home inflation

[dahalkar_p]

what do you people think of the boom and bust with home prices? how bad has it affected your area? I've seen some homes
in crappy neighborhoods spike up two to three times in value about a year or so ago...

[xwingband]

I live in South Florida normally. I believe we have the largest spikes. I don't think it's bad until the middle class can't afford the average house. I know if we were to have to get a new home we wouldn't be able to afford the one we are in now.

When the middle class police men, teachers, firemen can't afford your average house ($600,000 in SoFla I believe) you start screwing over you economy.

[Lord Maul]

houses around mine are going for 1 mill normally, even though their yards suck and they have no privacy

[Dregan]

heh.

I just bought a house (1354 sq ft, fully updated, 8000 sq ft yard, detached garage) for $75,000, the house is appraised at $80,000.

It's all in your market. Personally, I hate high-density urban areas, so I avoid them like the plague. I also enjoy a signifigantly lower cost of living as a result. Gas is $2.11 here this morning, and last year, my highest heating bill was a shade over $100, and my grocery bill for last month was just under $200 for my whole family.

YMMV.

[Dregan]

When the middle class police men, teachers, firemen can't afford your average house ($600,000 in SoFla I believe) you start screwing over you economy.

+1. Scary truth.

[xwingband]

I know that. My mother is a elementary teacher and my father was a firefighter. Both have 3/2's that aren't luxurious but since they were bought, have gone 300%+.

It's an interesting balance because the particular suburb I live in is one of the most sought after towns. It houses 80% (or somewhere abouts) of the counties teachers, fire and police men. Not a one of them can afford to leave or the new ones move in.

:?