
Still too expensive for most people to buy or rent - hhs
https://www.cbsnews.com/news/2020-real-estate-forecast-still-too-expensive-for-most-people-to-buy-or-rent-a-home/
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ryanmercer
It's insane. Fiance and I started looking this month, with plans to buy after
June, and it's just downright absurd.

New construction not too far from where I'm at now, immediately west of
Indianapolis, starting at $280k (more than 8x my annual income) for 1716sqft
and a virtually non-existent yard that has been stripped of all the top soil
so it could be sold before construction began so they can upsell you some
sod...

Median household income in Indiana, $54,181.

Minimum wage $7.25 an hour.

That's basically the situation the article describes:

>To cross the current national median home price of $257,000, homebuyers need
a gross income of $67,647, the report said — yet the average annual wage in
the U.S. was $58,214, the report notes.

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retrac
Supply doesn't meet demand. Just look at the units built vs. population
growth, as the article mentions.

We're experiencing the same thing in Canada. While the numbers show a steady
increase in housing starts in Toronto and construction superficially looks
healthy, the number of units barely matches population growth, and that's with
the recent uptick in construction, after a long period of insufficiency.
Unsurprisingly, rental and housing costs are insane here.

And when it comes to detached housing, supply is finite. A continually growing
population and the suburban dream for all are not really compatible in the
long run.

