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"Inflated" is a meaningless term. Prices are simply reflections of supply and demand.
How many people have claimed that Apple's prices are inflated for a decade + now but Apple seems to be doing just OK. Maybe they know their product supply/demand curves pretty well?
People in the NYC metro area have been putting 60%+ of their net worths into their homes for decades now and for many it's worked out just fine.
When my parents bought their home in Brooklyn in the late 1990s for $275K, their down payment was literally 80% of their net worth. They paid the house off in 12 years and it's now worth almost double adjusted for inflation (the return was better before this latest bout of high inflation).
My point is that just because prices are high, doesn't mean they can't go higher.
Supply is absurdly low. A problem I have is that there are simply not many properties I even want on the market.
If this is the case we will all need to make more money. Employers across the economic spectrum will need to pay 50-100% more than they do. This happened in the 15 year period 1973-87. Employers in the 2020s-30s will have to grok this.
At this point many employers have their heads in the sand as if their 2013 salaries are still viable in 2023.
If this is the case and assuming interest rates stay high too, my plan is to at some point get a 2nd & 3rd jobs for about 4 years, invest the entirety of my main job salary, and pay cash for a house.
Last edited by redguard57; 06-07-2023 at 10:00 AM..
All I know is I lived in N CA from 1988 to 2002. The rest of the US is becoming CA. Californication USA. And, there is probably more truth to that than I even realize.
There is zero housing shortage - overall - in the US currently. There are far more (as in millions) vacant housing units than there are people looking for housing.....There may not be housing exactly where the jobs are in some cities, but that does not define a true 'housing shortage'. Sometimes you have to live further away and commute...or just move entirely....
I've heard the opposite. Post your source. Even if a home is supposedly vacant, it's not a supply of housing if it's not for sale. Some people have vacation homes etc.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,364 posts, read 8,611,109 times
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Quote:
Originally Posted by oneasterisk
Even living in a better zip code can't insulate you completely. Crooks have cars too and will target those who have what they want. I recently saw this story as an example: https://www.foxla.com/news/oc-man-fe...pepper-sprayed
Check out buckhead Atlanta. One of the wealthiest areas having a huge increase in crime and violent crime thanks to the liberals pushing the defunding of police. It got so bad buckhead tried to form its own city and leave Atlanta so they could hire their own police force.
I don't see the boomer die off as benefiting anyone but their families. I don't see a path to where it funnels down to boomer detractors.
Nobody cares who benefits... y'all took this real personal. The simple fact is we have two demographic crests occupying or trying to occupy set of family style housing across the US. Hence the "shortage". At some point in the not too far off future we'll be in two demographic troughs, so the shortage goes away without too many changes. So anyone predicting continual rises in prices or some massive building boom is off base.
Nobody cares who benefits... y'all took this real personal. The simple fact is we have two demographic crests occupying or trying to occupy set of family style housing across the US. Hence the "shortage". At some point in the not too far off future we'll be in two demographic troughs, so the shortage goes away without too many changes. So anyone predicting continual rises in prices or some massive building boom is off base.
Housing goes up with inflation. Younger demographics will want newer housing (so, building will continue). Likely some old housing stocks will be 'retired' at certain points (redeveloped).
You know, I guess people can read more educated studies about how housing is going to play out over time instead of taking declarations from Phil on CD.
Even living in a better zip code can't insulate you completely. Crooks have cars too and will target those who have what they want. I recently saw this story as an example: https://www.foxla.com/news/oc-man-fe...pepper-sprayed
Yeah, that was common in the Kansas City area where you could get anywhere in about 30 minutes.
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