Priced out of home ownership – 'It makes me want to throw up'

Re:Priced out of home ownership – 'It makes me want to throw... by Retric on Tuesday May 28, 2024 @01:21PM (#40503068)

I moved around a lot and the majority of the time I signed a lease it was 1+ months out for an apartment that was still occupied. Having some availability right now is definitely beneficial as stuff can happen, but current housing stock just wasn’t what I was looking at basically ever.

Though I agree less desirable locations should definitely increase the average, as should purchases vs rentals etc. It’s just 3% is already including a lot of mandatory time from cleaning, painting walls, replacing carpets, etc. So prices could fall heavily at a sustained 4% long before you hit the 5-7% range.

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Re:Priced out of home ownership – 'It makes me want to throw... by bobthepanda on Wednesday May 29, 2024 @03:51PM (#40516189)

Expensive housing markets are very unhealthy. A median home is considered affordable at 5x median income. Most of the expensive areas (San Francisco, New York, Seattle, Los Angeles, etc.) are at 10+x.

The other metric is median rent as a percentage of median income. Nationally it has hit 40% when the affordability mark is 33%.

Just because what you are experiencing has been a norm for a while does not make it good, or the goal.

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