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Thank you folks in the city for speaking up. I feel like I am pretty well up on my demographics but I get such a knot (literally) in my gut just reading what is going on in the metro area. "njguy"--thanks for the reminder that not everyone in the city area earns 50k. Honest to God it blows me away. Enough to turn an honest person to crime. "mom2gurls" your quote is what we hear up here too, "that someone will pay it". And pay it they do. Geezum wonkers!!! Still 200k is a hard reach for alot of people here.
Why not move? Many do, and I did myself several times but I'm getting older and I'm just getting tired and want to throw an anchor over and stay put but inflation of the "drastic" variety keeps following me around. 12 yrs ago, one of the houses I bought in NC was 95k and the tax was about 800/yr. 2 1/2 yrs later that same house was appraised and sold for 119.9 (A rather handsome little profit) We upgraded playing the "keep up with the Jones game." Today, 2007 the houses in that neighborhood are worth 180'ish. Not sure of the taxes but I know its at least doubled. should have held out a bit longer. My fault.
"ss58yy" asks What "should" the house I speak of in Upstate cost? Well, according to (ability) of what a half way decent wage would pay, the market should only bear about 130 range. +/- depending on township area. keep in mind that 1500 sq ft would have to be an older house because they just dont build houses that small anymore it seems. Now before you just die from laughter at me, set aside the "comparison" thing with your prices. Understanding that the cost you mention in the Metro area are of the "utmost criminal" level (bold, underlined, 75 point font). I am a "keep government hands off" kind of person but something really needs to be done. I have some knowlege of economics but this about tears up a bad nerve and I almost feel lost with it. Lets start a revolution
Here on Long Island the average young marrieds can no longer afford to buy a house without help from their parents. Also many service workers can't afford to live on the Island which has created problems for hotels and restaurants in vacations areas.
We were lucky to have bought our house 7 years ago before prices exploded. Our house has gone up in value 2 1/2 times since we bought it and believe me I couldn't afford to buy it now. I also get a reduction in my taxes because I am a veteran and over 65 which makes our situation easier. In 2 years when my wife retires we intend to sell our house, move west and buy a house for cash and still have money left over to furnish it.
If someone has a job that is transposable to another part of the country I think it would be silly for them to continue to live where it isn't economically viable.
We live in a different world today and things change with lightening fast speed and you have to be prepared to deal with them. Do something first and then moan about it.
The best thing is to move far away from those areas to one that is still relatively sane, ie, where the appreciation stands at a traditional 5%. There are plenty of places like that in the 'real' upstate NY and where the mindset of "keep govt hands off" is still prevelant.
The conundrum of outrageously escalating RE prices is that people will not only overpay, but that sellers will expect, demand even, that they do at even a hint that it's possible. This is what I call Madison Ave thinking.
I feel sorry for the many whose home life is compromised because they have a long commute in order to afford a decent home. Very sad.
They say Jamestown, NY and others along the Southern Tier is just that type of sane place you mentioned in Upstate. I am being forced to look out that way. Its even very beautiful. Economy really bites but hey, if at least you could live, work, worship & play all in the same 10 mile radius than a little suffering wouldnt be so bad. Do I hear a little road trip coming???? Yeeeha!
As I read all the comments, there are some thoughts behind the pricing. The most important is "that a house is only worth what a buyer is willing to pay for it" regardless of the listing price. Two: many sellers insist on listing their homes for much more than the market value. Some still think we are back a couple of years ago when things were not the norm. But there are many homes out there that are listed and priced "right" and remember everything is neg.
Just went on a Jamestown thread and I havent seen one positive thing said about that one. Even one businessman there in town had fond feelings about the town because he grew up there but did recomend that people look elsewhere.
Regarding a house being worth what someone will pay? I know that but the houseing sales are driven by those downstate who can afford to pay the price and then some. Driving around up here, you are seeing alot more for sale signes pop up all over. One big reason is all the non-fixed mortgages. Alot of folks went way over their heads because the monthly payments were cheaper for a variable but now they are screwed. The only way to own a home up here for most folks is to cave into going way over your head
Interesting topic considering there was a story in the news last week about parking spaces going for $200K in Manhattan.
My question is: where are the people who can afford such things making all that money? They all can't work for Goldman Sachs, where the AVERAGE employee bonus for 2006 was $600K. No, that's not a typo. Some got millions. ABC News: What To Do With Your Goldman Sachs Bonus
It's become a "let them eat cake" society, where the rich are literally throwing crumbs in the face of the working class, and by working class in NYC, I mean people who make $100K. Yet is that on the news? No. Paris Hilton is on the news.
It's only going to get worse until the middle class takes a stand and demands a change.
I have to just laugh....I'm in East Hampton (East End of LI) and the neighbors crap shack two bedroom absolute fixer upper went for 575K two years ago! You are lucky if you can find a one bedroom basement apartment with nothing included for less than 1100 a month. I am moving yup you guessed it to NC. My folks are going to use there house for a retirement fund and cash out when they are ready.
I am considering moving to somewhere in upstate New York (from western PA) and I have been doing research on various areas when I found this thread in a search for affordability. I find it very interesting that the OP and several others where extremely concerned (POed?) in 2007 about people buying homes they couldn't afford in upstate New York. I have to ask, after the fit hit the shan with the economy, is this still a concerning issue?
I am considering moving to somewhere in upstate New York (from western PA) and I have been doing research on various areas when I found this thread in a search for affordability. I find it very interesting that the OP and several others where extremely concerned (POed?) in 2007 about people buying homes they couldn't afford in upstate New York. I have to ask, after the fit hit the shan with the economy, is this still a concerning issue?
No, because there wasn't this overbuilding of homes in Upstate NY like there was in other places. That's why cities like Buffalo, Rochester, Syracuse and Binghamton got love for having "good" housing markets.
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forget Jamestown
