PHLspecial wrote:According to this article the urban house prices are still rising except for SF. I don't understand the media pushing that suburbs is red hot and cities are dying. If cities are dying and undesirable why are the prices continuing to rise? I make close to 6 figures but I feel like city houses are hard to get let alone suburb houses. I can't afford the 20% down payment.
frmrCapCadet wrote:Prices are high in high tech desirable cities - even Austin Texas is being hit by this. Contributing in most high tech cities is lack of room to expand the inner ring of suburbs. Building codes favoring single family lots also contributes. As does low interest rates. The problem is somewhat intractable given current policies and political realities - from both the left and the right.
And really the crunch problem is that booming central cities need lower paid workers in a variety of areas, restaurants, cleaning, hospitals, senior services. But they need a place to live and raise their children.
LCDFlight wrote:They are rising because of low interest rates, unprecedented government stimulus / record high household incomes, record high credit scores giving people access to loans they would not ordinarily get, inflation caused by this ocean of money, institutional investors getting more adept at buying and managing single family homes, and covid preventing people from considering selling their existing homes.
It is probably temporary…. Or if not (and incomes return to prior normal), then we just have to get used to more homelessness, poverty and despair caused by the above policy choices.
afcjets wrote:The rising cost of lumber is also a factor...
"According to previous reports by NAHB (National Association of Home Builders) the cost of lumber has tripled since this time last year, causing the average new home price to rise by nearly $36,000. The issue is also affecting renters, adding $119 per month for those renting a new apartment.
NAHB Chairman Chuck Fowke has now issued criticism of Biden's U.S. Commerce Department which is looking to potentially double the tariffs on Canadian lumber from 9% to 18.32%. NAHB has previously stated home affordability is weakening in part due to material costs and supply shortages.
Below is the full statement from Fowke:
“At a time when soaring lumber prices have added nearly $36,000 to the price of a new home and priced millions of middle class households out of the housing market, the Biden administration’s preliminary finding on Friday to double the tariffs on Canadian lumber shipments into the U.S. shows the White House does not care about the plight of American home buyers and renters who have been forced to pay much higher costs for housing.
“This action clearly shows the White House is disingenuous when it claims the nation’s housing affordability crisis must be an important priority. This move certainly demonstrates a lack of courage to stand up to the U.S. lumber lobby that is already reaping record profits off the backs of hardworking American families.
“The administration should be ashamed for casting its lot with special interest groups and abandoning the interests of the American people. It knows that the lumber tariffs are nothing less than a tax on American home buyers, renters and businesses that rely on lumber products and they could not have come at a worse time. Lumber prices are already up more than 300 percent from a year ago. If the administration’s decision to double tariffs is allowed to go into effect, it will further exacerbate the nation’s housing affordability crisis, put even more upward pressure on the price of lumber and force millions of U.S. home buyers and lumber consumers to foot the bill for this ill-conceived protectionist action.
“A failure to act decisively will show that the White House has lost all credibility in its claims of fighting for housing affordability and the interests of working-class families.”
https://fox17.com/news/local/national-a ... n-politics
Nobody has really talked about it, but interest rates and their effect on home appreciation is yet another way in which millennial are getting screwed by boomers.
I still think the main thing is free money. My sister tried to buy a 2 bedrooms flat in Paris' suburbs last week, she took the offer of the seller without negotiating the price, showed she had the means to pay the mortgage, had a 6 figures downpayment. She was beaten by someone who paid cash ! And that's in one of the seediest suburbs of Paris.
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