REAL WORLD EVENT DISCUSSIONS

Vast majority of U.S. homes are unaffordable to the average buyer

POSTED BY: 6IXSTRINGJACK
UPDATED: Monday, March 6, 2023 10:11
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Monday, March 6, 2023 1:50 AM

6IXSTRINGJACK


https://www.cbsnews.com/news/affordable-home-housing-us-redfin-report/

Quote:

The cost of buying a home is drifting further out of financial reach for the average American, according to a report from Redfin.

The real estate website analyzed homes that went on sale last year and found that only 21% of them were affordable, meaning that nearly 80% of homes were outside the typical buyer's budget. By comparison, about 60% of homes were considered affordable in 2021, the report released Friday found.

"Many millennials were able to buy their first home before or during the pandemic homebuying boom, but many others were priced out of homeownership and forced to keep renting," he said in the report. "That means a lot of young adults missed out on a major wealth-building opportunity: the value of homes owned by millennials has risen nearly 30% in the past year."

The Redfin report dovetails with a recent Bloomberg analysis that shows Americans will need a higher income to land their first home. First-time buyers in 2022 had a typical household income of as much as $90,000 compared to just $70,000 in 2019, Bloomberg reported Friday.



Hmmmmm...

Back in my day (2011), you could buy a house with zero income.

Well... You couldn't, but I could.


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Monday, March 6, 2023 6:22 AM

JAYNEZTOWN


Not just the United States of America but most of the Western world now, a place like 'Hong Kong' was always expensive it had this Asia image but too many people, lots of demand and few places so naturally prices rise but place like Australia, France, England Germany, Italy, Canada, then Renting gets outrageous, places were once affordable....then came the 2007–2008 recession 2008 Crash and 2009 Bailouts, the economies of the West have never been the same since. A place like Iceland can say well at least we have a culure with low crime, we live in snow and didn't spend so much on bailouts and our homes are naturally heated from the Earth but you can't buy anything to order fruit or a pizza or truck a tv or anything it gets shipped half way across the world, the cost of living is crazy which is a factor people don't consider, fuel taxes, everything day-to-day is about 40% higher than that of the United States, Iceland literally lives on a volcanic rift, it can blow up anytime Mid-Atlantic Ridge between Europe and North America. 'Switzerland' is probably one of the few places where they just do not care because they are so rich, the rest of the world in recession they don't care. But hey at least its not 'Venezuela' where it would only take you 10 thousand 500 years to buy from price to income rates of spending.

The Rat-Race has got so ridiculous, there is nowhere for them to stay on a sinking ship.

Major Cities are done, crime is up so I don't know why people would want to give in the Concrete jungles of California and NewYork anymore.


Business, Apartments Private equity, commercial real estate?

and in news

Blackstone defaults on $562 million Nordic property-backed CMBS
https://www.moneycontrol.com/news/world/blackstone-defaults-on-562-mil
lion-nordic-property-backed-cmbs-10191321.html


Blackstone was founded in 1985 as a mergers and acquisitions firm by Peter G. Peterson and Stephen A. Schwarzman, who had previously worked together at Lehman Brothers.

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Monday, March 6, 2023 10:11 AM

6IXSTRINGJACK


Well the house prices, including my own, had better start reflecting that and going down.

It's no coincidence that all the local taxing authorities chose last year to reassess everyone's house values so they could rape them on property taxes.

--------------------------------------------------

Growing up in a Republic was nice... Shame we couldn't keep it.

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