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The Western United States is really leading the way when it comes this tremendous housing bubble.
The median home prices are skyrocketing coast to coast, but the Western United States is basically similar to tulip-mania these days.
Median home prices of 14 times the per-capita income in Arizona, 21 times the per-capita in California and 20 times per-capita income in Utah.
In Arizona, for instance the per-capita income is $30,000 but the median list price is $427,000 for a home.
Interestingly, Arizona which is one of the poorest states per-capita now has per-capita debt burdens similar to New Jersey which is one of the most affluent states in America.
Arizona residents tend to have very large families, the utility bills are extremely high in much of the state and taxes are increasing rapidly for many also.
In Utah, the average list price of a home is $599,000 compared to $190,000 in Kansas. Kansas however has per-capita incomes that are about 10% higher.
California median home list price: $799,500 Per-capita income: $36,955
Colorado median home list price: $552,000 Per-capita income: $38,226
Idaho median list price: $496,000 Per-capita income: $27,970
West Virginia median list price: $158,000 Per-capita income: $26,480
One of the first times I think I've ever agreed with one of your posts. Housing costs are insane almost everywhere now. Incomes no longer keep up. Where we are, a 1800 sq ft starter home often costs close to $600k, and it'll probably still need another $100-200k in renovations. Day care is also $3000+ per mo for single kid. I have no idea how people afford families these days. It's not even a red or blue state thing either. Housing is expensive everywhere.
The fed has destroyed asset prices. Since the value of commodity metals is manipulated and there's no gold discovery. We cannot actually tell the true value of assets.
The Federal Reserve has artificially suppressed interest rates for well over a decade now and this has inflated a housing market bubble (and other bubbles). Plus throw in trillions of dollars of QE.
Lower interest rates means more people can afford and people can afford to bid up higher. Home prices go up.
The Federal Reserve buying up mortgage assets off of banks also allows banks to have more money to lend, which means more money to bid up home prices.
This is a bubble.
Home prices have dramatically outpaced income.
It won't be pretty when it gets out of the Federal Reserves' control.
One of the first times I think I've ever agreed with one of your posts. Housing costs are insane almost everywhere now. Incomes no longer keep up. Where we are, a 1800 sq ft starter home often costs close to $600k, and it'll probably still need another $100-200k in renovations. Day care is also $3000+ per mo for single kid. I have no idea how people afford families these days. It's not even a red or blue state thing either. Housing is expensive everywhere.
Are daycare costs really that high in parts of the country?
I am a household of one, so I had no idea it had gone up that much in parts of the country.
It is sort of insane. I bought this place right after the crash for 197K, and now its at 477K last I looked.
my house doubled in 5 years here in Austin, TX
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