Comment on Housing prices
chonglibloodsport@lemmy.world 1 week agoThe biggest issue is lack of construction. We’re building fewer units now than we were in the 1960s, despite having double the population today.
Comment on Housing prices
chonglibloodsport@lemmy.world 1 week agoThe biggest issue is lack of construction. We’re building fewer units now than we were in the 1960s, despite having double the population today.
Zannsolo@lemmy.world 6 days ago
There’s been way more new houses built in the greater area in the last 10 years than were ever built when I was growing up.
Adjusted for inflation I probably make about 60% more than my stepdad did when they bought a house in 1997. That house is now worth almost 5x what the bought it for. And the mortgage for the house as a first time homebuyer is probably close to 8-10x what it was for them.
The house next to my friends probably needs to be a complete rebuild and it’s likely going to sell for 800k. It is a good location but it’s not particularly big and is unlivable best case you could take it down to the studs but I didn’t even think that is actually enough to fix it.
Must of the rentals here are owned by a few family owned property management companies.