Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Principle and Interest alone would be $3,014 before HOA fees, property taxes which are skyrocketing, insurance costs that are skyrocketing in many cases because homes have to ensured for a fortune because the replacement costs are so high.
Nobody is forcing people to pay these prices... they choose to write out a real estate contract paying X price. There's more money chasing less goods thanks to massive injections of liquidity into the system, less supply due to underbuilding in the 2010's, investors and private equity firms buying up residential real estate, basically a perfect storm situation for massive shortages in real estate.
I personally think prices may never go back to traditional valuations ever again, because I have no faith that central banks will ever allow recessions again, that they are going to use QE at the first sign of any softness to pump, and inflation rates will be much higher, permanently.
I also hear parents are giving their kids loans to help them afford everything these days including home down payments. This is not how I was raised so it's foreign to me... I was raised to be self sufficient, and never got handouts from my parents. Now my net worth is pretty good. How does giving your children everything teach them responsible behavior? Never saying no to them? It makes them entitled. Indeed, our culture is quite entitled as a whole. Of course when my father passes, his 7 figure net worth goes to me anyways. It is what it is. I hope he's around until he's 90. He taught me well, how to be more frugal and responsible with money and not blow every cent of every paycheck immediately.
Surely $525,000 is what it costs for highly desirable cities to live in that are characterized by hilly scenery and an abundance of high paying jobs. Might as well toss in a short drive to the beach, too. But better make the price double for California. Contrast that to the median price of homes currently listed in considerably less desirable Tulsa at $198,000, while the median price of homes that sold is only a measly $137,300. The median rent price in Tulsa is only $950, while the Tulsa Metro median is just $1,092. The big problem is that hordes of people would far rather move to California and numerous other cities and further drive up the prices there than move to Tulsa, leaving Tulsa with no choice but try to bribe people to move there with a $10,000 incentive offer. So, lovecrowds, it's not about Bidenflation. Instead, it's simply about how some cities are a heck of a lot better places to buy a home and live in. In other words, it's the law of supply and demand, which Biden doesn't control.
I don't think Biden had anything to do with home prices. The writing was on the wall for years. Getting into bidding wars, paying over asking price, and writing sob story letters to homeowners just wasn't going to be sustainable long term. I feel sorry for the people who overpaid for their home and I hope they will be able to do something to get out of the mortgage when they are eventually underwater.
Surely $525,000 is what it costs for highly desirable cities to live in that are characterized by hilly scenery and an abundance of high paying jobs. Might as well toss in a short drive to the beach, too. But better make the price double for California. Contrast that to the median price of homes currently listed in considerably less desirable Tulsa at $198,000, while the median price of homes that sold is only a measly $137,300. The median rent price in Tulsa is only $950, while the Tulsa Metro median is just $1,092. The big problem is that hordes of people would far rather move to California and numerous other cities and further drive up the prices there than move to Tulsa, leaving Tulsa with no choice but try to bribe people to move there with a $10,000 incentive offer. So, lovecrowds, it's not about Bidenflation. Instead, it's simply about how some cities are a heck of a lot better places to buy a home and live in. In other words, it's the law of supply and demand, which Biden doesn't control.
I like parts of mid-town Tulsa, and some of the suburbs, but if I’m going to put up with weather extremes/inclement weather/etc. part of the year, I’d rather live here in Texas.
I don't think Biden had anything to do with home prices. The writing was on the wall for years. Getting into bidding wars, paying over asking price, and writing sob story letters to homeowners just wasn't going to be sustainable long term. I feel sorry for the people who overpaid for their home and I hope they will be able to do something to get out of the mortgage when they are eventually underwater.
It's easier to blame the current guy in the white house than learn actual finance and economics.
100% nonsense. California’s prices are due to idiotic Democrat policies that restrict housing developments and environmental policies. There is a reason California was affordable to the Middle Class until your wonderful Democrats came and transformed the state into a garbage dump. Once it became far left it became unaffordable for the Middle Class. Funny how your policies do that to the average citizen.
Someone in a small town in Oklahoma wouldn’t know that as all you see is “Democrat good, Pubs bad” as your demented president racks up more debt and adds to historical inflation.
Have you ever lived in a coastal county’ in California ?
Been renting since I've been on my own. In my early 50s now. Finally decided to buy two years ago (this month!). We started house shopping in the first few months of covid lockdowns. Saw this coming a mile away. You can't shut down 20% of the economy while running the money printers full time and not get this. The denial over the last two years of that obvious economic reality has been stunning to see, from both the purveyors of information and those who chose to believe them, despite all the warnings they received.
I hope y'all are ready for what's to come. This is just beginning. Start a garden. Just sayin'.
Have you ever lived in a coastal county’ in California ?
I did, for the first 37 years of my life. Los Angeles for most of it, and Ventura for a few before I left. The person you're responding to is 100% correct. The political environment there is why the cost of living is so high, including housing and most everything else. The only thing in truly short supply is water. Everything else could be abundant and cheap, just as it is in many other states.
One only needs to look at the fact that there's a single nuclear plant left in the state for proof, the fate of which is not looking good. Virtually every step California takes from a regulatory standpoint has a disproportionately large, negative impact on the day to day life of the average Californian. Look at the rows of tents lining the streets and the unpunished lawlessness overtaking retail stores and you can see that.
I'm a native Californian and there's a lot I still love about my home state. The people have made it unlivable, however. What I don't understand is why people feel compelled to defend what is objectively bad policy. The typical defense misdirects to dollar figures and claims of success, but that's grasping. Why do you do it? Why do you defend the terrible governance in that state?
Have you ever lived in a coastal county’ in California ?
I haven't lived there, but I have visited the coasts in San Diego, LA, and San Francisco areas, and they are undeniably drop dead gorgeous. There's a reason people build those areas up so much, and I think it defies political affiliation.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
