive. The type of housing has very little to do with it. (2) Price to income ratios are mostly flat /until the COVID spike/. P/I is the ~same between 1957 and 2017, what do you call that? Housing bubble was just that, a bubble, and it unwound all the way to 1980 levels. So, what remains is COVID spike. Can you point at the change in housing patterns that you argue about, that happened in 2020? Literally nothing related to housing, probably, caused the COVID spike (otherwise why didn't the price go up before?) - just money printing and inflation.
    - dang 4y ago
      You've unfortunately been breaking the site guidelines quite a lot in recent threads. Can you please stop this? We have to ban accounts that post that way. If you wouldn't mind reviewing https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and taking the intended spirit of the site more to heart, we'd be grateful.

by sershe 4y ago

effingwewt 4y ago

So you think someone making minimum wage can afford 270k+? Also those prices are only for existing condos and houses For your second link here's a fact- house prices have skyrocketed for decades now while minimum wage has remained the same 7.25/hr for the same time if not longer. The very link you used shows a huge spike from 5.1 up to 8+ and those are all historic highs. Your data doesn't match your argument.

sershe 4y ago
1) Why would anyone on minimum wage need to afford a median house (or condo)? The person making the least would need to afford the cheapest house, not the median one. 2) No, housing prices have not skyrocketed for decades. It' simply not true, much less a fact. Aside from housing bubble and COVID mismanagement, they were flat-ish for decades in relation to income, only growing slowly. 3) Are you saying the recent "huge spike" over the last few years is caused by single family housing being preferred to multi-family construction? To me it clearly isn't.
- effingwewt 4y ago
  - sershe 4y ago
    What argument are you talking about? You were claiming that the problem is that the only houses being built are "expensive SFHs" and that needs to stop. I gave you the numbers that (1) multi-family (condo is the closest I could find) is not much cheaper the houses, do you disagree? Construction costs for apartments I could find are all over the place and hard to compare (they are often wide ranges with wide ranges of units) but they don't appear to be much lower too. Fundamentally, multi-family gets built because you can squeeze more housing in the same piece of land, land is the limiting factor, and land regulation makes both SFH and multi-family expensive. The type of housing has very little to do with it. (2) Price to income ratios are mostly flat /until the COVID spike/. P/I is the ~same between 1957 and 2017, what do you call that? Housing bubble was just that, a bubble, and it unwound all the way to 1980 levels. So, what remains is COVID spike. Can you point at the change in housing patterns that you argue about, that happened in 2020? Literally nothing related to housing, probably, caused the COVID spike (otherwise why didn't the price go up before?) - just money printing and inflation.
  - dang 4y ago
    You've unfortunately been breaking the site guidelines quite a lot in recent threads. Can you please stop this? We have to ban accounts that post that way. If you wouldn't mind reviewing https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and taking the intended spirit of the site more to heart, we'd be grateful.