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The way I see it, this is a big city/coastal problem. New York City and San Francisco are now some of the POOREST cities in the country to due their housing and rent INFLATION. These are not rich cities. These are poor cities living in an inflated bubble economy. If the US were to break up into different regions and use something other than the US Dollar these cities & states would become poor countries like Greece.
The way I see it, this is a big city/coastal problem. New York City and San Francisco are now some of the POOREST cities in the country to due their housing and rent INFLATION. These are not rich cities. These are poor cities living in an inflated bubble economy. If the US were to break up into different regions and use something other than the US Dollar these cities & states would become poor countries like Greece.
From lack of resources, not from a lack of people, labor or money.
I'm loving the housing inflation. My house has increased over 30% in value in 4 years. I bought my home in 2012 for $94K and it's now estimated to be at $130K, based on neighbors sales. It's all about supply and demand, if people would move away from HCOL area's then they would realize that there are many places with affordable housing. There are housing bubbles in the US, but I don't think we are seeing a nation wide housing bubble.
According to this, median and average home prices have not really increased in the last few years. One can see that houses have not increased in value on a national basis in the last 2 years.
Inflated housing prices have driven up rents; here in Colorado Springs, rents have risen about 11% yoy.
Wages are flat. So the rent is sucking up money that could have been spent in retail.
It's happening in most places that are growing.
Yes, but the front range of Colorado is also seeing higher then average population growth, so higher then average price increases shouldn't be unexpected. My brother just moved to Denver last year and he was saying how ridiculously fast homes were selling for. It may very well be a bubble, but the demand is there for now. If growth slows, leaving developments empty, then you will see the bubble burst. But I don't see that happening in the next few years.
Yes, but the front range of Colorado is also seeing higher then average population growth, so higher then average price increases shouldn't be unexpected. My brother just moved to Denver last year and he was saying how ridiculously fast homes were selling for. It may very well be a bubble, but the demand is there for now. If growth slows, leaving developments empty, then you will see the bubble burst. But I don't see that happening in the next few years.
Colorado will likely have much greater economic growth than Kansas for some time to come, so much of it is a supply and demand issue as to why housing is appreciating much faster in CO.
I've been looking to buy my first home and it's tough where I live. I understand supply and demand and that some areas will always be more pricy. All I wish is that the government or whoever would limit the amount of properties than investors can buy or money laundering wealthy foreigners, etc. By all means, people can still make money from real estate, but the greed is out of control. I just want to buy a place to protect myself from the damn rent raises and I probably would've done so already if I was competing mainly with other middle class workers and not investors. For the record, I work in a shipyard and make decent money but still not enough to buy much out here.
I have the exact same problem here in Florida. I'm paying more for an apt that I would be if I just bought a condo. The problem is the minute a reasonably priced place comes on the market it is snatched up by an investor or a retiree from up north who has cash. It's frustrating especially since I want to use my VA benefits and sellers are afraid it takes too long to do a VA loan. I start the process again next month and if I can't find anything in my price range I will have to renew my lease once again.
I have the exact same problem here in Florida. I'm paying more for an apt that I would be if I just bought a condo. The problem is the minute a reasonably priced place comes on the market it is snatched up by an investor or a retiree from up north who has cash. It's frustrating especially since I want to use my VA benefits and sellers are afraid it takes too long to do a VA loan. I start the process again next month and if I can't find anything in my price range I will have to renew my lease once again.
If I'm not mistaken there are laws that say buyers who plan to occupy properties have to be able to make offers first.
..or maybe that's just for foreclosures. I can't remember. That said, I was in the same situation. I would look at a house on Thursday, think about it over the weekend, and come to find by Monday or Tuesday it has already been closed on a cash deal.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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Housing is very tight in PDX and SEA. Limited land. Many people moving back into the city and new tech workers.
In Seattle, housing builds cannot keep up with new residents influx. We are able to buy a condo for rental when the seller (greedy) had over priced the unit and anxious to get back to SLC. He also had a higher rent (really greedy) ask than what we are getting. A identical unit above ours sold for 25% more just 2 months later (sucker). New owners also had ask for higher rents but after 3 months vacancy, they had to drop the rent ask to $50/mn more than our ask.
But housing costs are rapidly rising in approximately half of the country's metro areas. HUD has put out several reports on it; it's not made up.
I own a 1000sf house that was worth 70k five years ago. It is now worth much more. When I bought it, it was a rent house going for 600 a month. Current rental value is around 1300.
I'm not really sure how that ties in to the absurd comment I was responding to about 1k per sqft properties
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