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I will say this, the out-of-control housing market in places like California and New York have started to curb the population bleed in places like the Midwest and Plains states. I don't know how many people I've met over the last couple years who have said they took a job here in Michigan because they could afford to buy a house for their families.
Supply and demand. Start building homes. Better yet, start building smaller homes that the average family or person can afford. This might mean less profits for home builders, but it would add to the stability of the RE market I believe. Stop building things that people do not want, need and cannot afford.
I agree with this. But a part of the problem is that today's zoning laws make these homes unprofitable. That needs to change.
Builders aren't building smaller houses because it's cost prohibitive. Building codes and gov't regulations are making it impossible to have what we had in the past.
I'm seeing townhouses and condo's being built to service that particular demand.
You can buy a 1960 or older house for $150,000 plus and spend $25,000 re-furbing it, IF you can get financed.
Where are these mystical 150k houses in good neighborhoods?
In terms of the entire US very few areas run 1000.00 sqft so don't over dramatize
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.
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