I agree with you. We're caught in a terrible position where housing is both too expensive, but also needs to get *more* expensive so that middle-class people can pay back their investment.
I'm tempted to nitpick about the mortgage rates. They usually stay just above inflation, regardless of "average". On the other hand, there's lots of people who can't/don't refinance, and others who get bad rates, so there's a lot of people caught in that trap of paying a mortgage rate way higher than inflation. Those people really, really need housing prices to rise. And not many people stay in a house for 30 years, I think the average is less than 10 years.
The NYT calculator is great, but it's paywalled. Is there a free version?
I agree with you. We're caught in a terrible position where housing is both too expensive, but also needs to get *more* expensive so that middle-class people can pay back their investment.
I'm tempted to nitpick about the mortgage rates. They usually stay just above inflation, regardless of "average". On the other hand, there's lots of people who can't/don't refinance, and others who get bad rates, so there's a lot of people caught in that trap of paying a mortgage rate way higher than inflation. Those people really, really need housing prices to rise. And not many people stay in a house for 30 years, I think the average is less than 10 years.
The NYT calculator is great, but it's paywalled. Is there a free version?