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re: What is the income range for "middle class" per the board?
Posted on 9/27/17 at 3:04 pm to NC_Tigah
Posted on 9/27/17 at 3:04 pm to NC_Tigah
You linked a time range from after the market normalized again. Normalized at the higher prices that is... By mid 2016, prices stopped going up but did not go down appreciably. I'll give you a pass since you don't live here.
1
Posted on 9/27/17 at 3:05 pm to Taxing Authority
quote:Welcome to the American understanding of economics.
It would if no new homes were built over that time, or we presume her home buyers have en Made for Four decades bought houses they don’t want against their will and against their best financial interests
Posted on 9/27/17 at 3:05 pm to NYNolaguy1
quote:
I guess there are some overpasses available for free too .
ya sure. 1,500 sf house is about the same as living under an overpass....
Posted on 9/27/17 at 3:06 pm to NYNolaguy1
quote:Yes.
As you said, the average square footage of houses has increased with price. Wouldnt that imply there are fewer smaller ft2 houses to choose from?
It also implies other things too.
Posted on 9/27/17 at 3:06 pm to NC_Tigah
What is your point exactly? My point is pretty clear. I'll restate it for you:
The answer to the OP's question is regional in nature. In many American cities the rise of housing prices has outpaced income growth and made purchasing the first home more difficult for families.
So what do you want to know?
The answer to the OP's question is regional in nature. In many American cities the rise of housing prices has outpaced income growth and made purchasing the first home more difficult for families.
So what do you want to know?
Posted on 9/27/17 at 3:06 pm to Taxing Authority
quote:
Sonits your position that builders... for 40+ years... have built homes their customers didn’t want and were undesirable? That a hell of an assertion.
Inventory hits low point
quote:
The housing shortage forced many first-time homebuyers to consider smaller homes and condos as a way to literally get their foot in the door,” said Danielle Hale, chief economist for Realtor.com. “Our survey data reveals that we may see more of these homes hitting the market in the next year, but whether these owners actually list will depend on whether they can find another home.”
But...
Where have all of the starter homes gone?
quote:
The current state of housing markets across the country may have first-time homebuyers wondering if the concept of a starter home is the stuff of legends, or if someone, somewhere is getting a great deal on their first house.
With low housing inventory and new construction focused on luxury condominium and apartment buildings, homes that would have once been considered entry level – those on the lower end of price range, typically most affordable for buyers entering the market for the first time – may now exceed starter home prices.
quote:
But heightened expectations aren’t the only thing leading homeowners to feel an entry-level home is now out of reach. Less construction at the lower end of the market has left fewer options for first-time buyers, as construction remains focused on luxury apartment buildings. In 2015, 75 percent of new apartment developments in the U.S. were geared toward the high-end market, according to apartment listing website RENTCafé. And while a condo or townhouse has been traditionally considered a good first home, there is also a lack of inventory there.
Posted on 9/27/17 at 3:08 pm to ShortyRob
quote:
Welcome to the American understanding of economics.
Oh come on now. Like TA said NYc is not typical of your average market.
Or perhaps you wish to tell me where I have been wrong so far?
Posted on 9/27/17 at 3:08 pm to NYNolaguy1
quote:Again posts supporting point he is trying to refute.
Sonits your position that builders... for 40+ years... have built homes their customers didn’t want and were undesirable? That a hell of an assertion.
Inventory hits low point
Hopeless.
quote:
Where have all of the starter homes gone?
So, we live in a nation that literally sold the frick out of homes in an entire economic niche.......and that's because they're not affordable anymore.
Sorry. Thought Dev posted this
This post was edited on 9/27/17 at 3:09 pm
Posted on 9/27/17 at 3:08 pm to ShortyRob
quote:
Sigh
You can sigh all you want , housing prices have outpaced inflation, that is called a fact.
I didn't take you for a progressive who insists that he's right on every issue even when facts prove he's wrong.
