I don't think I understand. Why should affordability improve?

Sep 27, 2024
10:48:01am

Ham All-American

If demand is high across the board, why should certain classes of homes stay artificially "affordable?"

If a seller wants to sell a lot with a burned-up house on it for $230k, and a buyer is willing to buy it, then what's the problem?

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Ham

Previous username: ajosepholsen
Bio page: Ham
Joined: May 4, 2006
Last login: Sep 27, 2024
Total posts: 12,223 (124 FO)

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Messages

Author

Time

I want to show a real example of this right now for the current climate to illustrate it.

RdF3 Inactive user

9:44am

I want to empathize, but at least part of the problem is

Ham

9:57am

So Provo is manhattan now?

BaseCoug

10:25am

RE: So Provo is manhattan now?

Ham

10:48am

The problem with that argument is that affordability doesn't improve

rad dawg

10:31am

He is talking about location location location Look what 500k will get you in TX

Wife_Apologist

10:43am

I am in Texas and $500k wont get you what you think it will.

rad dawg

10:59am

I don't think I understand. Why should affordability improve?

Ham

10:48am

You are missing the point.

rad dawg

10:57am

3000 sq ft with a 3 car garage is a middle class home?

WhirleyPop

9:58am

This is part of the problem, is that some people now have really unrealistic

Japan Coug

10:12am

The other part of the problem is that you can only buy what's available and

cougarfan84

11:37am

And this same thing has played out across the entire country.

rad dawg

11:46am

There are 144 homes between $400k and $600k in Washington on zillow right now

LINE

10:01am

Thanks for making my point. The person making $150k should buy those homes. So what does the person making $70k do??

RdF3

10:20am

Save up for a down payment, increase salary,& buy small like the rest of us did.

brazilcoug

10:44am

A few options

MaximusMeridius

12:31pm

This is far from a middle class home.

Superman21

10:02am

TBH, someone making that much probably shouldn't be living in a 3000 sq. ft.

Japan Coug

10:10am

Where is one possibly going to find a 2000SF home with a yard that's anywhere

Mitty

10:26am

Is this a serious question? Not sure where you live, but I've never heard of

Japan Coug

10:31am

I live in Co Springs which is building like crazy. The only new construction is

Mitty

10:38am

I've been to Colorado Springs, and I'm pretty sure I saw lots of smaller homes

Japan Coug

10:46am

Yes of course with tiny lots and no yards and/or located far outside town.

Mitty

12:30pm

The point is that there are plenty of smaller, affordable homes on the market in

Japan Coug

1:35pm

Affordable for who?

rad dawg

1:42pm

The OP provided an example of someone earning $150k annually. All my posts have

Japan Coug

1:46pm

That makes perfect sense.

rad dawg

1:48pm

My first house was 1,000 ft2 with basically no yard and 1 hr from my office. The commute was awful, but it was all I

Byron McNertney

1:40pm

deleted

Cougrrrs Roll

11:34am

What a totally absurd example. NOTHING about 1/3 of an acre is middle class

NYC and Japan

10:25am

Maybe in nyc & Japan it isn’t, but in St. George that’s an average home. A massive amount of St. George is also self

RdF3

10:33am

I live in Orem. ABSURD example. Literally no one needs that size home or acreage

NYC and Japan

10:42am

“In only a few minutes I have as many likes as you.” 🤣. If someone making $150k shouldn’t afford a 3,000 sq ft home,

RdF3

10:50am

I did not state that. No one here has said that. If you want to have that debate

NYC and Japan

11:57am

This is a second or third home for people that have 10+ years of equity and

brazilcoug

10:54am

Zillow currently shows 406 single-family homes in St. George under 2500 sq. ft

Japan Coug

10:59am

Okay so someone making $150k/year should buy a home under 2500 sq ft. What should someone making $60k/year do?

RdF3

11:02am

Is not owning a home considered poverty?

CougarBreath

11:05am

It's definitely not a lot of money these days. I was making about $60k when I

Japan Coug

11:05am

You're missing the whole point. Home price relative to income is the HIGHEST IT's EVER BEEN. You got to buy a home

RdF3

11:09am

I understand the point, not missing it at all. The responses are to the example

Japan Coug

11:17am

Home prices adjusted for lot size and home size are a little expensive, but not

NYC and Japan

12:01pm

How many working age people in St George make $150K a year

Cougrrrs Roll

11:39am

This is amazing and the related poll is too. So revealing.

supertux

12:47pm

My inlaws built a house in the early 90's for about $60k. With normal inflation

Powerbait DPM

1:32pm

Where were there $60k homes in the 1990s? I never saw anything in that price

Japan Coug

1:36pm

Pleasant Grove, it may have been mid 80's I'm not exactly sure the time frame.

Powerbait DPM

1:45pm

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