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I disagree that desirable places aka tech cities are decreasing to the mean on price increases over the last 25 years. But I really need evidence instead of my
by rnk 3y ago
I disagree that desirable places aka tech cities are decreasing to the mean on price increases over the last 25 years. But I really need evidence instead of my opinion.
I think that in the expensive tech cities (for lack of a better description), like seattle, austin, SF/bay area, prices have generally increased over time much faster than inflation, and they aren't losing that lead. It's actually true that people can hardly afford to live in those places because hourly wages of $20+/hour is just not enough to pay for housing. Using a multiple of avg salary seems wrong because where does the average come from, because avg in that area?
It's simply too expensive for most regular workers, teachers, police, but also that person working at a coffee shop can't afford to live there. It's not a good thing. I recognize we need to build more housing and I'm part of the problem because I bought a house in mine a long time ago.