Zillow could skew housing prices and push younger homebuyers out of market(usatoday.com)
usatoday.com
Zillow could skew housing prices and push younger homebuyers out of market
https://www.usatoday.com/story/opinion/2021/11/03/house-prices-zillow-could-skew-market/6246437001/?gnt-cfr=1
14 comments
Oh don’t worry Zillow, in places like Sydney young people have already been well and truly priced out of the market. Our median house price for the massive ‘Greater Sydney Area’ is a massive 1.5 million dollars. With an average salary around $60k something is already fatally broken with the system.
Definitely true for any mid to large size city anywhere in the west of the US as well. Not quite $1.5M bad, but even if you’re making a hefty $100k as a young person in tech (way above normal salaries for these areas), saving towards a $500k starter house is a very hard ask on top of paying off student debt and rent. If you don’t have existing equity or an abnormally large salary, you’re screwed.
Same here in Vancouver BC and every other major metropolitan city in Canada...
I bought my house 10 years ago, for a modest 600k.(good deal at the time).
My neighbour which has a lower value home (same builder, I live in his former personal home which he put more money into, larger lot size aswell) sold his house 2 months ago for 1.4million.
I supposedly live in the once cheaper suburbs...
I could never afford to buy into this market as a first time home buyer
Average household salary is like 60k or less, heck I am in low 6 figures and can hardly afford cost of living with my existing mortgage payments (I spend about 70% on mortgage/utilities/insurance etc).
I bought my house 10 years ago, for a modest 600k.(good deal at the time).
My neighbour which has a lower value home (same builder, I live in his former personal home which he put more money into, larger lot size aswell) sold his house 2 months ago for 1.4million.
I supposedly live in the once cheaper suburbs...
I could never afford to buy into this market as a first time home buyer
Average household salary is like 60k or less, heck I am in low 6 figures and can hardly afford cost of living with my existing mortgage payments (I spend about 70% on mortgage/utilities/insurance etc).
It is basically if you aren’t in tech or in an industry with access to legacy money and connections (real estate, law, etc), homeownership is out of reach in many metro areas in the US. However, there’s a constant drone of people migrating, and only a few “acceptable” places to go. 2nd and 3rd “tier” cities on that acceptable list are now growing massively.
Most of the USA is affordable. There are places like California and New York where that not very affordable.
Most of the Midwest and south is very very affordable.
Most of the Midwest and south is very very affordable.
pfft, they're late to the party.
~could~?
Does any real estate company really care about who buys if they can profit from it?
House of cards. The degree to which they’ve skewed prices even before iBuyer is staggering. The BS “zestimate” prices they post have an enormous influence in key markets.
Only solution is to build more houses but NIMBYs and people with vested interests in the keeping the home prices appreciating will never allow it.
The TYPE of housing being constructed also matters. There has been plenty of construction in some areas, but all luxury condos to serve as bank accounts for foreigners.