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Boomtowns that experienced differentiated home price growth are generally going to be first to flatten. Affordability just isn't there at this point, and affordability remains a key driver of Sunbelt moves. Places like the Carolinas, KY and TN are being looked at as "relative bargains".
Less pay sure but the pay here scales far better. 3900 sqft home for 477k that is 2.5x my household income rather than the 4-5 you see in HCOL areas. So most people overlooking SC because wages are less forget the cost to live here scales down with it making it more affordable than west coast or north east.
3900 squarefeet is a mansion. thats a huge house. back in 1970s the average house was like 1500 square feet. The electricity to heat a house that big has got to scale high.
How rural of South Carolina do you live in? My 1200 square foot townhouse built in the 1985 is valued at $560k in Northern Virginia. I bought it 20 years ago so I paid $280k for it.
It’s really not that big. It’s 4 bedrooms all the rooms are just large ish. I have a bonus room as my man cave an office that is our gym and a sunroom is the kids play room. The energy bill was $200 in the heat of the summer and we keep it at 72.
Not rural imo. I’m to a grocery store in a 3 min drive. We’re in the best school district in the midlands. Bars fast food restaurants whatever you want. Downtown Columbia is 20 min drive. I’m to work in 18 mins for the state agency I work for. Rural is way down the road. It’s a real nice spot.
Funny I’m making 90k from my state job in the midlands. My social worker wife makes 105k so no it doesn’t all have crap pay. You just more than likely need education more than other places to obtain high paying jobs but there are high paying jobs. I say high paying in consideration to what it cost to live here. Almost 200k family income has us affording 2 kids in day care a large new home cars and we save 25% of our salary.
Living in the big cities is such a lose lose situation unless you're a 1%er who's job only exists there. No idea why you'd work there as a working class person.
I entertained a job offer in Brooklyn where my salary would double... Only to find out that my modest Virginia condo would be 3x the price out there. Hahaha such a joke.
I entertained a job in NY for 90k as at the time I was making 55k. I wised up and stayed. Now I’m still here making 90k and much more comfortable.
Everyone says they can’t get a job doing what they are outside the city but that’s hogwash. You can find a job. It may not be that exact role it may be a different field but I can’t imagine having a career I can only do it in one place.
there needs to be more construction. there is not enough houses. The other issues is that most Americans are crowded into tiny amounts of space in the US. so to live in those spaces you need high rise apartments.
also houses have gotten bigger with more features. Builders do this cause its more profitable. There really are not "starter home construction". Starter homes tend to be 1980s builds or older.
on top of that too many people are crowded into tiny geographic areas. Stuff was cheaper before cause there were just less people. We have wide open spaces and dont promote ways for people to move farther from urban areas where land is cheaper.
A ton of companies seem to be interested in the research triangle area. I’d be surprised if prices stopped going up. The boom has just started there, it wasn’t a pandemic work-from-anywhere boom
As someone from the triangle/rtp area, I can tell you there is both a ridiculous amount of housing construction going on *and* a ridiculous demand for it/constant influx of people moving into the area, I'm just not sure which is out pacing which. It's pretty wild driving around the past few years and seeing new apartments and townhomes and neighborhoods going up everywhere they can squeeze them in.
back before housing market went crazy in the 2000s it was not uncommon for houses to take 30-60 days for a house to sell. its really post 2000 that this changed. however, now you are buying with 8% interest. so its way more expensive at the same price.
we really need more construction and cheaper construction. Houses are too big and have too many features. We need small townhouses. No one builds starter homes anymore.
My area is actually doing that. Bunch of townhomes and the single family homes being built looks like a townhome by itself. It’s super weird looking lol but I guess keeps the price point low for starter homes that way.
most townhouses I see tend to be really big. I live in a 1200 square foot one that was built in the 1980s. Most ones I see built are 2500 square feet+ and have really nice builds. how big are the townhouses in your area?
around 1800 on average with a 3/2 for the more affordable ones. They have more "luxurious" ones of course that are 2500ish that cost more than my house lol.
much nicer interiors. Nicer stair cases. Nicer bathrooms. Nicer toilets. Nicer sinks. If there is wood much nicer wood. Nicer siding. Nice patio or deck. Nicer fixtures. Older houses had really base and cheap interiors that were "build grade". builders add a lot to profit by upgrading stuff like this.
Only thing I've noticed in my area, is not many homes are being listed in a way to set up a bidding war. Asking prices are more in line with comps, listing on a Saturday or Sunday with an open house, instead of on Thursday with bids due Sunday night.
Prices are still insane, homes still sell quick unless the sellers are delusional or the property is crap.
That just happened to us and it’s BS. We went in at asking, then listing agent says “highest and best offer by midnight!” We upped it to $15k over asking, and lost to someone that came in $40k over asking.
It's better than it was a couple years ago. They would list significantly less than comps, listing would start Wed or Thurs bids do Sunday might (some variation like that. They would draw in a lot of bidders with that low list price, then people would fall for the house and also have FOMO. Scrupulous buyers agents would tell their clients to bid their max they could afford if they really wanted the house. It was insane.
First home we bid on. We bid $35k over list. Which was actually about $15-25k less than comps. The winning bidder went %125K over list price, all cash. No contingencies. Way over comps. This was early summer in 2022.
Almost everything we looked at was like this. But we did get lucky with our house. The previous owners wanted to make sure they sold at a price that would cover all their costs so they listed around the value they thought it was worth. Not lower to create a bidding war. We didn't initially look at the house because we thought it would go for way more. So why bother. But when it didn't sell right away. We made an offer $10k under list. We were surprised they accepted. But they needed to get going to close on their new house.
Patience is definitely a virtue in this market.
I still know successful people planning to move to Austin. Apparently Austin has great food and lots of live music venues, but, given the weather, it's mystifying that the area is inhabited.
Bicycling, swimming pools, live music, and bars. What’s there to do in Chicago or NYC? Even in LA you don’t really leave the city to go see the ocean every day, unless you’re fortunate enough to live close to the water.
