Why would Trudeau do this to the USA
Pierre Poilievre... Probably
this post was submitted on 27 Jul 2024
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I'm wondering what a "starter home" is in this case.
For me that'd be about 40sqm and 150k €
Are people buying bigger homes than they need?
America is deeply obsessed with single family homes.
Most homes are 90 m² or larger. I'm in a medium sized city in the midwest and I have a 3 bedroom 130 m² home I got for 115€ but it's already inflated in value in the last 15 months to 138€. I wouldn't be able to afford the house I purchased 15 months ago, if I was house shopping now. And homes currently cost nearly double what they did in 2019.
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Most homes are simply out of reach for most Americans at this point, particularly if you live in a city. Even renting one is extremely expensive unless you move into a smaller town.
In the (rust belt here) midwest it's almost reversed, homes in the rural areas cost much more than they do in the city. But our cities are car centric wastelands, where whole city blocks have been turned into parking lots.
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where did all this extra money come from to pay for these homes at these rates?
Working poor people. Money always comes from working poor people.
California?
(checks notes)
More than 100 of the 200 are in California. :) Next closest is New York at 31.
Seems like a mostly California problem.
Texas is getting hit hard because it's gone from very affordable to super expensive quickly.
Homes in my area have tripled in cost over past 5 years.
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I didn't look at the list, but housing prices are out of control in a lot of places, even if they haven't hit that $1 million mark yet. A $750k starter home is just as absurd and out of reach for the vast majority of Americans.
We're telling young people not to have kids and not to buy homes. And it's everywhere, not just California.
It’s not just a California problem. It’s a coastal city problem.
It’s not really shocking. The coast is valuable and limited. Living in an expensive coastal town isn’t really “starter home” material.
You wouldn't say that if you saw what they're selling for a million dollars. House built in the 1940’s with no maintenance except paying off the inspector not to condemn it? Yup that's a million dollars. Falling into the ocean because of coastal erosion? It has an extra bathroom, it's 1.5M.
I joke obviously but I'm not that far off either.
Actually, I’d be saying that even more.
People aren’t buying the house. They’re buying the location/
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Systemic issue, California is just showing the rot stronger than other places. It's a growing issue for the whole country.
this reminds me of the then they came for me thing. I remember when you could pick up a cheap home if you moved to like iowa. Its not as expensive but its not cheap like before.
Yep. I'm about as smack-in-the-middle as you can get and our home has doubled in value since 2016.
I bought my house a year ago and its estimated value has gone up 50% since then (and the estimate isn't even aware of all the renovations I've been doing). It's meaningless since I bought it for cash and I'm not going to sell it (mainly because I then wouldn't be able to find any other house to live in for a reasonable price), but it's kind of nice to know personally even if it is a symptom of an ongoing social calamity.
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A side effect of sky rocketing housing prices is the annual tax liability also goes up, so people on a low or fixed income may no longer be able to afford the home they've lived in for decades. It's the same problem that happens when neighborhoods are gentrified.
Some localities limit the increase in taxable value to a fixed percentage, which can combat that. The taxable value of my home is something like 25% of the actual value.
What happens when you sell it?
New owner gets taxed based on what they pay for it, so they county will end up collecting more.
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20 years ago, my mother bought a house for just under 50k. Houses in my hometown, of the same rough location and type, now go for 4x that.
Insane that housing prices have outpaced inflation by such a ludicrous degree. It's almost like the system is broken, the ultra-rich and corporations have found all the good tricks and loopholes and are exploiting them to the detriment of both ordinary citizens and the nation as a whole. 
I cannot recommend the book "Escaping the Housing Trap" highly enough. It talks a lot about the funding and financial products around housing and some of the fundamental flaws in the system. It's quite easy to blame institutional owners and they're certainly partly at fault, but it's vastly more complex than that. It's a really great scary read that genuinely had my mouth hanging open at times.
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