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In Los Angeles, $775k gets you this much house.

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purbeast0 said:
lol from your link.



i just chalk that up to dumb people, but they exist everywhere. if you're making $60k household, you probably shouldn't be living in LA, SD, or SF.
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Soooooo.....

What do you propose jobs like custodians, cooks, garbage men and other low skilled employees do?

Stick them out in a tent city outside of town and bus them in? Infrastructures and businesses don't run and keep clean on high paid engineers and white collar professionals.
 
Red Squirrel said:
lmao that's insane.

For 50k you can get something in similar condition here.

160751_1.jpg


https://www.realtor.ca/Residential/Single-Family/16807159/6015-KING-ST-TIMMINS-Ontario-P0N1C0

That actually looks like a nice property too. Looks like bush in the back.
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I prefer bush in the front thank you.
 
purbeast0 said:
many people who can afford expensive houses aren't house poor.

what you paid for your house is because it's in a location where nobody really wants to live and there probably aren't many jobs. that is nothing new and has always been that way. trying to compare prices across different regions is just dumb.
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I can assure you his house is in great location and area with many jobs. I wish I bought a house on a lake. Mine has only doubled in price while his has quadrupled. He probably bought a year or two before me but I paid little more. But I paid off the house 8 years ago and live in a great area so I'm content.
 
Fanatical Meat said:
People have been saying this or something similar about West Coast property for at least 3 decades.
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No they haven't, idiot star citizen. Chinese investment inflating west coast properties is something that's only really gotten going within the last 10 years. It hasn't been enough to distort the markets until pretty recently.
 
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purbeast0 said:
many people who can afford expensive houses aren't house poor.



what you paid for your house is because it's in a location where nobody really wants to live and there probably aren't many jobs. that is nothing new and has always been that way. trying to compare prices across different regions is just dumb.
Click to expand...



I agree that comparing prices across regions does not make sense, but there are definitely places in this country where the median income vs the median house price certainly makes the median person house poor if they choose to purchase. This is often in high demand locations like LA, SF, Seattle, NYC, etc.

Hell, it is even happening here in Denver. Incomes are not keeping up with housing demand. Bought a house for $495k less than 4 years ago. Comps are now selling for 700k+ in our neighborhood. Salaries have not increased by 41% in Denver in that time. This type of housing inflation does make a lot of new buyers house poor.

There are much better "value" locations where housing costs are still reasonable and salaries are competitive. Greenville, SC for instance. Booming economy and a generally nice place to live. Salaries are good, yet you can still purchase a perfectly nice home for under $200k close enough to the city. People love it there and generally people are not house poor.
 
ponyo said:
I can assure you his house is in great location and area with many jobs. I wish I bought a house on a lake. Mine has only doubled in price while his has quadrupled. He probably bought a year or two before me but I paid little more. But I paid off the house 8 years ago and live in a great area so I'm content.
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well yeah, he bought it 20 years ago on a lake. that is prime limited location real estate. of course it's going to go up in value.

my parents bought their house 30+ years ago for like $130k and it would easily sell for over $500k now.

they also bought a vacation house about 25 years ago and paid $130k for it on a golf course in a country club. when my dad died the house was sold for over $700k.

comparing era's also is kinda dumb.
 
At least the school+general taxes aren't in excess of 20k/yr like they are here. Money you'll never get back (like renting). We need a proposition 13 of our own.
 
preslove said:
No they haven't, idiot star citizen. Chinese investment inflating west coast properties is something that's only really gotten going within the last 10 years. It hasn't been enough to distort the markets until pretty recently.
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Aren't you the friendly guy....
I have heard this or similar statements since the late 80s when a friend of mine was looking to move there. Its property prices have continually out paced the US average. Admittedly Chinese buyers are in the game now but is that really different than Japanese buyers years ago?
The property is expensive and will continue to be expensive for the foreseeable future.
 
rh71 said:
At least the school+general taxes aren't in excess of 20k/yr like they are here. Money you'll never get back (like renting). We need a proposition 13 of our own.
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Yeah, I would sell and move if that was the case. That's private school money.
 
Fanatical Meat said:
Aren't you the friendly guy....
I have heard this or similar statements since the late 80s when a friend of mine was looking to move there. Its property prices have continually out paced the US average. Admittedly Chinese buyers are in the game now but is that really different than Japanese buyers years ago?
The property is expensive and will continue to be expensive for the foreseeable future.
Click to expand...

The issue with housing prices on the West Coast in the 70s-90s was related to the tech/silicon boom. Young nerdy smartypants types flooding in from the east and dumping ass-loads of freshly-earned money on housing at whatever prices the agents gave them.

The Chinese money infusion is similar (no-questions-asked absurd cash purchases above asking), but it's a very new thing. At least the tech money was built on a solid foundation. New Chinese money on the west coast is built on the exported teenage daughters of newly-wealthy chinese "semi-garchs" playing their bubble market on borrowed money.

fun times.
 
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