Yup and... increased wealth has driven demand for 2nd, 3rd, and 4th homes... as well as more parents helping with $$$$

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Oct 16, 2024
10:32:22am

HarlemCoug Truly Addicted User

Yup and... increased wealth has driven demand for 2nd, 3rd, and 4th homes... as well as more parents helping with $$$$

This message has been modified

Originally posted on Oct 16, 2024 at 10:32:22am

Message modified by HarlemCoug on Oct 16, 2024 at 10:42:31am

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HarlemCoug

Previous username: Big12
Bio page: HarlemCoug
Joined: Sep 8, 2014
Last login: Oct 16, 2024
Total posts: 34,699 (4,337 FO)

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Messages

Author

Time

Crazy stat I just heard on the radio - Comparing median income to house prices in CA in 1960, 4X. Today, 11X.

Ragnar Danneskjold You know...

8:18am

Median household income I assume has risen due to more dual income households

cmoney

8:21am

Which even exacerbates the issue.

Ragnar Danneskjold

8:23am

An ironic result of feminist and women in workplace movement is that it

Gustav

8:25am

That's the single biggest driver of inflated house prices since 1980

Skeptical Optimist

8:26am

It's created a massive distortion

materialized

9:22am

More people (or households). Period. Fighting for homes in prime locations

NYC and Japan

10:07am

Read that the increasing divorce rate = more households = higher demand as well.

seacougar

10:23am

Yup and... increased wealth has driven demand for 2nd, 3rd, and 4th homes... as well as more parents helping with $$$$

HarlemCoug

10:32am

so if I bought my first house with my primary income,

Pangare

10:36am

100% this. It almost feels required to have both spouses work now.

TriForce

12:42pm

Income to house price or house price to income?

IdahoCoug

8:23am

I'm going to let you sit down with a pencil, paper, and calculator and figure that out.

Ragnar Danneskjold

8:24am

I'm glad my income is 11x the cost of my home, life would be rough at only 4x.

Cru Jones

9:51am

OP was the one who specifically listed them in the order "median income to house price," not me.

IdahoCoug

10:55am

My bad. Apologies.

Ragnar Danneskjold

2:25pm

I've met several people whose parents moved from Utah & Idaho

gopman

8:34am

I hear about people leaving California, but I wonder who is buying their homes?

cmoney

8:52am

Immigrants and smaller households

Himni

9:33am

The street I grew up on is now filled with homes that have multiple unrelated people sharing, a lot of Asian multi-gen

SingleStrapBackpack

9:49am

That was my parents

SingleStrapBackpack

9:47am

But, but, but THE INTEREST RATES WERE 17%!!&!!!

scootsy

8:38am

That's actually a pretty relevant factor I didn't think of.

Ragnar Danneskjold

8:42am

FYI - In 1960 they were around 3 or 4% It was the 1980's when there was

Acorn

8:52am

our minimum requirements for a house have also skyrocketed

Cougarclaw

8:52am

True too, similar to our current cars vs the cars in the 60's.

Ragnar Danneskjold

8:54am

The square footage has gone up by a lot, and the number of people living in a household has gone down

Skeptical Optimist

8:55am

Yep. I grew up in a house 2/3 the size with 2 1/2 times the people compared to the one I currently live in. Our house

Byron McNertney

9:44am

House size and lot size are also dramatically bigger. Price per square foot is

NYC and Japan

10:11am

Lot size is dramatically bigger?

Schultz is back

11:32am

Maybe other places. Lots are tiny for older homes around me.

NYC and Japan

2:02pm

Houses are 57% larger than in 1980

10:19am

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