- cross-posted to:
- usa@midwest.social
- cross-posted to:
- usa@midwest.social
Typically, when demand drops, prices follow. But even when the number of buyers dropped, prices kept climbing. The median price of a single-family home hit record highs in 2024, and has only continued going up. In May, the median price was $427,800 – up from $357,100 in 2021, when home prices started to climb.
At today’s prices, a family would need to earn $126,700 a year to afford monthly payments on an average home purchased in 2024, up from $79,300 annually in 2021, according to a report from the Harvard Joint Center for Housing Studies.
Economists say a historically low inventory of existing homes, coupled with sluggish new construction, is keeping prices high.
All over my are there are shit tons of new 
starting at $350-400k
There isn’t a damned shortage. There is a shortage of affordable homes. Who is afording these is beyond me because the jobs in the area don’t pay nearly enough and there can’t be that many upper management / C-suite families that can afford them. I am seeing banks offering Zero down / no PMI like in 2008. Like they are baking another housing crash.
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My fairly lib coworker has frequently said “no one I know owns a house who hasn’t gotten financial help or inherited it” and he’s 40.
Zero mention of private equity investment firms buying up single family homes and driving up housing inflation.
Who is affording these is beyond me
nobody is. most of them sit empty, with just a baseline of maintenance, so line goes up.
at some point the desperate masses are going to just move themselves into empty neighborhoods. i suppose at some point they’ll just have armed patrol drones
We’re doing the China Ghost Cities thing but real and somehow even more wasteful and horrific than the fantasy projection.
holy shit u are right. just without any of the associated infrastructure. “ghost neighboorhoods/5 over 1s and datacenters”
One of the things I hate most about capitalism is how it makes you a psychopath. Whenever I read stuff like this, I find myself literally hoping the market crashes so all this money we’ve spent years saving up will let us get out of renting forever. It makes you wish everyone will suffer, including yourself, so that you can time the market and scrape out something.
I live in one of the most “affordable” parts of my city, and there are mobile homes in my area selling for over $400,000. I am not in a coastal state or a top ten metro area. Shit is insane and unsustainable.
It’s super bleak. Prices in my city have basically tripled in the last 6 years. Shit that would have been $100,000 in 2019 is going for $350,000 now. It’s out of control.
I live in a pricier area and mobile home are $75-$200k but you have to pay land rent worth $2400-$3200/month. There’s no winning.
I see two kinds of construction:
- apartment buildings where rent is several thousand a month
- single-family and double-decker flips starting at $1M
