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This is a weird angle on the story. The story is that housing prices are so inflated that even well-paid professionals can struggle to responsibly buy in if the

This is a weird angle on the story. The story is that housing prices are so inflated that even well-paid professionals can struggle to responsibly buy in if they don't already have a stake in real estate. This isn't new to Manhattan, but it's now common across a lot of American cities and that's news-worthy. But the way of quantifying it is where it goes off. There are countless reasons to prefer renting than buying, even with a good income, and what are often personal reasons often grow to include financial one when the prices seems unsustainable. So the number of x-income household that are renting is not really illustrative of what's worth reading in the story. Presumably, the journalist or editor are themselves fixated on home ownership (we all know those people) and have sort of projected that out onto everyone else. But sometimes, you just don't want to own.

lotsofpulp 4y ago
> The story is that housing prices are so inflated that even well-paid professionals can struggle to responsibly buy in if they don't already have a stake in real estate. This isn't new to Manhattan, but it's now common across a lot of American cities and that's news-worthy. Is this accurate? Or is it more “well-paid professionals struggle to responsibly buy in select areas of a handful of metros”? Are well paid NYC professionals struggling to buy in the Bronx? Or east Brooklyn? Or Staten Island? I doubt well paid professionals are struggling in all of Chicago, Kansas City, Tampa, Dallas, Atlanta either. It might be that they are struggling to buy in the richer parts, but that is simply consequences of widening income/wealth gap.
- swatcoder 4y ago
  The story opens with a story about Central Florida. This is more widespread than “a handful of metros” right now. And sure, when people say “struggle to buy” we’re talking about securing rough parity in their lifestyle as renters. Yes, they can likely go and start gentrifying a grossly unfamiliar neighborhood that needs housing for its own community, or maybe find a rough home that has a low list price and unknown high maintenance costs, but they can currently provide much better for themselves and their families by renting. The market doesn’t always look like this. It has sometimes, it does now, and when it does it effects people. That’s the story. And that’s why its news. You’re not obliged to care about it, but if you’re just going to dismiss it without bothering to understand it, you can just skip along and read other things.
  - lotsofpulp 4y ago
    The opening story is just a guy that needs to save for a down payment for a few years, not someone that is stuck renting forever: >With the city’s median home price up more than $100,000 during the pandemic, Mr. Robbins said he needs a few more years to save for a down payment even though he now makes six-figures. “It’s not what I envisioned, to be in a two-bedroom apartment with my son,” Mr. Robbins said. As opposed to someone earning $150k in SF/San Jose area or Manhattan or LA would not even be able to save up a down payment. Even then, dual higher earning couples could save for 5 years and afford a down payment. Or they can spend less and commute 90min to work.

lotsofpulp 4y ago

> The story is that housing prices are so inflated that even well-paid professionals can struggle to responsibly buy in if they don't already have a stake in real estate. This isn't new to Manhattan, but it's now common across a lot of American cities and that's news-worthy. Is this accurate? Or is it more “well-paid professionals struggle to responsibly buy in select areas of a handful of metros”? Are well paid NYC professionals struggling to buy in the Bronx? Or east Brooklyn? Or Staten Island? I doubt well paid professionals are struggling in all of Chicago, Kansas City, Tampa, Dallas, Atlanta either. It might be that they are struggling to buy in the richer parts, but that is simply consequences of widening income/wealth gap.

swatcoder 4y ago
The story opens with a story about Central Florida. This is more widespread than “a handful of metros” right now. And sure, when people say “struggle to buy” we’re talking about securing rough parity in their lifestyle as renters. Yes, they can likely go and start gentrifying a grossly unfamiliar neighborhood that needs housing for its own community, or maybe find a rough home that has a low list price and unknown high maintenance costs, but they can currently provide much better for themselves and their families by renting. The market doesn’t always look like this. It has sometimes, it does now, and when it does it effects people. That’s the story. And that’s why its news. You’re not obliged to care about it, but if you’re just going to dismiss it without bothering to understand it, you can just skip along and read other things.
- lotsofpulp 4y ago
  The opening story is just a guy that needs to save for a down payment for a few years, not someone that is stuck renting forever: >With the city’s median home price up more than $100,000 during the pandemic, Mr. Robbins said he needs a few more years to save for a down payment even though he now makes six-figures. “It’s not what I envisioned, to be in a two-bedroom apartment with my son,” Mr. Robbins said. As opposed to someone earning $150k in SF/San Jose area or Manhattan or LA would not even be able to save up a down payment. Even then, dual higher earning couples could save for 5 years and afford a down payment. Or they can spend less and commute 90min to work.