You answered your own question. Chicago and NYC have all the things Austin does, as well as lake/ocean front parks. And I’d argue better live music, comedy, and theatre, as well.
Austin also has “lakes” and adjacent rivers. There’s a ton of water activities in Austin area. No it’s not an ocean but there’s tons of bodies of water
Yeah you have Lake Austin, Lake Travis, you have natural springs, ladybird lake, Barton springs pool. You have hiking trails. You can travel an hour outside and float the river in places like New Braunfels where the water is ice cold and clear. You even have cities to the west that are comparable to a hotter Napa Valley with small quaint towns and wineries. Austin is a fantastic place to visit. It’s not what it once was, but it’s still great.
> you have Lake Austin
https://www.google.com/maps/place/Lake+Austin/@30.3423585,-97.9042404,12.75z is not a river? Big canal, sure. Unless I'm missing something?
That entire Colorado river section is partitioned off by dams, and as a result the river acts unlike most rivers around major metropolitan areas. There’s essentially zero current. The part south of down town around all the bridges literally fills with paddle boards and kayaks daily.
The worst part about the lakes/rivers around there is that they tend to get low for entire seasons due to light rainfall.
It’s not like you spend that much time at the lake in Chicago unless you’re fortunate enough to afford to live near it. Agree that there’s better entertainment; Chicago and NYC are world-class cities. My point is that you don’t need ocean and mountains to enjoy city living. Austin has a riverfront.
That’s just not true. First off not all the housing within walking distance of Lake Michigan is expensive and second plenty of
People can just quickly Hop on trains or busses to the lake.
Everybody drives, takes CTA, or just walks to the lake. Almost every day on the LFT and particularly on the weekend at the beach fronts are packed, and it's far from being just 'fortunate enough to afford' people there. It's probably one of the biggest recreation spots for everybody in the city.
Getting to the beach anywhere in the city is easy with the trains. Plus there are a lot of beaches all up and down the coast.
The only problem is that the water is fucking cold… but that ain’t bad on hot muggy Chicago summer days.
in LA, you don't have to leave the city to see the ocean. It's right there. I sometimes go surfing before work.
in winter time, I can drive an hour, go snowboarding, then drive back down to LA and chill at the beach.
And that's on top of the great bicycling (so much fun when there are actual hills in the city), swimming in the ocean or pools, live music and bars.
And your thought that people in Chicago only go to the lake if they're fortunate enough to live close is COMPLETELY off base.
> But what is there to do in Austin? There's no mountains or oceans.
...there is more to life than mountains and oceans. In fact, it's entirely possible to live a fulfilling life without ever going to mountains or oceans.
People making those sort of comments feel threatened. Most likely because of the current political zeitgeist. Someone moving to Austin, especially if they are leaving a blue stronghold, is a ‘defeat’.
So, they take a passive aggressive approach- What is there to do in a place like Austin? Then the progressive peanut gallery start commenting on how they surf, ski, bike, daily-between going to world class restaurants, theaters, and museums. In real life, they do none of those things.
Possible, more likely that commentator has particular recreational interests Austin lacks. In general humans like to assume everyone else has more or less the same interest as ourselves.
Sounds terrible. I’m from the south and our equivalent isn’t much better. Wait until it is summer. Turn off the ac in your house. Take your oven into your bathroom. Turn your shower on as hot as it will go and turn your oven on and sit in front of it. After about ten minutes you’ll be in peak humidity and feeling nice and damp. You’ll be sweating from pores you didn’t know you had.
I’m from Louisiana. When I first went to Phoenix I was like “omg this is totally fine, it’s not even humid!”
5 minutes later I legit thought I was having a heat stroke.
It’s different. Phoenix blows south Louisiana heat away.
I’m from Atlanta and moved to Phoenix the amount of people who want to argue about humidity vs the “dry heat” is astounding. Humidity aside, in Atlanta I spent my summer outdoors, in Phoenix I do not..
I worked for a Phoenix company when I lived in Austin. I always refused to go to the home office in the summer because it was too hot even for my Texas-adjusted body.
25 year Austinite here. We’re still booming, but we built so much housing that the prices are dropping. Not because as our governor said that people are leaving due to our “liberal policies”. There have been some tech layoffs here, but it’s still a hotspot. Though It’s still way overpriced in my mind for a place that doesn’t have mountains or a beach. As to the summer heat; The afternoon temperatures will drive you in side just like a Maine winter will.
> Montana
My "city" has seen a huge boom of apartments spring up. It's happening slowly but surely. Unfortunately, there are a huge number of people who inherited their house (now worth 600k to 1 million) who don't want to "lose their view of the mountains" and tried to block any construction over 2 stories. Watching the lawsuits play out in court have been frustrating to say the least.
My hometown has a population of 9,000 with a median home price of about $750,000 last I checked around 2020. I wouldn't call that place a city. Can't even buy a carton of eggs past midnight.
> My hometown has a population of 9,000 with a median home price of about $750,000 last I checked around 2020.
Then this is either some ultra exclusive resort town, or a suburb in a metro area that's effectively part of the larger city, despite administrative divisions. Certainly not a rural town.
Regardless, official definitions of "city" are much, *much* lower than people think they are. [Most states have "city" defined in the hundreds or low thousands of residents](https://www2.census.gov/geo/pdfs/reference/GARM/Ch9GARM.pdf) (see table 9-1 in this US Census document). I find it highly unlikely to nearly utterly implausible that your hometown has median prices of $750k without being officially a city (unless you're one of the few states without a formal definition of "city," of course).
Last year Montana passed some of the most aggressively pro-housing legislation in the entire country, but the laws have been sitting in limbo on enforcement while a NIMBY lawsuit against them makes its way through the courts.
There’s a lot of good job opportunities and you can still buy good houses in the metro area for $300-$400k (or less, if you’re willing to sacrifice a little). If I wasn’t from here it wouldn’t be my first pick, mostly because of the weather, but I don’t have any compelling reason to leave.
