What cities/states are housing way overly priced? (real estate, condo)

[MattDen]

I was wondering what cities in general are excessively priced to the point where its laughable?

I am amazed what people in California and Florida pay for homes. When you look at the average pay or per-capita to what the average housing value of a house its absolutely incredible.

[Alanboy395]

Washington DC and NoVA is defintely on that list. you can't even talk sfh in desirable area w/o talkin at least 400k or apt not in the ghetto w/o talkin $1000 a month.

[Need_affordable_home]

I am making a website insanehouseprices com and still gathering info. I think you can find insane prices in many states. Most of the insane prices will be in states like CA, FL, NJ, HI and a few others.

[ScranBarre]

The Poconos here in NEPA are definitely well on their way to the "ludicrous" point. It's at the point now where unless one or more of the heads of a household commutes into NJ or NY for work on a daily basis, purchasing a new home in Monroe County is very difficult. Other than Sanofi-Pasteur Pharmaceuticals, East Stroudsburg University, Pocono Medical Center, and the Tobyhanna Army Depot, there really aren't any "high-caliber" employers that offer plenty of decent salaries in Monroe County. As a result, most new residents head onto I-80 East every morning and battle gridlock for 1-3 hours each way into some area of North Jersey or Manhattan. If you don't have at least a Bachelor's Degree and aren't willing to commute a considerable distance, then Monroe County's cost-of-living is becoming unattainable. We're noticing a "squeeze-play" here where long-time natives are being "priced out" of Monroe County and are moving to the Scranton Area to find more affordable real estate options. A lot of dually-employed professional couples are moving to the county, driving up the cost-of-living, and making it impossible for these locals, most of whom don't possess a college education, to remain in the county they grew up in due to increasing taxes, "price gouging" towards NYC tourists, and the low wages they earned in the retail/hospitality sectors. It's a vicious cycle that never seems to want to end---NYers/NJians continue to move their children here for the "better quality-of-life." The influx of children forces local school districts to construct new schools to keep pace with the growing student enrollments. These new schools require tax increases to cover the costs, and while those who are moving here from high-earning areas to our east can afford them, the local natives can not. When this NYC-related exurban growth will stop is beyond me, but I think even Scranton/Wilkes-Barre will suffer a similar fate as Monroe County (and arguably the Lehigh Valley) in the upcoming years as the people fleeing the Poconos to our area drive our cost-of-living up too!

[friendnc]

Originally Posted by Alanboy395

Washington DC and NoVA is defintely on that list. you can't even talk sfh in desirable area w/o talkin at least 400k or apt not in the ghetto w/o talkin $1000 a month.

You're right! We were vacationing in Washington over the summer, and I was reading a real estate magazine at breakfast one morning and nearly fell in the floor at the prices. We would never be able to afford a sfh up there. My home here in suburban Charlotte is 2100 sf, 4/2.5, 1/3 acre, 2-story, 9 years old, in a nice subdivision, and close to everything. If I sold it now, I'd probably get $175. Just out of curiosity, what would that get me in the DC area?

[tallrick]

Originally Posted by Need_affordable_home

I am making a website insanehouseprices com and still gathering info. I think you can find insane prices in many states. Most of the insane prices will be in states like CA, FL, NJ, HI and a few others.

Now that's a good use of your time! You can get some data from the tax assessor's website and see what the homes last sold for a few years ago. Have like a "sucker scale" so the higher the property appreciated in value, the greater the fool who bought it. Be sure to compare median salaries to home prices.

[jkmewright]

OH I saw Flip this House yesterday and there was a reno in California going for app $1000 a square foot. INSANE!! We can build new for around $100-125 here in TN. Good "used" homes sell for $75-100.

[Need_affordable_home]

Originally Posted by jkmewright

OH I saw Flip this House yesterday and there was a reno in California going for app $1000 a square foot. INSANE!! We can build new for around $100-125 here in TN. Good "used" homes sell for $75-100.

Most of the value is in the land but houses in CA cost more to build and fees like impact and permits can get pretty expensive. Lots of regulations.

Even Tennessee sounds expensive, ive seen brand new houses as low as $36 a total square feet in Texas. No joke, there was this huge new 5 bedroom house for just $129k. Granted it was pretty ugly and simplistic. You can get nice ones though for $50-60 a foot. I see huge 3000 square feet houses going for $150k-200k

[christina0001]

I agree that Florida is way overpriced. I don't "get" what people love so much about Florida. I think it's way too crowded, there are plenty of other great beaches in the country, and there is the threat of hurricane. California has the threats of earthquakes, fires, and mud slides, but it is gorgeous, plus you have great universities, great technological companies, and Hollywood (which we all love, or love to hate). NJ is also very expensive but you have great public schools, overall very low crime, and all the amenities of NYC and Philly + the beach.

[Alanboy395]

Originally Posted by friendnc

You're right! We were vacationing in Washington over the summer, and I was reading a real estate magazine at breakfast one morning and nearly fell in the floor at the prices. We would never be able to afford a sfh up there. My home here in suburban Charlotte is 2100 sf, 4/2.5, 1/3 acre, 2-story, 9 years old, in a nice subdivision, and close to everything. If I sold it now, I'd probably get $175. Just out of curiosity, what would that get me in the DC area?

$175, that would get you a 1-bed condo in a very dangerous area in MD (Suitland, Oxon Hill, etc.) that is why i'm tryin to move to Charlotte. what would a two bed TH/condo cost me there?