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No... we just have many people who have a huge obsession with telling others how to live... what they should own.. where they should live.... how they should act... who they should marry.... what they can and cannot watch on tv.... what kind of music they can and can't listen to... etc... etc...
I think a lot of people still believe that the value of their home will increase above the rate of inflation. Many experts say it is not true, many say housing is still a pretty good investment.
I think investment might be the reason why people buy houses they cannot afford or don't need. Owning a house to a lot of people is a symbol of accomplishment.
The thing about housing is the price fluctuations tend to be local. House values change at different rates depending on the location...
I did leave the lake for 2 reasons: too much house, but also, The property was in New Hampshire. NH has no income or sales tax, so the property taxes are high; especially on the water. When I sold the place 10 years ago my property taxes were 10k per-year. They are now about 14k on that property. I'm paying 4k on the 1,100sf ranch I have now.
Yikes. I pay about half that. Additionally, my lake is usable for a whole lot longer for water activities.
Yikes. I pay about half that. Additionally, my lake is usable for a whole lot longer for water activities.
Yes....4 months of the year I was looking at ice My house now is in the same area, just several minutes from the lake so I can walk down there to see the water.
The higher end properties seem the least affected by the markets.
The wealthy will almost always remain wealthy, and they don't tend to lose money on RE investments. While everybody else was busting, higher end Manhattan RE was booming.
Depends on location.
The high end properties took a very serious hit in my neck of the woods and have not remotely recovered.
On a price per square foot basis, Mc Mansions are hands down the best value, if one desires space and often acreage in my area.
If you had that house in Houston, your summer AC bill could buy you a car.
In the Houston section of CD, a person was moving to Houston and was looking at a 6,500 sq ft home in the suburbs that was built in the early 80's. They just couldn't believe they could get it for something like $375k. I very quickly pointed out that if they planned to ac that house during the summer, they could probably assume their electric bill would be $1,000, if not more, from May until September.
You are right. I have had several friends that have lived in The Woodlands over the years.
"Are American's living above their means?"
That would have been true during the Real Estate boom for me. I had a McMansion and rentals, then lost most of it. I live within my means today..Sorta
I have a friend who bought a house in Austin after relocating from NY. So instead of pocketing the huge profit they made on their home in NY, they put it all into a 5000 sq foot abode in Austin. 5 bedrooms, 4 baths, media room with theatre chairs, the works.
They're 2 people, no kids, and don't want kids.
So while yes, they can afford it, we did Facetime after she was in the home for ~ a year and room after room after room were completely EMPTY.
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My house now is in the same area, just several minutes from the lake so I can walk down there to see the water.