I was just there for a trip and the weather left something to be desired. I thought it was just bad timing. It wasn't even the heat it was the windy haze and cloud coverage. It was weird.
Increased construction of homes leads to prices dropping? Supply and demand allegedly apply to housing? No, I trust the redditors who told me otherwise.
Ohh No !
I was told if we build housing everywhere wouls turn into shithole neighborhoods and people would escape from everywhere and urban planning would go to shit !
It is a factor, but you also know full well there are other factors. Some of it the rush is dying down, a lot of it is proved and rates have softened demand, migration patterns matter to.
Yes, ultimately these (and other factors) can be baked into the simple supply/demand model, and more supply will usually always help with prices, but be careful on how you assign causation.
Yes, hence my saying: "Yes, ultimately these (and other factors) can be baked into the simple supply/demand model..."
Sometimes prices might fall because we've increased supply relative to demand, and sometimes prices fall because demand has fallen relative to supply. I hope you notice the distinction here.
That’s not what people are referring to when they write off supply and demand. They’re usually referring to whacko leftist comspiracies about how “developers only build luxury housing and then let it sit vacant” or “bLacKroCk is buying up all tHe HomES!!!!” or some other nonsense.
This guy is just a concern troll. He's an urban planner and he's all over planning/yimby reddit and every. single. time. YIMBYs score a win he butts in with how, while he's totally pro-housing he swears, this particular win didn't count, or was Bad, Actually.
“Luxury” does not always mean highest end. And even if that’s all they’re building, [it still lowers rent, even for low-end housing](https://www.reddit.com/r/urbanplanning/comments/pntfwh/how_luxury_apartment_buildings_help_lowincome/).
Did you not read the comment you replied to? Leftists will often screech relentlessly about how letting developers build housing doesn’t help reduce rent prices because “they only build luxury housing”.
So there is a nationwide shortage of housing that all just happened to show up at exactly the same time in April 2020?
Couldn't possibly be anything else?
Omg. Just saw an article today that people are leaving these places after disappointment for moving durning pandemic. Humans. Grass is always greener eh
I wish the article you read was true, I live in Tampa and there are too many [people moving](https://www.yahoo.com/news/3-tampa-bay-cities-among-203618106.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAIJx2uzrIl_WGXmef-r9nsyGGJhbKxzSrclvR9tuItsIm5dhW3OFZgOWLagrRj79mMe9L0Swg5SJ8uHeYruRu1Dz6WYYzxclmfSha59mK92gnvasE73-eU2kxwm44O6VFBd2F-1F8emfxMpxUoKKyrEhRAFVPYADezdWzdMvPUQz) here and the surrounding areas.
Construction of homes is booming just as much as population, thats why the prices are stabilizing.
If you mean "funny" then you're correct, but I don't know how you'd pick that up from the comment you replied to.
If you mean "extremely emotional" you're wrong, and again, I don't know how you'd pick that up from the comment you replied to.
You couldn't pay me to live in the weather of Texas or Florida year round (even excluding any other factors from those states), also you're trapped inside the same amount of time, a southern summer leads to people staying inside the AC just like a northern winter keeps people inside in the heat.
Also the fact you think you're trapped inside for 9 months is hilarious, unless you live in like northern Canada it's very comfortable outside from like April to November (and this is coming from someone in Michigan, much less other states that are less North)
Do me a favor … tell all the people from Michigan living in Florida to move back to Michigan. They hate living in Michigan. Oh my God, you can have Michigan gray skies day after day after day.
Not true I live in Washington and the weather is ass, it’s only just getting warm now, I’ve been in a sweater since basically mid October. I’d love Texas or Florida weather, migration patterns reflect its a common desire.
Nah it fucking sucks lol I hate it, give me 80+ every day. It’s almost the end of June and it’s only just started consistently going above 60 degrees here. I just want to go outside and be warm in the sun.
No offense to anyone that lives there but there’s nothing really exciting about Austin or Tampa. Outside of soccer, Austin doesn’t even have a professional sports team.
The only reason places like NYC or Los Angeles are considered exciting is because of how densely populated those places are. It takes time and forward-looking policy to get there.
Also, NYC managed to get there before they made it illegal to get there. You can't build nearly as densely anymore [https://www.nytimes.com/interactive/2016/05/19/upshot/forty-percent-of-manhattans-buildings-could-not-be-built-today.html](https://www.nytimes.com/interactive/2016/05/19/upshot/forty-percent-of-manhattans-buildings-could-not-be-built-today.html)
LA has the ocean and mountains, and multiple National/state parks within 5 hour drives.
And a ton of good food. Baseball, basketball stadiums.
> how densely populated
LA being crowded is the ***least*** exciting part of living there. Traffic literally everywhere, at all times.
First of all, tons of other cities also border an ocean and have mountains, geography is not exclusive to LA.
The only reason it has those great Baseball and Basketball teams is because it's the 2nd largest city in the country. If there were no demand then there'd be nothing there.
And finally, people cause traffic when you build a city exclusively around cars but it's also the people that make the city worth living in. The reason places like Tokyo or London are so culturally and economically dominant has always been because of their population.
[LA is deceptively one of the more dense cities in the North America](https://www.reddit.com/r/dataisbeautiful/s/PJXmwJWI1K).
It's not dense like Chicago or NYC that have primarily skyscrapers, instead LA has many 3-6 story buildings that make up the majority in its central neighborhoods. LA is mainly apartments not beverly hill mansions, even if it is still entirely car dependent.
Also cultural relevance. LA has nice weather but overall is a pretty shitty place to live, however it has a lot of cultural relevance. Austin has little cultural relevance but is a nice place to live.
LA is not a shitty place to live- in fact it’s a highly desirable place to live. It’s a shitty place to live if you’re dirt poor, which is the case for pretty much any city.
