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

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Sep 27, 2024
12:01:57pm

NYC and Japan All-American

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

outrageous currently when adjusted for inflation and household income. Home size and lot size have both exploded over a period when family size has shrunk DRAMATICALLY, making the comparison to historical home prices not very informative. Compare 1,000 to 2,000 square ft. homes on small lots, not 3,000 SF homes on 1/3 acre lots and the comparison becomes more reasonable.

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NYC and Japan

Previous username: (Private)
Bio page: NYC and Japan
Joined: Feb 3, 2012
Last login: Sep 27, 2024
Total posts: 3,588 (11 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

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

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?

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

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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