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Everything desirable is in a is in a bubble, from real estate to baseball cards. Thank the fed reserve and the drunken sailor spending of the present and previous admins.
A baseball card bubble? Thanks for the heads-up. Maybe it's time to sell.
well, you should crunch some numbers. Let's just assume for now you take the standard deduction instead of itemizing (net taxable cost of mortgage) and so a $1,000 mortgage payment = $1,000 rent.
If you sell today, you are OK with what you'll get. Gotta assume that too. And then you make an assumption about how far you think the local market will fall by April 2022 from where it is today.
If you thought you'd sell for $30K less than today, then any rent for 15 months that was less than $2,000/month MORE than your mortgage, you come out ahead.
You are right that I need to crunch numbers. It's a bit more complicated though. I do actually itemize. So I have to calculate the change in taxes into the mix.
And there is a dog involved which makes finding a rental harder and more expensive. Although I could send Fido to live with my mom for a year. I am sure the dog would enjoy getting fat on treats. haha. I would also want to toss in my HOA fees into the mix and the cost of hiring movers.
I am going to give this some thought and maybe I will come back and post the the real estate forum before I thread jack some more. I should go back to just silently lurking in this forum.
Wake County is in no way reflective of much of the country. It is only 0.3% of the nation's population and has a median household income 30% higher than the national, in a state that builds alot of single-family homes.
There is no indication housing is unaffordable in Wake County and Raleigh which is 0.3% of the population of the country.
Wake County household income is about 30% higher than the South. With a higher household than San Diego and about 20% higher than Denver and about 25% higher than Phoenix's Maricopa County.
are you a bot, with all that repetitive and disjointed text?
I gave you people an actual example - not an anecdote.
And since Wake Co median increase is equal to the US (9%) and our median sales price is mighty close - $353K vs US $347K (per Fed), I'd say we are indeed comparable. What's best is that I can get you all the REAL housing data on Wake County you want.
Now, the US Median household income for 2020 is ESTIMATED at $68,400. That's a $314,000 mortgage on that $347K house for the year. Or just over 90% LTV, which is well within the range.
So, we would conclude that indeed, housing to buy IS affordable in the US, and there is no nationwide bubble.
as for rent - you know, what ~1/3 of households pay, the median 1 BR rent went up about 1.8% and 2 BR about 2.6% if you can trust "Zumper". I don't think either of those increases would be called "skyrocketing
Zumper claims $1,240 for a 1BR and $1240 for a 2BR (you see that GenZ? Cut your rent in half with a roommate!!).
And that $1,240 is affordable (less than 30%) of the median US household income.
are you a bot, with all that repetitive and disjointed text?
I gave you people an actual example - not an anecdote.
And since Wake Co median increase is equal to the US (9%) and our median sales price is mighty close - $353K vs US $347K (per Fed), I'd say we are indeed comparable. What's best is that I can get you all the REAL housing data on Wake County you want.
Now, the US Median household income for 2020 is ESTIMATED at $68,400. That's a $314,000 mortgage on that $347K house for the year. Or just over 90% LTV, which is well within the range.
So, we would conclude that indeed, housing to buy IS affordable in the US, and there is no nationwide bubble.
The median listing price is $407,000 in Raleigh.
It seems like Raleigh where the median listing price is 5 times the median household income is nearly as affordable as it gets these days.
The median listing price is what is available at the current time, not from many months ago.
That $353,000 is for sales months ago before the artificial tightening of housing inventory
Yes, no there is no bubble at these prices.
Many more vacant housing units now then 2000, then when housing was very affordable in comparison.
The real estate elites are witholding inventory from the market until the price is just right.
I notice in several cities that several hundreds of homes wil go on sale overnight because the pool of those able to afford the mortgage payments dried up, so they let a bit of air out by unleashing a supply of homes for a month or two to maximize their profits.
Median listing price:
Metro Area
Oklahoma City $301,000
Nashville $409,000
Austin $494,000
Phoenix $469,500
Boston $692,000
San Diego $877,000
Los Angeles $1,184,500
as for rent - you know, what ~1/3 of households pay, the median 1 BR rent went up about 1.8% and 2 BR about 2.6% if you can trust "Zumper". I don't think either of those increases would be called "skyrocketing
Zumper claims $1,240 for a 1BR and $1240 for a 2BR (you see that GenZ? Cut your rent in half with a roommate!!).
And that $1,240 is affordable (less than 30%) of the median US household income.
So again, housing is not unaffordable in the US.
Yep, and that is using Zumper which notoriously overestimates rent.
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