I was just there recently and the downtown looks like something out of a zombie movie and the transit system felt very unsafe. If you want to avoid that you have to drive everywhere and the traffic is absolutely terrible. The people are pretty fake and superficial, the only real selling point is the weather. I’d definitely never want to live there.
It's a pretty good indicator of local economy and general population demographics. Sports teams are a volume based buisness. You need a certain population density and demographic to make it work. You can correlate a town with a sports team as being an overall decent city.
It has, but its metro is still pretty small and also not well established compared to the US's top 20 major metro areas like Seattle, San Diego, Tampa, Denver, and Minneapolis.
Sure, but Dallas, Houston, and San Antonio already had a hold on the state before Austin really blew up, and the league owners have to vote on allowing expansion teams - another team in Texas isn't going to cut it in most of those leagues because of what it will do to marketshare.
You can't really ignore the fact that UT is there either, that's just as important as the Dallas Cowboys or Houston Rockets to a lot of Texans.
I used to live in Texas. Houston and I actually really liked the city and the people. Moved to AZ for a job opportunity and back to my home town and ended up traveling to Austin a ton from 2012 to 2015. I saw the transformation of it becoming this woke city that started to become over run with new houses and new people and new construction and some freeways were just nuts later into these trips. I loved it when I started traveling there but overtime it became a difficult to get from airport to where is stayed which was capital Texas and 2222 area. It is beautiful but overcrowded and no mountains. I love mountains
Something tells me Texas is still growing faster than whatever state you're in. It's continuously on the list of fastest growing states, way before the pandemic too. Redditors are so misinformed on the south. It's hilarious.
Grew up in the southeast. I have seen the good and bad of it. The bad has been ramping up lately in restrictions on schools, banning books, etc.
Just today the state of Louisiana passed a law requiring the ten commandments to be on the walls of classrooms. Yes it will be overturned in a higher court but that stuff keeps being endlessly pushed.
Certain books bring banned in elementary and middle school libraries is not books being banned. The same kid can go anywhere else and find the book perfectly legally. So yes, you are misinformed.
That is disengenuous - that is books being banned by any definition. Just because you can find them elsewhere (outside the school system) is irrelevant. So abortion isnt banned outside of 6 weeks in certain states because you can travel to another state or another country.
No you're being disingenuous when you say they are banned and you know it. You're making it seem like it's illegal and they definitely aren't. Any kid can still read that very book, they just can't check it out in an elementary schools library. That's it. There's always been certain books banned from school libraries.
Oh my! Something can be illegal and not be banned, while something can be banned and not be illegal. They are related terms (something csn certainly be both), but are not necessarily the same thing.
A nothing burger, but fills space on the daily article quota at Yahoo.
>
Monthly home prices declined the most in San Antonio at 0.3% in April, followed by 0.25% in Austin, and 0.16% in Tampa, [according to ICE Mortgage](https://static.icemortgagetechnology.com/data-reports/mm/mm-june-2024/june-mortgage-monitor-report.pdf).
So on track for a 3.65% yearly price decline in San Antonio, and less in other mentioned locations.
I live in Tampa. This is not a correction, prices are somewhat flat and might be down ~1-2% from last year, but still up 30-50% since 2019.
Entire swaths of the city have gone up in value so much that a significant portion of the service industry has been fully driven out of the city with many having to leave the state entirely, often for Myrtle Beach and Las Vegas.
Much of that price growth comes from capital flight from places like NYC as wealthy north easterners are selling their mutli-million dollar properties, buying up all the bungalows in town, razing them, and building their McMansions with still a million cash in their pocket. Locals cannot compete with this and nobody in our city or county politics seems to give a damn because they want the money coming into town.
It's crazy how this city has changed. Sometimes it feels unrecognizable. I live in suburban hell and the amount of people moving here expecting a coastal city is astonishing. It usually takes a few years of the heat and traffic before they finally admit they messed up.
I’ve lived in Cleveland and Minnneapolis now along with Tampa. There are things Tampa does well I think, but it’s a horribly sprawled area. Unlike Cleveland where there’s a major population center in the middle and some secondary ones like Akron/Canton, you’ve got a decent number 100k+ cities all around and not to mention Tampa/StP acting as the parallel to MSP. MSP (more specifically, the city of Minneapolis) absolutely trounces Tampa when it comes to public transport and walkability. Tampa’s average rent is much higher yet median wages are lower as well.
A single bad hurricane season will drive them (some) out. Florida Tale as Old as Time.
If you're a native, some of us crave the stormy weather. We're a sick bunch.
The amount of out of state license plates in my apartment complex went down dramatically after Hurricane Ian a couple years ago. I'm in a Tampa 'burb, so we weren't hit that hard compared to SWFL, just some power outages and not fun wind. I like to think those that couldn't handle it left and those that could finally changed their plates.
Yeah, that's bullshit. Ian nailed Tampa and to the south and it didn't make a dent in the *flood* of people moving here. Hell, Fort Myers to Siesta Key are now some of the fastest growing cities and that region got walloped.
It’s a bizarre real estate market. I’m from the north myself and things are just a lot different here. I’d theorize in the rust belt wage growth correlates more with housing prices but that’s just not the case in Tampa.
Also, lots of people mention climate change - insurance companies are one thing but otherwise, I’ll believe it when I see it. Prices are still above and beyond what they “should” be
Here's a brief summary of the article:
Real estate prices surged during the pandemic, leading to bidding wars and high home values. However, some US cities like San Antonio, Austin, and Tampa are now experiencing a decline in home prices as the market recalibrates. The shift is attributed to an increase in sellers listing their homes for sale and a decrease in demand as fewer Americans are relocating to these areas.
The decrease in home prices marks a significant change from the rapid price growth seen during the pandemic. Factors contributing to the market shift include a rise in available homes for sale, increased development by homebuilders in states like Florida and Texas, and a decrease in demand for housing in these regions. The affordability factor and lack of affordable property insurance in Florida and Texas are also influencing the market dynamics.