Posted on 9/27/17 at 3:10 pm to Tigerdev
quote:The fact that you’re touting $400-$500k houses as “middle class family could have afforded” is kinda proving everyone’s point
But I was using an example of a house in the garden district that a middle class family could have afforded 8-9 years ago that is now unattainable.
Posted on 9/27/17 at 3:12 pm to HeyHeyHogsAllTheWay
quote:A fact that doesn't actually speak to the discussion.
You can sigh all you want , housing prices have outpaced inflation, that is called a fact.
And I'm sorry. I just haven't the desire to teach people economics on the Poli Board.
Posted on 9/27/17 at 3:13 pm to ShortyRob
quote:
we live in a nation that literally sold the frick out of homes
I dont believe I said that...
And I dont think youve been following my conversation with TA. This whole converswtion has centered around whether it was more affordable to live in a 1970s home with 1970s amenities than today.
My point in bringing this up was because they simply dony have those types of houses on the market. How many homes still have oil heat or dont have AC? Instead, at least in NYC vicinity, it has focused on higher end construction because 1)theyre higher in profit margin and 2)theres global demand for such housing.
Posted on 9/27/17 at 3:15 pm to MSMHater
quote:
What is the income range for "middle class" per the board?
$45,000 - $95,000
Posted on 9/27/17 at 3:15 pm to Zach
quote:
That would be the 82 percentile. That's a long distance from the mid point.
That percentile is dragged down by the sheer number of families who make very little.
It is negatively skewed. You cannot base your definition of middle class off of that.
Posted on 9/27/17 at 3:15 pm to NYNolaguy1
quote:Wait. Wut?
I dont believe I said that...
quote:I'm aware.
And I dont think youve been following my conversation with TA. This whole converswtion has centered around whether it was more affordable to live in a 1970s home with 1970s amenities than today.
You and I have had the exact same discussion.
quote:And my point is that this isn't some accident of fate.
My point in bringing this up was because they simply dony have those types of houses on the market.
Posted on 9/27/17 at 3:16 pm to NYNolaguy1
quote:Thats existing houses, which has zero effect on average sizes over time. Good grief.
inventory hits new low point.
quote:So new construction at prices exceeding starter home prices implies Americans want cheaper smaller houses? Ummm. No.
With low housing inventory and new construction focused on luxury condominium and apartment buildings, homes that would have once been considered entry level – those on the lower end of price range, typically most affordable for buyers entering the market for the first time – may now exceed starter home prices.
Posted on 9/27/17 at 3:18 pm to ShortyRob
quote:Look Shorty, you don’t get it. No body buys those houses anymore. All the demand for them drove the prices up too high.
So, we live in a nation that literally sold the frick out of homes in an entire economic niche.......and that's because they're not affordable anymore.
Posted on 9/27/17 at 3:18 pm to Taxing Authority
quote:
So new construction at prices exceeding starter home prices implies Americans want cheaper smaller houses? Ummm. No.
It literally gives you a headache.
In the late 70s, due to giant shift in demand, car makers finally all jumped in to making smaller cars. These cars had lower margins than the beasts, but, that's where demand was.
But, somehow, the housing market is like fricking immune to such things
Overwhelming numbers of people are demanding a product and everyone out there who could fill that demand has just said, "meh, frick it".
Posted on 9/27/17 at 3:19 pm to NYNolaguy1
quote:
And I dont think youve been following my conversation with TA. This whole converswtion has centered around whether it was more affordable to live in a 1970s home with 1970s amenities than today.
Well lah dee dah, in fly over country there are literally millions of old homes that don't have a/c or other modern conveniences, they are literally 40 year old houses and yes they are selling for prices that FAR FAR outstrip inflation.
Of course a modern house is going to cost more than a 40 year old house . That's just common sense.
Posted on 9/27/17 at 3:20 pm to ShortyRob
quote:
And my point is that this isn't some accident of fate.
So whats the point of stating this if its not feasible for someone to live in a fictional home?
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