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Credit: Pervis (@PervisTime) - Twitter
Nitter link: https://nitter.cz/PervisTime/status/1700928952670245321
RSS Feed: https://nitter.cz/PervisTime/rss
The house I bought in 2021 in a small midwest city was $395,000.
5000 sq ft. 6 bedrooms, 2.5 bath. Modernized and next to a large park.
What city are you in? That’s the difference.
People can move.
The small city I work for in Texas has a median home price of nearly $3,000,000. The cheapest home currently available in the city is 1.8 million.
The median income doesn’t support those numbers. How does that work? Those same houses were 1/5 the price 10 years ago, and 1/3td the price in early 2021.
Areas with historically cheap housing are seeing house prices double annually, but wages aren’t keeping up because people who already opened a house 3-4 years ago still have a cheap house with 2-3% interest.
A 400ft 1br studio apartment in the town I work costs $2,300/month. That would have gotten you a hell of a house 5 years ago.
That’s insane. Not even 20 years ago, you could throw a stone and find an apartment for like $500-$800 in that general part of the country (TX/OK). Not a slum or a hovel, and not in the sticks. Just a normal apartment.
Not calling you a liar, but my parents’ house is half that size, pretty far from the nearest small city, also in the Midwest, and is worth almost 600k.
Also, just saying people can just move if they want to own a home is pretty stupid.