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We need a housing market crash. My pocket book be damned. We'll figure it out. The next generation won't.
Ain't that the truth.
I live in Orem, a city you probably have never heard of. Population of under 100k, not a rich city by any means. Median individual income of 26k, median household income of 65k.
There are no single family homes for sale under 400k, and all apartment/condos for sale are 300k.
Just picking a random apartment for sale for a little under 300k and doing an estimate of 10% down with current rates is a mortgage of 2.2 k a month on 30 year fixed. So of course whoever buys and rents these out are going to do so at AT LEAST that number.
With JUST taxes taken out of 65k bringing it down to 45k, the mortgage/rent alone would be well over half the median house hold income for these things. But of course there would be HOA, withdrawals for 401k, withdrawals for medical care, etc. Meaning it would probably be closer to 70% of median household net just to pay mortgage on the cheapest apartment for sale.
And of course we can repeat this exercise for just about any city and get the same result. It's scary.
Howdy neighbor. Things are pretty bad up here in SLC too. I'm just gonna keep renting until it all comes down, or the lake dries up.
Howdy neighbor! Fingers crossed it comes down, I know parts of SLC are becoming a nightmare to rent. So hopefully you have a safe and cheaper place to live.
Fun part about Orem is that all of those houses for 400-600 were built in the 80s and haven't been updated since then.
So then you start looking at houses in at least Saratoga or Spanish fork. I landed in Springville and I bought 3 years ago before the market got as bad as it did.
Your pocketbook will be fine, unless you're flipping houses. The only thing affected by the price of your primary residence is your borrowing power.