Real Estate Bubbles And The Dream Of Owning Your Own Home

The rising costs of housing continue to fuel a housing affordability issue in many different cities.

And various solutions have already been proposed to try and address the issue, from suggestions about using alternative housing units like modular homes, and tiny homes, to rent increase limitations, and increased funding for affordable housing units.

Still, the problem persists and many cities are quickly seeing an increasing number of individuals being priced out of the market.

From Phoenix, to San Francisco, Atlanta, Vancouver, London, and Seattle, there have been numerous reports suggesting that many regions are currently struggling with their own real estate bubbles.

In Las Vegas for example, they're currently dealing with a crisis level shortage of affordable housing units and they aren't the only region where it's suggested that many people are struggling to find something to meet their needs.

According to a report from the National Low Income Housing Coalition it's suggested that Nevada ranks at the top for having the worst affordability availability in the country for low-income individuals.

In many areas, even families that have both parents working two full-time jobs, are claiming that they're just able to get by and that they're quickly being priced out of their own areas.

Even for those individuals who are successfully educated and making almost $100k per year, collectively $200-300k per year with their partner, they're still finding it difficult to obtain a loan and afford a home in many areas.

In San Francisco for example, it's estimated that an income of roughly $72k per year could afford less than 1 percent of the homes listed on the market.

The annual income needed to buy a house in San Francisco is reportedly somewhere close to $300,000

That doesn't mean that there aren't some areas with homes to be found, regions with affordable options still available. Areas like Kentucky for example are still seeing a reasonable median house price of less than $200k. But for many families today they might not have ever expected that they would be priced out of an area that they have grown up in and expected to spend the rest of their days. And evident that the government has been failing to correct the problem, especially since many of their activities contribute to fueling this issue in the first place.

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Yes. The market is crazy.
That is why we decided to move to Central America, because we were tired of a life which was pretty much both of us working full time jobs, being tired just to pay the house and that is where we knew we wanted a change and different life style which we have now.

worth the move?

I sold my home almost 4 years ago... waiting for the bubble to pop. I see ads on multi-list every day with price reductions. I know one home still on the market for 4 years now... the market will normalize soon.

Its a sad situation here in Kelowna and all over B.C with the same issues @doitvoluntarily ! with O vacancy for rents causing more homelessness , rising house costs and taxes and a lot of us living hand to mouth or paycheck to paycheck , just one away from ending up on the streets , never mind saving a cent for a down payment, thats a dream thats long past !!
I was fortunate enough about 4 years ago to buy. a acre and a half of property for $50,000 on monthly payments, an hour from the city in the mountains near a tiny town, to build on slowly as we have the money to do so, Otherwise forget about it!! 🙋🏡🏠
upped earlier and resteemed

With the west getting overpopulated (due to illegal immigrants and such), think it's normal to see the prices of housing to rise greatly. Here's a suggestion, buy land and houses at developing Asian countries and enjoy your retirement.

I am guessing the younger generation are so in tune with the so call sharing economy that not many of them care about owning real estate unless one has more money to throw around.

Owning a home nowadays is not an asset, it's a liability. A cute little home or a mobile house is enough in my opinion.

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