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A comment on Home buyers need 80% more income to buy than 4 years ago. Parent comment

Re:Home buyers need 80% more income to buy than 4 years ago by AuryGlenz on Tuesday March 19, 2024 @02:05AM (#39753338)
The thing is I think you city people can't see the forest for the trees. Yes, on a city level zoning/permitting can be an issue.

However, I live in the middle of nowhere. The nearest town to me has a population of 600. Homes that were $300k pre-pandemic are now $500-$600k. Zoning is no issue here. There aren't many places in our country where home prices have gone down or stayed the same.

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Re:Home buyers need 80% more income to buy than 4 years ago by supertrope on Tuesday March 19, 2024 @09:23AM (#39755479)
When people are priced out of urban cores they select housing in suburbs. When those seeking suburban housing are priced out they bid up the price of rural housing.

There are a lot of immigrants working in construction. Decreased immigration in the past few years has pushed up wages especially in lower wage jobs like construction laborer. Trade wars and the aftershocks of the Covid pandemic have pushed up the cost of materials. 3% mortgages supercharged demand.

Restricting immigration won't stop a San Jose, CA resident from moving to Boise, ID.

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