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re: Housing Prices: The Whole Country Is Starting to Look Like California
Posted on 7/1/25 at 9:10 am to VooDude
Posted on 7/1/25 at 9:10 am to VooDude
quote:
NY for a few years. It’s shite, but if Japan can do it, so can we?
You realize the distance I drive to work every day is twice the length of Manhattan? About the same distance from Tokyo to Yokohama, and there's about one train an hour on that particular route. Then, when I get into Houston, what do I do then? Uber?
It's like the fantasy of the high speed train from Dallas to Houston (we already have one, it's called Southwest Airlines). What do you do after you get to either endpoint? Build more trains, you say! Well, the water table in Southeast Texas is pretty near the surface, so it will be very hard and expensive to do. Want to do overground? Ok, now we just have to use eminent domain on hundreds of thousands of properties. Even without the groundwater problem, I think MARTA (Atlanta) estimated that it would be a billion dollars a mile to expand that shitty service.
Pluck someone from Paris and dump them in Shreveport, and tell them to drive to Fort Worth, Waco, or El Paso. They can't believe the scale of how far apart everything is in the US. The scale doesn't work. Add in train routes that will be gerrymandered to include towns that shouldn't be included (which they've already done with the CA boondoggle), which limits max speeds of the trains, yada yada. A train from Sheffield to Manchester, which might be an equivalent commute (via train) takes an hour and costs between $11 and $45 each way.
This has been discussed ad nauseum for years. Solving mass transit with more money @ Reason
1
Posted on 7/1/25 at 9:11 am to Burt Reynolds
quote:
Yea that money should be spent on the military industrial complex instead
Why?
Posted on 7/1/25 at 9:14 am to Eurocat
quote:yeah because those are terrible places for a career in 2025
It seems like the housing crisis is always in the places young hip twenty somethings want to live, or newlyweds with a kid or two. Doesn't ever seem to be a housing crisis in Akron Ohio or Buffalo NY.
Jobs/career opportunities are far more concentrated than they used to be
Posted on 7/1/25 at 9:16 am to Mingo Was His NameO
quote:
Interest rates are more than double. Total price of ownership is no different and normal people can’t cash flow the mortgage payment
People will be cashing out a bigger chunk than they initially put down after paying on it for years so they'll be financing less, and as we all know interest rates are variable. So those too will adjust, though I hope they stay elevated to further impact prices.
For a long time we've been in the high prices/high interest rate quadrant. That's starting to change and prices will continue to come down until the market finds equilibrium.
Posted on 7/1/25 at 9:19 am to Chucktown_Badger
quote:
For a long time we've been in the high prices/high interest rate quadrant. That's starting to change and prices will continue to come down until the market finds equilibrium.
My only point is we aren’t there yet. You tried to make it sound like we were in your first post.
Home prices have become unaffordable, that’s not debatable, we know that’s true. There’s a million different arguments as to why, but the underlying fact is indisputable
Posted on 7/1/25 at 9:29 am to Chucktown_Badger
quote:Do you think they just magically create more home builders?
Also, rentals are housing units too and will relieve pressure on the market. Everyone bitches about building more housing but then they're immediately all "no, not like that!"
How does it create more housing if these major investment firms hire the builders to build homes for them?
You understand there is a cap on the amount of units that can be built snd when those new homes are going to major investment firms then they're not going to individuals?
The inventory of new homes decrease- people are lured into renting because the inventory and competition is lower (lower supply = higher prices) and then they slowly but steadily raise rents so you can never save to buy.
Then guys like you go "yeah but they told me they're not doing it so it's ok and there's plenty of people who have the capital and skills to just build more houses right"
This post was edited on 7/1/25 at 9:30 am
Posted on 7/1/25 at 9:31 am to Chucktown_Badger
quote:
Look at any real estate report for Florida and you'll see the correction happening with factual data. Since ~May of 2022 prices have leveled and are starting to drop, days on market is way up...for example, average days on market in Cape Coral in May 2022 - 9, average days on market in May 2025 - 76, median sales price is way down...from $442k to $362k.
Hurricane Ian in 2022 might also be playing a role in why less people are interested in living in Cape Coral
between insurance and interest rates, your monthly payment on 362k house is going to be higher now than a 442k in 2022
Posted on 7/1/25 at 9:43 am to Mingo Was His NameO
quote:
My only point is we aren’t there yet. You tried to make it sound like we were in your first post.
The point I was making is that the market always adjusts, and that it's currently happening.
quote:
Home prices have become unaffordable, that’s not debatable, we know that’s true.
But that's not factual...you need to provide more context than that. Home prices are unaffordable right now in some places.
Posted on 7/1/25 at 9:44 am to Solo Cam
quote:
You understand there is a cap on the amount of units that can be built snd when those new homes are going to major investment firms then they're not going to individuals?
The inventory of new homes decrease- people are lured into renting because the inventory and competition is lower (lower supply = higher prices) and then they slowly but steadily raise rents so you can never save to buy.
Rentals are still increasing the housing supply, regardless who owns them.
And the rental market is a market as well. It adjusts, more supply puts downward pressure on prices. Econ 101 stuff.