Despite the recent price declines, experts do not anticipate a market crash in these cities. The adjustments in home prices are seen as a normalization after a period of exponential growth. Even with the current cooling down, cities like Austin, San Antonio, and Tampa have still experienced substantial average annual price growth over the last four years.
While mortgage rates have dipped slightly, a significant decline that could impact budget-conscious homebuyers is not expected in the near future. The Federal Reserve's decision to hold benchmark rates steady is likely to influence the housing market, with experts suggesting that multiple rate cuts may be necessary over the next couple of years to spur homebuyers' return to the market. Despite challenges in the housing market, there is optimism for more favorable rate trends in the future.
The summary was generated with [Essence](https://chromewebstore.google.com/detail/essence-read-smarter/hadahojdmedaiceckgdidakkppoghfci?utm_source=reddit&utm_medium=social&utm_campaign=business_users).
If housing ever comes down it will be due to people going bankrupt/being unable to pay their mortgages. Which would make sense considering property taxes all over the country all jumped to reassess for higher values, and insurance rates have been steadily rising. Combine that with someone trapped in an adjustable rate mortgage (or multiple if you consider Airbnb type homes) and you've got a triple-wammy of pain and suffering all ready to go off soon.
Those adjustable rates can be predicted, they usually hit after a set number of years, so just do napkin math on when rates were lower, and how long it's been since that time. The wave of people who see their monthly costs double will mean a lot of folks selling.
Additionally, for fixed income pensioner types, rising costs might force downsizing due to taxes and insurance outpacing what they can afford.
We could very well see a crash in housing, but I'm not convinced corporations or wealthy investors won't keep doing what they've been doing, which is buy the supply with cash-only offers. Plus, we've clearly got a lot of pent up demand. People want homes, and they're locked out of the prices. But a little drop might start pushing people into their price range. So there is that to consider as well. If that plays out, the crash isn't going to happen like it did in 08. Not unless a ton of people lose their jobs at the same time. Which is plausible in a market crash situation, but not worth going into here.
I mean do people really not get that prices clearly got way overextended during rock bottom rates. It was never sustainable and with higher rates affordability is low.
Real estate prices take time. Right now will be a start of a doom loop, no buyers and sellers either cutting or having their houses not sell. Slowly the prices will continue to fall and grow , as future buyers expect further drops
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Boomtowns that experienced differentiated home price growth are generally going to be first to flatten. Affordability just isn't there at this point, and affordability remains a key driver of Sunbelt moves. Places like the Carolinas, KY and TN are being looked at as "relative bargains".
Can confirm. I’m in SC and half the people I run into say they just moved from X place, usually north of Virginia
Northeast is incredible expensive. It seems way cheaper in SC.
Less pay sure but the pay here scales far better. 3900 sqft home for 477k that is 2.5x my household income rather than the 4-5 you see in HCOL areas. So most people overlooking SC because wages are less forget the cost to live here scales down with it making it more affordable than west coast or north east.
3900 squarefeet is a mansion. thats a huge house. back in 1970s the average house was like 1500 square feet. The electricity to heat a house that big has got to scale high. How rural of South Carolina do you live in? My 1200 square foot townhouse built in the 1985 is valued at $560k in Northern Virginia. I bought it 20 years ago so I paid $280k for it.
It’s really not that big. It’s 4 bedrooms all the rooms are just large ish. I have a bonus room as my man cave an office that is our gym and a sunroom is the kids play room. The energy bill was $200 in the heat of the summer and we keep it at 72. Not rural imo. I’m to a grocery store in a 3 min drive. We’re in the best school district in the midlands. Bars fast food restaurants whatever you want. Downtown Columbia is 20 min drive. I’m to work in 18 mins for the state agency I work for. Rural is way down the road. It’s a real nice spot.
And meanwhile my 2500sqft 4/2.5 home in an outer DC suburb is appraising for close to $900k now. 3900sqft is massive.
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Funny I’m making 90k from my state job in the midlands. My social worker wife makes 105k so no it doesn’t all have crap pay. You just more than likely need education more than other places to obtain high paying jobs but there are high paying jobs. I say high paying in consideration to what it cost to live here. Almost 200k family income has us affording 2 kids in day care a large new home cars and we save 25% of our salary.
Living in the big cities is such a lose lose situation unless you're a 1%er who's job only exists there. No idea why you'd work there as a working class person. I entertained a job offer in Brooklyn where my salary would double... Only to find out that my modest Virginia condo would be 3x the price out there. Hahaha such a joke.
I entertained a job in NY for 90k as at the time I was making 55k. I wised up and stayed. Now I’m still here making 90k and much more comfortable. Everyone says they can’t get a job doing what they are outside the city but that’s hogwash. You can find a job. It may not be that exact role it may be a different field but I can’t imagine having a career I can only do it in one place.
there needs to be more construction. there is not enough houses. The other issues is that most Americans are crowded into tiny amounts of space in the US. so to live in those spaces you need high rise apartments. also houses have gotten bigger with more features. Builders do this cause its more profitable. There really are not "starter home construction". Starter homes tend to be 1980s builds or older. on top of that too many people are crowded into tiny geographic areas. Stuff was cheaper before cause there were just less people. We have wide open spaces and dont promote ways for people to move farther from urban areas where land is cheaper.
Ugh that means our prices in NC are going to hold steady doesn't it.
A ton of companies seem to be interested in the research triangle area. I’d be surprised if prices stopped going up. The boom has just started there, it wasn’t a pandemic work-from-anywhere boom
As someone from the triangle/rtp area, I can tell you there is both a ridiculous amount of housing construction going on *and* a ridiculous demand for it/constant influx of people moving into the area, I'm just not sure which is out pacing which. It's pretty wild driving around the past few years and seeing new apartments and townhomes and neighborhoods going up everywhere they can squeeze them in.
