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This feels almost true in every city in the United States, and it's even less surprising in Seattle where things are already outrageously expensive. I feel like the concept of a "starter home" is already almost dead anyway. Starter homes used to be for people in their 20s and nowadays people can't buy a home til their 40s most of the time
Rising Star
We’ve regulated ourselves into a homeless crisis. I was trying to build a home and they wanted me to hire a biologist to study the impact on a river 1/2 mile away. They were talking about how it’s now required to insulate the exterior of a home. Natural gas is no longer allowed in new homes. Just be aware they are running this state into the ground with regulation. It shouldn’t be this hard to build a home on land I own.
Rising Star
They derive the ability to enforce building codes under the 10th amendment. The state empowers local municipalities to govern health, safety, and welfare of the public, but it’s vague at best. I’m actually calling into question if the way they are enforcing the regulations is making it less safe and putting the public welfare in jeopardy. I think that’s a fairly strong argument. It seems they’ve gone beyond some guardrails to building safe homes to determining the windows I need to install, the type of heater I can use, the way I insulate it, where I can put a plug-in. I can’t even mill boards from trees on my own property to build a home. This is all way in excess of their mandate. No one ever questions how the hell did we get here. Where the barrier to owning a home is 800k and no future for our kids. We’re handing future generations a life of being farmed out to corporate landlords.
Honestly though this does feel like lots of cities that I have lived in. I have a friend who lives in Savannah, GA and she bought a very modest home that was under 300k and she makes 168k a year plus she has a second job and it seems like she is somehow barely scraping by which makes no sense to me
Chief
It depends, it’s regional. Miami, parts of the California coastline are 6-10x median earnings. Midwest is still around 2-4x median earning. West coast and east coast are mostly 4-7x median earnings. You really want to be under 5x median income for the area to buy if you can. Above 5x there is no guarantee it will be profitable on a short time frame. Investors are all swarming around the Great Lakes as the last affordable area. The past few years it’s been more profitable to rent and invest in the stock market. I’ve tripled my portfolio since 2022. My real estate is kinda flat.