700
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 16 Jan 2024
700 points (100.0% liked)
News
38696 readers
1457 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious biased sources will be removed at the mods’ discretion. Supporting links can be added in comments or posted separately but not to the post body. Sources may be checked for reliability using Wikipedia, MBFC, AdFontes, GroundNews, etc.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source. Clickbait titles may be removed.
Posts which titles don’t match the source may be removed. If the site changed their headline, we may ask you to update the post title. Clickbait titles use hyperbolic language and do not accurately describe the article content. When necessary, post titles may be edited, clearly marked with [brackets], but may never be used to editorialize or comment on the content.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials, videos, blogs, press releases, or celebrity gossip will be allowed. All posts will be judged on a case-by-case basis. Mods may use discretion to pre-approve videos or press releases from highly credible sources that provide unique, newsworthy content not available or possible in another format.
7. No duplicate posts.
If an article has already been posted, it will be removed. Different articles reporting on the same subject are permitted. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners or news aggregators.
All posts must link to original article sources. You may include archival links in the post description. News aggregators such as Yahoo, Google, Hacker News, etc. should be avoided in favor of the original source link. Newswire services such as AP, Reuters, or AFP, are frequently republished and may be shared from other credible sources.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 3 years ago
MODERATORS
Qualified to speak to a specific market, perhaps, but I'd still much prefer broad claims like this to be based in actual data over anecdotes.
If you want to speak to real averages, glancing at a few articles, it seems like the average mortgage payment last year was somewhere around $2300, or $27,600 per year. Take conventional wisdom that housing costs should be limited to around a third of your gross wages, and that puts you with the average house demanding roughly a $92,000 salary. Still high, but more based in reality. Media always hugely overemphasizes urban markets because that's where they're based out of. Looking at my shitty small hometown right now, I'm seeing homes listed for around $150,000, which would come to about $900 a month at today's interest rates and require around $36,000 a year to afford.
Of course, you'd then live in a tiny conservative hell hole, but that's beyond the point. The true averages for the country are not quite as bad as you'd think if you're only looking at major cities. To be clear, I'm not saying that this is a good state of affairs. The problem is that there are not nearly enough homes in places where people want to live, so they're very scarce relative to demand and owners can demand huge prices.
Wanna fix it? Petition your local government to advocate for policies that increase housing supply. Insane zoning regulation is a huge one. To throw one example at you, the highly desirable city of Somerville, MA, did a thorough examination of all its lots to see how many actually complied with its current zoning code, since many buildings had been grandfathered in.
Of 80,000 lots, all but 22 of them were in violation and would be illegal to build today.
https://www.strongtowns.org/journal/2024/1/4/what-happened-when-this-charming-town-found-out-its-actually-illegal
Did you read the article or watch the video?