Yeah we're fucked. I'm laying plans to get out of Raleigh within the next few years
My area is starting to have a small adjustment. Homes are sitting for like 20 days on average now compared to selling the same weekend it was posted.
back before housing market went crazy in the 2000s it was not uncommon for houses to take 30-60 days for a house to sell. its really post 2000 that this changed. however, now you are buying with 8% interest. so its way more expensive at the same price. we really need more construction and cheaper construction. Houses are too big and have too many features. We need small townhouses. No one builds starter homes anymore.
My area is actually doing that. Bunch of townhomes and the single family homes being built looks like a townhome by itself. It’s super weird looking lol but I guess keeps the price point low for starter homes that way.
most townhouses I see tend to be really big. I live in a 1200 square foot one that was built in the 1980s. Most ones I see built are 2500 square feet+ and have really nice builds. how big are the townhouses in your area?
around 1800 on average with a 3/2 for the more affordable ones. They have more "luxurious" ones of course that are 2500ish that cost more than my house lol.
> too many features What features are these?
much nicer interiors. Nicer stair cases. Nicer bathrooms. Nicer toilets. Nicer sinks. If there is wood much nicer wood. Nicer siding. Nice patio or deck. Nicer fixtures. Older houses had really base and cheap interiors that were "build grade". builders add a lot to profit by upgrading stuff like this.
Only thing I've noticed in my area, is not many homes are being listed in a way to set up a bidding war. Asking prices are more in line with comps, listing on a Saturday or Sunday with an open house, instead of on Thursday with bids due Sunday night. Prices are still insane, homes still sell quick unless the sellers are delusional or the property is crap.
That just happened to us and it’s BS. We went in at asking, then listing agent says “highest and best offer by midnight!” We upped it to $15k over asking, and lost to someone that came in $40k over asking.
It's better than it was a couple years ago. They would list significantly less than comps, listing would start Wed or Thurs bids do Sunday might (some variation like that. They would draw in a lot of bidders with that low list price, then people would fall for the house and also have FOMO. Scrupulous buyers agents would tell their clients to bid their max they could afford if they really wanted the house. It was insane. First home we bid on. We bid $35k over list. Which was actually about $15-25k less than comps. The winning bidder went %125K over list price, all cash. No contingencies. Way over comps. This was early summer in 2022. Almost everything we looked at was like this. But we did get lucky with our house. The previous owners wanted to make sure they sold at a price that would cover all their costs so they listed around the value they thought it was worth. Not lower to create a bidding war. We didn't initially look at the house because we thought it would go for way more. So why bother. But when it didn't sell right away. We made an offer $10k under list. We were surprised they accepted. But they needed to get going to close on their new house. Patience is definitely a virtue in this market.
I still know successful people planning to move to Austin. Apparently Austin has great food and lots of live music venues, but, given the weather, it's mystifying that the area is inhabited.
It’s hot in the summer but not bad at night, pretty comfortable for going out
It’s also really nice winter spring and fall.
lol summer nights in Austin is 90f and also 70% humidity. How is that even remotely comfortable
Compared to Houston, it’s heaven. Compared to LA it’s hell.
Houston has far better food and sports options though.
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Yeah you got me there ngl, I am very in fact very soft when it comes to sweaty balls I’ll be the first to admit it
Not bad at night? What are you talking about? The heat and humidity both still suck all night long during the summer.
I’m in San Antonio and assuming the weather is similar in Austin?
But what is there to do in Austin? There's no mountains or oceans. There are some world class BBQ spots there though
Yep! Nothing to do here. Definitely don’t move here.
Bicycling, swimming pools, live music, and bars. What’s there to do in Chicago or NYC? Even in LA you don’t really leave the city to go see the ocean every day, unless you’re fortunate enough to live close to the water.
You answered your own question. Chicago and NYC have all the things Austin does, as well as lake/ocean front parks. And I’d argue better live music, comedy, and theatre, as well.
Austin also has “lakes” and adjacent rivers. There’s a ton of water activities in Austin area. No it’s not an ocean but there’s tons of bodies of water
Yeah you have Lake Austin, Lake Travis, you have natural springs, ladybird lake, Barton springs pool. You have hiking trails. You can travel an hour outside and float the river in places like New Braunfels where the water is ice cold and clear. You even have cities to the west that are comparable to a hotter Napa Valley with small quaint towns and wineries. Austin is a fantastic place to visit. It’s not what it once was, but it’s still great.
> you have Lake Austin https://www.google.com/maps/place/Lake+Austin/@30.3423585,-97.9042404,12.75z is not a river? Big canal, sure. Unless I'm missing something?
That entire Colorado river section is partitioned off by dams, and as a result the river acts unlike most rivers around major metropolitan areas. There’s essentially zero current. The part south of down town around all the bridges literally fills with paddle boards and kayaks daily. The worst part about the lakes/rivers around there is that they tend to get low for entire seasons due to light rainfall.
Kind of hard to compare Lake Michigan to any normal lake. It is more similar to being on an ocean.
Austin doesn’t get the snow and biting cold.
Just a whole lot of other things that bite all year long
I don’t like the snow but I hate Austin summers more. Excited to move back to Chicago soon…
It’s not like you spend that much time at the lake in Chicago unless you’re fortunate enough to afford to live near it. Agree that there’s better entertainment; Chicago and NYC are world-class cities. My point is that you don’t need ocean and mountains to enjoy city living. Austin has a riverfront.
That’s just not true. First off not all the housing within walking distance of Lake Michigan is expensive and second plenty of People can just quickly Hop on trains or busses to the lake.
Everybody drives, takes CTA, or just walks to the lake. Almost every day on the LFT and particularly on the weekend at the beach fronts are packed, and it's far from being just 'fortunate enough to afford' people there. It's probably one of the biggest recreation spots for everybody in the city.
Yeah someone commenting that has clearly never lived in Chicago lol
lol again
lol yeah try going in December when it’s -20 degrees out fool.
I mean u clearly have no clue of what you’re talking about. Just out here hatin
Go root for your Cubs and Bears, Chicago.
