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There are plenty which don’t. Look at the smaller US cities. You can get large, relatively new houses in Youngstown, OH for less than $150/sq foot. Similar p
by huitzitziltzin 4y ago
There are plenty which don’t. Look at the smaller US cities.
You can get large, relatively new houses in Youngstown, OH for less than $150/sq foot. Similar prices can be found in Omaha, NE or Iowa City, IA or Oklahoma City, OK. (For reference I looked for houses with at least four bedrooms in all places.)
This isn’t a matter of the cost of construction. It’s a matter of supply not keeping up with demand due to very very very stringent regulations on land use. None of this has to happen. This is a self-inflicted wound.
- slv77 4y agoExcept that before the “I’ve Never Seen A Bubble” Federal Reserve and “Everything’s AAA” Credit Agencies got involved those prices were closer to $60/sq foot. The massive amount of QE since 2008 and 2020 has sloshed into the housing market. The saying used to me that “all real estate is local” meaning that economic trends didn’t dominate local economic trends. Today it’s completely dominated by the Fed. https://fred.stlouisfed.org/series/IASTHPI https://fred.stlouisfed.org/series/IASTHPI