A record 242 US cities now have starter homes that cost $1M
investors.zillowgroup.com
A record 242 US cities now have starter homes that cost $1M
1–10 of 104 posts
Re: A record 242 US cities now have starter homes that cost $1M
#2" The housing problem hasn't been solved"
This assumes it is a problem that is being addressed.
When housing values soar, there are people getting rich off of that.
The "solution" is devaluation of people's assets, and all politics is local, and all local politics is housing values.
As clearly is a supply and demand issue. Supplies clearly being artificially suppressed.
Of course, the housing market merely reflects every other segment in our our "market economy"... Everything is Monopoly cartel or regulatory capture
Re: A record 242 US cities now have starter homes that cost $1M
#3" The housing problem hasn't been solved" This assumes it is a problem that is being addressed. When housing values soar, there are people getting rich off of that. The "solution" is devaluation of people's assets, and all politics is local, and all local politics is housing values. As clearly is a supply and demand issue. Supplies clearly being artificially suppressed. Of course, the housing market merely reflects e…
Exactly. For most people, the housing problem is that their house isn't worth more.
My parents were whining a few months ago about the possibility of new apartments being built not far from their house. Why? More noise, more traffic, more people. Things that would impact the value of their nearly debt-free home.
Meanwhile most people my age (mid-30s) who don't have a home have more-or-less given up on the idea of getting one, and people their age (mid-60s) are having the possibility of property tax abatements thrown their way so that they can stay in a home until they absolutely can't anymore, or pass away.
The vast majority of American economic decisions are ultimately aimed at passing off more value into the hands of asset-holding retirees. Full stop.
Re: A record 242 US cities now have starter homes that cost $1M
#4" The housing problem hasn't been solved" This assumes it is a problem that is being addressed. When housing values soar, there are people getting rich off of that. The "solution" is devaluation of people's assets, and all politics is local, and all local politics is housing values. As clearly is a supply and demand issue. Supplies clearly being artificially suppressed. Of course, the housing market merely reflects e…
The thing is homeowners benefit from denser zoning because the potential of their land is increased even if the average unit price comes down - also the amenity value of more jobs, amusements, school funding/tax base, etc in the city should show up in the price too.
Re: A record 242 US cities now have starter homes that cost $1M
#5" The housing problem hasn't been solved" This assumes it is a problem that is being addressed. When housing values soar, there are people getting rich off of that. The "solution" is devaluation of people's assets, and all politics is local, and all local politics is housing values. As clearly is a supply and demand issue. Supplies clearly being artificially suppressed. Of course, the housing market merely reflects e…
Yeeep. It feels like one of those “holding a wolf by the ears” situations. I don’t know how we get out of this mess.
One especially frustrating part of it is that it really benefits nobody. Your home goes up in value, cool. You owe more property taxes. And all the other homes around you also go up in value, so… you’re really no better off unless you downsize or move to a cheaper housing market.
Something akin to Georgism seems like the correct answer. But how you get there from here? Beats me!
Re: A record 242 US cities now have starter homes that cost $1M
#6You can't convince me there's a housing crisis when houses like this exist,
https://www.zillow.com/homedetails/404-W-Broadway-Centralia-...
Walkable. Passenger rail. Fiber internet. Affordable with a single income.
Re: A record 242 US cities now have starter homes that cost $1M
#7" The housing problem hasn't been solved" This assumes it is a problem that is being addressed. When housing values soar, there are people getting rich off of that. The "solution" is devaluation of people's assets, and all politics is local, and all local politics is housing values. As clearly is a supply and demand issue. Supplies clearly being artificially suppressed. Of course, the housing market merely reflects e…
Yeeep. It feels like one of those “holding a wolf by the ears” situations. I don’t know how we get out of this mess. One especially frustrating part of it is that it really benefits nobody. Your home goes up in value, cool. You owe more property taxes. And all the other homes around you also go up in value, so… you’re really no better off unless you downsize or move to a cheaper housing market. Something akin to Geor…
One option is to get home prices to stop rising faster than wages by having wage growth speed up while real estate value growth slows down (not necessarily becoming negative). Then, no one is underwater on their mortgage, but buying a house becomes more accessible year over year. Of course, you'll need to eventually stop to address the normal problems with deflation, or address those in some other way.
What specific policies achieve this is also a separate question.
Re: A record 242 US cities now have starter homes that cost $1M
#8" The housing problem hasn't been solved" This assumes it is a problem that is being addressed. When housing values soar, there are people getting rich off of that. The "solution" is devaluation of people's assets, and all politics is local, and all local politics is housing values. As clearly is a supply and demand issue. Supplies clearly being artificially suppressed. Of course, the housing market merely reflects e…
The thing is homeowners benefit from denser zoning because the potential of their land is increased even if the average unit price comes down - also the amenity value of more jobs, amusements, school funding/tax base, etc in the city should show up in the price too.
Homeowners definitely do not believe that their home prices benefit from denser zoning. (I'm a housing activist, very close to killing off SFZ in my muni, knock wood).
Re: A record 242 US cities now have starter homes that cost $1M
#9You can't convince me there's a housing crisis when houses like this exist, https://www.zillow.com/homedetails/404-W-Broadway-Centralia-... Walkable. Passenger rail. Fiber internet. Affordable with a single income.
Something has to be horribly undesirable about that.
Re: A record 242 US cities now have starter homes that cost $1M
#10Earlier quoted context omitted.
The thing is homeowners benefit from denser zoning because the potential of their land is increased even if the average unit price comes down - also the amenity value of more jobs, amusements, school funding/tax base, etc in the city should show up in the price too.
Homeowners definitely do not believe that their home prices benefit from denser zoning. (I'm a housing activist, very close to killing off SFZ in my muni, knock wood).
Homeowners care less about their house prices than people realize - it's just a convenient excuse.
Most homeowners just don't want things to change.