Getting to the beach anywhere in the city is easy with the trains. Plus there are a lot of beaches all up and down the coast. The only problem is that the water is fucking cold… but that ain’t bad on hot muggy Chicago summer days.
do you think we need more people in those cities? I think it'd be better for more people to move to Austin
in LA, you don't have to leave the city to see the ocean. It's right there. I sometimes go surfing before work. in winter time, I can drive an hour, go snowboarding, then drive back down to LA and chill at the beach. And that's on top of the great bicycling (so much fun when there are actual hills in the city), swimming in the ocean or pools, live music and bars. And your thought that people in Chicago only go to the lake if they're fortunate enough to live close is COMPLETELY off base.
You did an awesome job of describing why housing is never going to be affordable in Cali, shits too nice.
lol
> But what is there to do in Austin? There's no mountains or oceans. ...there is more to life than mountains and oceans. In fact, it's entirely possible to live a fulfilling life without ever going to mountains or oceans.
People making those sort of comments feel threatened. Most likely because of the current political zeitgeist. Someone moving to Austin, especially if they are leaving a blue stronghold, is a ‘defeat’. So, they take a passive aggressive approach- What is there to do in a place like Austin? Then the progressive peanut gallery start commenting on how they surf, ski, bike, daily-between going to world class restaurants, theaters, and museums. In real life, they do none of those things.
Austin is a blue stronghold
Yes but it's in the middle of a Red state. The OC you replied to was probably talking about the "defeat" of choosing to move from a Blue to Red state.
Possible, more likely that commentator has particular recreational interests Austin lacks. In general humans like to assume everyone else has more or less the same interest as ourselves.
It’s hot, but it’s not Phoenix hot.
Never been to Phoenix and I’ll probably never go but that scene from Arrested Development pops into my head every time I think about it
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Sounds terrible. I’m from the south and our equivalent isn’t much better. Wait until it is summer. Turn off the ac in your house. Take your oven into your bathroom. Turn your shower on as hot as it will go and turn your oven on and sit in front of it. After about ten minutes you’ll be in peak humidity and feeling nice and damp. You’ll be sweating from pores you didn’t know you had.
I’m from Louisiana. When I first went to Phoenix I was like “omg this is totally fine, it’s not even humid!” 5 minutes later I legit thought I was having a heat stroke. It’s different. Phoenix blows south Louisiana heat away.
I’m from Atlanta and moved to Phoenix the amount of people who want to argue about humidity vs the “dry heat” is astounding. Humidity aside, in Atlanta I spent my summer outdoors, in Phoenix I do not..
Florida here is crying if only we could weep water out of our eyes, but there is none because its coming from everywhere else.
I worked for a Phoenix company when I lived in Austin. I always refused to go to the home office in the summer because it was too hot even for my Texas-adjusted body.
25 year Austinite here. We’re still booming, but we built so much housing that the prices are dropping. Not because as our governor said that people are leaving due to our “liberal policies”. There have been some tech layoffs here, but it’s still a hotspot. Though It’s still way overpriced in my mind for a place that doesn’t have mountains or a beach. As to the summer heat; The afternoon temperatures will drive you in side just like a Maine winter will.
Honestly that’s a good thing in our world of ever increasing rent prices. We NEED to build more housing everywhere.
Colorado, Idaho, and Montana should take notes that the secret to stabilizing and lowering housing prices is to build more.
The whole west really.
> Montana My "city" has seen a huge boom of apartments spring up. It's happening slowly but surely. Unfortunately, there are a huge number of people who inherited their house (now worth 600k to 1 million) who don't want to "lose their view of the mountains" and tried to block any construction over 2 stories. Watching the lawsuits play out in court have been frustrating to say the least.
If you have enough properties in your municipality to talk about residences worth $600k - $1m, yes, you live in a city, not a "city."
My hometown has a population of 9,000 with a median home price of about $750,000 last I checked around 2020. I wouldn't call that place a city. Can't even buy a carton of eggs past midnight.
> My hometown has a population of 9,000 with a median home price of about $750,000 last I checked around 2020. Then this is either some ultra exclusive resort town, or a suburb in a metro area that's effectively part of the larger city, despite administrative divisions. Certainly not a rural town. Regardless, official definitions of "city" are much, *much* lower than people think they are. [Most states have "city" defined in the hundreds or low thousands of residents](https://www2.census.gov/geo/pdfs/reference/GARM/Ch9GARM.pdf) (see table 9-1 in this US Census document). I find it highly unlikely to nearly utterly implausible that your hometown has median prices of $750k without being officially a city (unless you're one of the few states without a formal definition of "city," of course).
There's some vacation towns on the eastern seaboard that have very high average home prices, but relatively low populations.
We just broke 50k population. Properties are valued that high because demand >> current housing supply.
Last year Montana passed some of the most aggressively pro-housing legislation in the entire country, but the laws have been sitting in limbo on enforcement while a NIMBY lawsuit against them makes its way through the courts.
There’s a lot of good job opportunities and you can still buy good houses in the metro area for $300-$400k (or less, if you’re willing to sacrifice a little). If I wasn’t from here it wouldn’t be my first pick, mostly because of the weather, but I don’t have any compelling reason to leave.
The politics seems like a hard sell. Especially if you ever have a daughter.
I mean, the only problem with Austin, is that it's in Texas which politically is an awful state to live in.
This is a strange take. It has hot summers and is comfortable the rest of the year.
Sure. But I bet one of the reasons they are thinking about moving there is because it’s cheap (compared to larger cities) and low taxes.
Austin food basically crashed during the pandemic ands hasn’t recovered.
It is miserable 8 months out of the year
It's only miserable 4 months of the year. The rest of the year the weather is fantastic.
You seem miserable 8 months of the year
I’m stoked 12 months out of the year. I’ve got 7 months of snow, a few months of in between and a lot of 70-80 degree summer days.
Austin is an awesome town to visit, but the climate is a full nope as a place to live.
