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Don't forget how much higher the living standard of a 2021 house is compared to average 1940s house
Older homes may lack insulation and have old sash windows, but those builders had access to better lumber for the bones of the house.
When a contractor had pulled the walls and floor out of a late 1950s rental of mine, he showed my why he tried to re-use as much of the old wood as he could. Pick up a piece, and compare it with modern lumber - unquestionably denser wood was available back then. Today's lumber comes from managed forestry, quicker growing trees bred for harvesting in the shortest time.
Older homes may lack insulation and have old sash windows, but those builders had access to better lumber for the bones of the house.
When a contractor had pulled the walls and floor out of a late 1950s rental of mine, he showed my why he tried to re-use as much of the old wood as he could. Pick up a piece, and compare it with modern lumber - unquestionably denser wood was available back then. Today's lumber comes from managed forestry, quicker growing trees bred for harvesting in the shortest time.
I agree on the building quality.
But modern houses often have the quality of life edge due to en suite bathrooms, more bathrooms, and closet space.
Raleigh has a very vey high MHHI... It's just showing that property values will increase and have some ways to go looking at the demand and MHHI. It would be silly to think values wouldn't increase at a higher than average rate for the next 5-10 years in the Triangle. The place is on fire, the wages are high, there are good high paying jobs, property is lower in states where people are moving from to the Triangle and the momentum is picking up.
% of owners cost-burdened in Raleigh MSA: 16% (i.e., paying more than 30% of income for housing)
Median homeowner household income: $100,600
Median homeowner monthly housing cost: $1,337
% of owners cost-burdened in Greensboro MSA: 20%
Median homeowner household income: $65,000
Median homeowner monthly housing cost: $891
% of owners cost-burdened in Los Angeles MSA: 33%
Median homeowner household income: $107,100
Median homeowner monthly housing cost: $2,093
Quote:
Originally Posted by NCSweettea
With the cost of building a new home almost doubling as well do the supply shortages I don’t see any relief anytime soon.
Also correct. New construction acts as a release valve when demand exceeds existing home supply. Prices won't outpace "replacement cost" (construction costs) for long -- but if replacement costs rise, existing buildings' prices can rise to match.
I'd knock $30k off the price of that house just for the fact that the Realtor is SCREAMING at me in the marketing remarks.
Calm down Janet.
But seriously that is a beautiful home and New Bern is a very desirable little town especially for Eastern NC. Great vacation/retirement area or "slow pace of life" option....but the reason the prices aren't the same as they are here is just as you said; the concentration of high-paying jobs/career opportunities and the "big-ish" city amenities.
'
I feel like New Bern is not high on most local Carolinians list , perhaps if you come from other side of NC or from out of state, it will look like a quaint little town on the river. A whole lot of poverty which in this place equates to high crime and crack heads.
I drive thru there all the time plus have friends living there, it would be a no for me but people like different things , very very cute downtown .
It has the look but not the feel. IMO.
But modern houses often have the quality of life edge due to en suite bathrooms, more bathrooms, and closet space.
Did I mention the bathrooms?
Speaking of bathrooms, I grew up with friends who had 3-4 kids or more in the family and had one bathroom. It was very common for houses built in the 1940s and 1950s (and before). These were middle class families back in that day.
Our house had a downstairs “powder room” in addition to the upstairs full bath and that was a big deal!
Speaking of bathrooms, I grew up with friends who had 3-4 kids or more in the family and had one bathroom. It was very common for houses built in the 1940s and 1950s (and before). These were middle class families back in that day.
Our house had a downstairs “powder room” in addition to the upstairs full bath and that was a big deal!
Exactly.
I thought I wanted an older home for the quality construction and the charm. But when it came down to it, 3 bathrooms won over vintage charm.
Speaking of bathrooms, I grew up with friends who had 3-4 kids or more in the family and had one bathroom. It was very common for houses built in the 1940s and 1950s (and before). These were middle class families back in that day.
Our house had a downstairs “powder room” in addition to the upstairs full bath and that was a big deal!
To me it shows how consumerist we have all become. I live in a house built in early 60s. Has that mid-mod feel to it. Lots of charm. It has 3 bathrooms... it's been updated by the previous owners. Only one gets used regularly, and the second one is there for guests. Not a lot of guests during the pandemic. I am guessing if we had kids that one would be theirs. We have to remember to flush the 3rd one once a week per our plumber's suggestion. Something about water movement... and gases in the pipes. I do not question him; seems experienced. But, I still feel like 2 bathrooms would have been more than enough. No need for the 3rd one that the previous owners added (they were a couple with one kid)... so I still question the addition. It's not close to the guest bedroom at all.
