TL;DR: Americans now need to make $120K a year to afford a typical middle-class life and qualify to purchase a home. Minimum.
TL;DR: Americans now need to make $120K a year to afford a typical middle-class life and qualify to purchase a home. Minimum.
Okay but the developers exclusively flip affordable properties into luxury properties. Middle income housing is rapidly disappearing, the average 3 br costs like $800k to $1MM. The big new thing is buying a single family rowhome that would fit a family of 4-6 (or more) and turning it into a 2-unit condo with an HOA where each unit is only a 2 br and charging double or more what they bought the house for (buy the house for $850k, now trying to sell each unit at $890k). It’s absurd, unsustainable, displaces the local population, and ironically decreases the number of people that could have lived on the property.
This only exists because local government has made it so hard to build housing. This is the outcome when you limit supply.
Think about what would happen if there were artificial government limits on the amount of shoes that could be made. Only luxury shoes would be produced.