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Old 08-11-2023, 04:27 PM
 
1,960 posts, read 4,662,361 times
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30% take home is the upper definition of affordability by federal standards. IOW, definitionally you are house-poor in the eyes of the federal govt (who underwrite most of the housing debt in this Country btw) when you consider the notion of spending a nickel more than that on mere shelter.

Americans are just housing snobs and socioeconomic self-sorters who rationalize said behavior under the banner of "40% of income is fine and normal for a housing burden". One of the US cultural traits (normalization of house poverty) I detest the most. In fairness to them, the govt doesn't insulate residential housing from the hyper-capitalism the Country is renowned for.

You get the housing market you're willing to fight for. But excusing a culture of house poverty is exactly how you end up in this perennial swang song of precarity.
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Old 08-12-2023, 11:47 AM
 
Location: Seattle
7,538 posts, read 17,224,480 times
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Quote:
Americans are just housing snobs and socioeconomic self-sorters
I'm reading between your lines, but the suggestion is to go to the poorest counties in the US (where the cheapest housing is) to live? Or was your commentary at the societal, not individual, level?

Quote:
In fairness to them, the govt doesn't insulate residential housing from the hyper-capitalism the Country is renowned for.
This is 100% correct. Government's main efforts are to underwrite the risk of the housing market (sort of a supply side endeavor, but not a great one) and to throw a minimal amount of subsidy at the lowest income earning side of things.

Unfortunately "the government" also massively constrains supply in the form of land use codes. We need MORE housing and we have chronically undersupplied demand for many years. It's time to remove arbitrary restrictions on the carrying capacity of our urban and suburban lands, and let the actual market continue to find equilibrium over the years. We are creating our own fake scarcity around housing supply and pricing/bundling it into housing costs. We then use our own government to assume the financial risks of buying into this system. What idiocy, and on the ground it plays out terrible for folks like the OP or anyone in places like Nashville looking to buy a house.
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Old 08-18-2023, 10:26 AM
 
97 posts, read 100,712 times
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I'm not really convinced that home prices are in line for steep correction in Tennessee. The Youtube above asserts that because Tennessee real estate is no longer cheap, people will stop flocking here. Many people have been moving to Texas and the Southeast for reasons other than home price affordability. People have been fleeing blue states because of the politics there, and the high state and local taxes. A lot of it is cultural. People are sorting themselves into areas that align with their values and world view.
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Old 09-24-2023, 07:43 AM
 
Location: Sweet Home Chicago!
6,721 posts, read 6,475,985 times
Reputation: 9910
Quote:
Originally Posted by kewlwhip View Post
I'm not really convinced that home prices are in line for steep correction in Tennessee. The Youtube above asserts that because Tennessee real estate is no longer cheap, people will stop flocking here. Many people have been moving to Texas and the Southeast for reasons other than home price affordability. People have been fleeing blue states because of the politics there, and the high state and local taxes. A lot of it is cultural. People are sorting themselves into areas that align with their values and world view.
Agree, that video was posted 7 months ago and prices have not moved. One of my biggest mistakes was deciding not to relocate to Nashville 10 years ago.
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Old 02-17-2024, 06:18 PM
 
63 posts, read 14,662 times
Reputation: 128
well I am late on this question but I suggest the OP look into foreclosures and Tax sale homes. He will be able to find something there. A fixer upper as well.
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