I look at the Western states and see all the fires.... and did we all need bathrooms for each room? Who was that asshat who said "let us **** in separate rooms and flush it with tons of water"?! I look at my house and see all that effing closet space and like why? The original closet space was more than adequate. No one person needs that much clothes. Fast fashion be damned. Being a numbers geek, I have done some small scale observations about the spaces we use. Our house is about 2200sqf+4 season room and we only use 1/2 of the whole house regularly: bedroom, kitchen, living room, workout room. 2 bedrooms and 2 bathrooms stay unused. I've told my partner we should sell and move to a smaller place like a townhome. I'd be happy. "Nope. 15 year mortgage at a laughingly low interest rate, the house has already appreciated so much.... we wouldn't afford something like this anywhere at this point"... So I am not convincing enough. I can't beat those facts.
I honestly thought houses would get smaller, as families are getting smaller. But, no. This is a paradox to me. Less family members but bigger houses. I think it has to do with builders' margins. They want to sell you the "dream": huge kitchen, a mudroom (even in Vegas), office, a hobby room, huge master bedroom with a space to fit a shower and a huge tub, music room, "just in case" room, a room that you'd use if the "just in case" room gets occupied.
It's pretty disgusting, tbh. That's my sentiment. The housing affordability crisis is bad for everyone. I wish they would build smaller houses, achieve density through multi-family housing, etc. What's happening now is totally not sustainable. Public transportation sucks and housing is expensive for people who aren't white collar professionals or in IT.
To me it shows how consumerist we have all become. I live in a house built in early 60s. Has that mid-mod feel to it. Lots of charm. It has 3 bathrooms... it's been updated by the previous owners. Only one gets used regularly, and the second one is there for guests. Not a lot of guests during the pandemic. I am guessing if we had kids that one would be theirs. We have to remember to flush the 3rd one once a week per our plumber's suggestion. Something about water movement... and gases in the pipes. I do not question him; seems experienced. But, I still feel like 2 bathrooms would have been more than enough. No need for the 3rd one that the previous owners added (they were a couple with one kid)... so I still question the addition. It's not close to the guest bedroom at all.
I look at the Western states and see all the fires.... and did we all need bathrooms for each room? Who was that asshat who said "let us **** in separate rooms and flush it with tons of water"?! I look at my house and see all that effing closet space and like why? The original closet space was more than adequate. No one person needs that much clothes. Fast fashion be damned. Being a numbers geek, I have done some small scale observations about the spaces we use. Our house is about 2200sqf+4 season room and we only use 1/2 of the whole house regularly: bedroom, kitchen, living room, workout room. 2 bedrooms and 2 bathrooms stay unused. I've told my partner we should sell and move to a smaller place like a townhome. I'd be happy. "Nope. 15 year mortgage at a laughingly low interest rate, the house has already appreciated so much.... we wouldn't afford something like this anywhere at this point"... So I am not convincing enough. I can't beat those facts.
I honestly thought houses would get smaller, as families are getting smaller. But, no. This is a paradox to me. Less family members but bigger houses. I think it has to do with builders' margins. They want to sell you the "dream": huge kitchen, a mudroom (even in Vegas), office, a hobby room, huge master bedroom with a space to fit a shower and a huge tub, music room, "just in case" room, a room that you'd use if the "just in case" room gets occupied.
It's pretty disgusting, tbh. That's my sentiment. The housing affordability crisis is bad for everyone. I wish they would build smaller houses, achieve density through multi-family housing, etc. What's happening now is totally not sustainable. Public transportation sucks and housing is expensive for people who aren't white collar professionals or in IT.
My house with 3 bathrooms is only 1532 sq ft. When I had 3 teens living here + constant extra teen guests, those 3 bathrooms were worth their square footage of GOLD. My en suite, in particular.
My house with 3 bathrooms is only 1532 sq ft. When I had 3 teens living here + constant extra teen guests, those 3 bathrooms were worth their square footage of GOLD. My en suite, in particular.
I am guessing when you have kids it does pay off. I am literally having existential crisis with my house. I think it's Covid. When I was in grad school we had a charming old bungalow that was about 1800sqf. We used to throw parties and people would just show up for study groups, or Sopranos watch parties. Random friends would stay in between their leases, so it always felt full. Now? Personally, I'd be happy with something that's 1000sqf. I will probably convince my partner at some point to go that route. God, grant me the confidence and the skills of a mediocre car salesman!
I love when people say the market is cooling because people are sitting out the frenzy...that's like the old Yogi Berra....nobody goes there anymore, it's too crowded.
Nobody's buying in the triangle anymore, the process is just too competitive.
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Random friends would stay in between their leases, so it always felt full. Now? Personally, I'd be happy with something that's 1000sqf. I will probably convince my partner at some point to go that route. God, grant me the confidence and the skills of a mediocre car salesman! 