This post was edited on 7/1/25 at 9:46 am
Posted on 7/1/25 at 9:46 am to VooDude
quote:
I take it you don’t have an Econ degree?
Relax, I was just giving the really intelligent folks here a proverbial handheld pleasure job.
Posted on 7/1/25 at 9:49 am to Chucktown_Badger
quote:
But that's not factual.
What do you mean it’s not factual? First time homebuyers are much older than they were even a decade ago and more of peoples income is going towards rent and/or mortgages. I know you aren’t this stupid
quote:
Home prices are unaffordable right now in some places.
Home prices are more unaffordable in every single market in the country than they were a decade ago.
Posted on 7/1/25 at 10:15 am to VooDude
quote:
high speed rail
this stupidity again.
Posted on 7/1/25 at 10:17 am to tigerbacon
quote:
This is overstated. Any bigger city is getting expensive but every state including California has cheap houses. The issue is no one wants to live there and they want to live where everyone else does but want it cheap
Then it sounds like we need more policing to make the “no one wants to live there” areas safer. Baton Rouge has cheap houses, but the vast majority are north of Florida Blvd. Nobody is choosing south Baton Rouge for its plentiful amenities and vibrant social scene. They’re picking that area because it’s the lesser of two evils when they have to live in this area, and the one where you’re less likely to be subject to violent crime.
I understand that housing here is cheaper than it is in HCOL, desirable areas. But it’s annoying when people categorically write off concerns about housing becoming unaffordable with “they just want to live somewhere cool without paying their dues.” To argue that things aren’t less affordable than they were even 20 years ago is asinine. Insurance costs, alone, are adding hundreds per month to payments thanks to floods and hurricanes. Salaries haven’t kept up with housing price increases.
I know this is a tangent and it’s not all in response to your comment. It’s the sentiment every time this comes up—that young people just want 3000sf starter homes in ritzy neighborhoods. In reality, most just want somewhere safe to live.
Posted on 7/1/25 at 10:19 am to jscrims
quote:
but we are too stupid
correct. High speed rail advocates are incredibly stupid.
Posted on 7/1/25 at 10:22 am to Mingo Was His NameO
quote:
Home prices are more unaffordable in every single market in the country than they were a decade ago.
I mean, no offense, but...no shite.
Please provide a list of things that are cheaper today than they were 10 years ago (feel free to include the financial markets in that set). When it's virtually nothing would you say that everything then has a "crisis" nowadays?
Posted on 7/1/25 at 10:24 am to Chucktown_Badger
quote:
Please provide a list of things that are cheaper today than they were 10 years ago
Nothing is cheaper, but a lot of things haven’t risen in real costs as much housing. Not that hard.
Posted on 7/1/25 at 10:28 am to LSUtoBOOT
Boomers are sitting on empty houses just because. I know multiple boomers with empty houses they inherited or had previously used as rentals. Vacant houses make up about 8% of inventory.
Posted on 7/1/25 at 10:31 am to FLBooGoTigs1
quote:My daughter is 24. She and two business partners, one with real estate license, the other with a marketing degree, started a real-estate investment company and now own four rental homes, are currently negotiating on three more and have just started their own contracting company for renovations and the tax advantages. I am on their board of directors and help provide some guidance and research.
Young people are totally out of the market right now
She also has already purchased a home in central Austin and has a full time financial consultant position with a national commercial real estate and property management corporation.
This is what you get by being near the top of your class in business school. As the parent who paid for her to get a finance degree,
This is why college is still important (for certain students).
Posted on 7/1/25 at 10:42 am to HubbaBubba
99% of people including you in this thread who have not bought a first home in last 3 years have 0 clue. The game is rigged for anyone outside of the top 10% income earners.
“Just buy in hickaboo county, it’s cheaper!” Yeah and you get paid less, have no options for friends family etc because the area is so niche, school system sucks cuz no tax funding. Nobody wants to live 2 hours away plus from a metro in a farm. Go be old somewhere else
“Just buy in hickaboo county, it’s cheaper!” Yeah and you get paid less, have no options for friends family etc because the area is so niche, school system sucks cuz no tax funding. Nobody wants to live 2 hours away plus from a metro in a farm. Go be old somewhere else
Posted on 7/1/25 at 10:52 am to fareplay
quote:
The game is rigged for anyone outside of the top 10% income earners.
Didn't you try and tell the board that you make something like $700k a year and your wife is a doctor?
quote:
“Just buy in hickaboo county, it’s cheaper!” Yeah and you get paid less
Remote work has made it possible for more people than ever to live and work anywhere in this country.
quote:
have no options for friends family etc because the area is so niche, school system sucks cuz no tax funding. Nobody wants to live 2 hours away plus from a metro in a farm.
Oh my the hyperbole
quote:
There are approximately 1,115 homes for sale in Indianapolis priced below $250,000 that have at least 3 bedrooms and 2 bathrooms.
The Fort Myers area has 356 that meet that criteria. OKC has 479, Pittsburgh has 300. Plenty of cheap starter homes for anyone who wants one.
This post was edited on 7/1/25 at 11:01 am
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