Paywall removed: https://archive.is/eyxeJ
An Orange County homebuyer with a 3.5% down payment would have to earn just over $420,000 a year to afford payments for a median priced home.
Only 10 times higher?
Come to Adelaide, South Australia, where it’s ~15x the median wage!
For the working class it’s closer to 20-25x higher…
I can’t say I love living in Indiana, but it’s things like this that don’t make me regret moving back from L.A.
I wonder…if the house prices are skyrocketing that means no one will buy a house, if no one buys a house that means house prices will go down right…? right…? Like the basic economy taught us
The boomer die off is coming - when that generation starts to really drop like flies we’ll see millennials offloading property and a likely deflation of the market. The issue right now is that boomers are making so much money off their properties that many of them own multiple homes and a fair few have dozens of rental properties.
The danger is that corporate landlords start scooping up the estate sales.
A lot of foreign investors are just parking their money in empty homes here.
That’s why multiple people share housing. Housemates.
