4 ms·
Economists need to figure out how people are buying these expensive houses. I work in big tech and probably in 1-2% and I am still priced out of market even out
by sytelus 4y ago
Economists need to figure out how people are buying these expensive houses. I work in big tech and probably in 1-2% and I am still priced out of market even outside of CA. How do other people not in big tech do it? My guess is that most people buying houses are double-income families which wasn't the case in 1980s. Note to self: If you want Ameican dream, make sure you marry someone who makes as good income as you :).
- aschearer 4y agoI think the housing situation is causing a great deal of pain in the country right now. I see manifestations of it all around me. Collectively we seem unable to do anything but continue doing what we've always done -- bid higher.
- peteradio 4y agoA lot of people settle for small house or fixer uppers to get their foot in the door. Are you sure your wants are pricing you out of certain areas?
- endisneigh 4y agoif you're in the top 1% of America in wealth or income and you can't afford a house outside of CA you're doing it wrong. very wrong.
- tempsy 4y agoI guess it depends on your standards but to say you’re priced out everywhere with no context is a wild exaggeration if you’re in the top 5% of earners. a $1M house or condo bought at 3% rates would have been under $5k all in a month. I’m fairly certain a single person with mid six figure income could easily afford that. It’s now around $6k which should also be doable.
- lumost 4y agoIf your family owned real estate in 1980, then odds are good that generational wealth provides the needed liquidity. As has been discussed elsewhere in this thread, the monthly payments haven't changed much as a function of income - it's only the nominal price and the associated down payment that's changed over time.