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Homes "unaffordable" in 99% of nation for average American
(www.cbsnews.com)
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this post was submitted on 01 Oct 2023
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In Florida, rents and house prices have increased way more than 10-15% in the last few years, where are you? We bought our house in 2020, the house across the street (slightly smaller and less yard but comparable) sold for 54% more than we bought ours for; and that price was in line with the other houses being sold.
I really thought we were buying at the peak when we did buy the house, assumed it would decrease from what seemed an outrageous amount (double what the previous owners paid in 2010) but it's about impossible now for most. Everyone I work with rents, unless they had a house before I did.
I'm in Utah, and we're in the same situation (our house doubled since we bought, which was ~9 years ago). The numbers I cited are national though, so obviously it'll lose a bit of nuance that's more relevant to specific states, and numbers can vary wildly from city to city. Also, other expenses can vary wildly as well, such as auto insurance being much more expensive in Florida (from what I hear) vs Utah, despite both being no-fault states.
But even in my area, there are still affordable houses. Mine may have doubled, but houses just 15 miles or so away haven't increased nearly as much.