Al-O-Meter
Well-Known Member
Australia and the United States seem to be different. In the US, high housing prices are blamed on a combination of excessive regulation on construction…The right will blame the cost of housing on immigration, the cost of living on trade unions
Why California’s ‘affordable’ housing costs $1 million a unit - Pacific Research Institute
Why California’s ‘affordable’ housing costs $1 million a unit By John Seiler | February 10, 2023 A friend of mine is an executive in the construction industry. His company sometimes works on government projects, especially in Los Angeles. As a non-union shop, his company works under the rules...
Home Prices And Affordability: Q4 2023 | Bankrate
A new report from the National Association of Realtors shows that home prices in Q4 2023 rose in 86 percent of markets.
The younger generation is locked out of home ownership right now but that is because of the aforementioned interest rates and construction regulations. Most homeowners have locked in fixed rate mortgages around 3% APR and are refusing to sell their homes due to any new mortgage being ridiculously more expensive. That in combination with it being so hard to build new houses means inventory is super tight which keeps prices high. As soon as the interest rates drop to pre-COVID levels, the whole system will thaw and the younger generation will be able to buy starter homes.