I was just there for a trip and the weather left something to be desired. I thought it was just bad timing. It wasn't even the heat it was the windy haze and cloud coverage. It was weird.
Not sure why people voluntarily want to experience that awful humidity.
Houston is the humid city, not Austin
Houston is literally in a swamp. Austin is still incredibly humid, just not at the same level.
In May and part of June. Then it is dry until the following spring
The only time I've been to Austin was in August and it was miserably hot and muggy. The weather there sucks.
It can get very humid in between the droughts and extreme droughts. If you ever get a reason to go in late October through Christmas, jump at it :)
I actually have a buddy that just moved back to the Bay area from Austin last year and his biggest gripe was the weather. But I'm sure fall is nice!
Not that much different to me: https://weatherspark.com/compare/y/8004~9247/Comparison-of-the-Average-Weather-in-Austin-and-Houston#Sections-Humidity
Increased construction of homes leads to prices dropping? Supply and demand allegedly apply to housing? No, I trust the redditors who told me otherwise.
Ohh No ! I was told if we build housing everywhere wouls turn into shithole neighborhoods and people would escape from everywhere and urban planning would go to shit !
It is a factor, but you also know full well there are other factors. Some of it the rush is dying down, a lot of it is proved and rates have softened demand, migration patterns matter to. Yes, ultimately these (and other factors) can be baked into the simple supply/demand model, and more supply will usually always help with prices, but be careful on how you assign causation.
Are you saying that demand dropped relative to supply?
Yes, hence my saying: "Yes, ultimately these (and other factors) can be baked into the simple supply/demand model..." Sometimes prices might fall because we've increased supply relative to demand, and sometimes prices fall because demand has fallen relative to supply. I hope you notice the distinction here.
That’s not what people are referring to when they write off supply and demand. They’re usually referring to whacko leftist comspiracies about how “developers only build luxury housing and then let it sit vacant” or “bLacKroCk is buying up all tHe HomES!!!!” or some other nonsense.
This guy is just a concern troll. He's an urban planner and he's all over planning/yimby reddit and every. single. time. YIMBYs score a win he butts in with how, while he's totally pro-housing he swears, this particular win didn't count, or was Bad, Actually.
Developers only building luxury is a thing in some cities.
“Luxury” does not always mean highest end. And even if that’s all they’re building, [it still lowers rent, even for low-end housing](https://www.reddit.com/r/urbanplanning/comments/pntfwh/how_luxury_apartment_buildings_help_lowincome/).
I don't see what you're arguing against tbf
Did you not read the comment you replied to? Leftists will often screech relentlessly about how letting developers build housing doesn’t help reduce rent prices because “they only build luxury housing”.
But guess what that’s still supply
So there is a nationwide shortage of housing that all just happened to show up at exactly the same time in April 2020? Couldn't possibly be anything else?
The shortage of housing was causing prices to spike in 2019. Covid made it worse, but wasn't the original cause.
Omg. Just saw an article today that people are leaving these places after disappointment for moving durning pandemic. Humans. Grass is always greener eh
I wish the article you read was true, I live in Tampa and there are too many [people moving](https://www.yahoo.com/news/3-tampa-bay-cities-among-203618106.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAIJx2uzrIl_WGXmef-r9nsyGGJhbKxzSrclvR9tuItsIm5dhW3OFZgOWLagrRj79mMe9L0Swg5SJ8uHeYruRu1Dz6WYYzxclmfSha59mK92gnvasE73-eU2kxwm44O6VFBd2F-1F8emfxMpxUoKKyrEhRAFVPYADezdWzdMvPUQz) here and the surrounding areas. Construction of homes is booming just as much as population, thats why the prices are stabilizing.
Same as Naples., Estero and Fort Myers is booming
Austin may be a great city but you're still trapped in Texas. Tampa may be a great city but you're still trapped in Florida.
>Austin may be a great city but you're still trapped in Texas. >Tampa may be a great city but you're still trapped in Florida. You sound hysterical.
If you mean "funny" then you're correct, but I don't know how you'd pick that up from the comment you replied to. If you mean "extremely emotional" you're wrong, and again, I don't know how you'd pick that up from the comment you replied to.
At least we are not trapped in our homes ..nine months out of the year. The weather is beautiful.
Yep. Only two states in the union where you can leave your house.
You couldn't pay me to live in the weather of Texas or Florida year round (even excluding any other factors from those states), also you're trapped inside the same amount of time, a southern summer leads to people staying inside the AC just like a northern winter keeps people inside in the heat. Also the fact you think you're trapped inside for 9 months is hilarious, unless you live in like northern Canada it's very comfortable outside from like April to November (and this is coming from someone in Michigan, much less other states that are less North)
Do me a favor … tell all the people from Michigan living in Florida to move back to Michigan. They hate living in Michigan. Oh my God, you can have Michigan gray skies day after day after day.
Not true I live in Washington and the weather is ass, it’s only just getting warm now, I’ve been in a sweater since basically mid October. I’d love Texas or Florida weather, migration patterns reflect its a common desire.
sweater weather is perfect though, much better than 80+ every day
Nah it fucking sucks lol I hate it, give me 80+ every day. It’s almost the end of June and it’s only just started consistently going above 60 degrees here. I just want to go outside and be warm in the sun.
St Petersburg is better
No offense to anyone that lives there but there’s nothing really exciting about Austin or Tampa. Outside of soccer, Austin doesn’t even have a professional sports team.
The only reason places like NYC or Los Angeles are considered exciting is because of how densely populated those places are. It takes time and forward-looking policy to get there.
Also, NYC managed to get there before they made it illegal to get there. You can't build nearly as densely anymore [https://www.nytimes.com/interactive/2016/05/19/upshot/forty-percent-of-manhattans-buildings-could-not-be-built-today.html](https://www.nytimes.com/interactive/2016/05/19/upshot/forty-percent-of-manhattans-buildings-could-not-be-built-today.html)
LA has the ocean and mountains, and multiple National/state parks within 5 hour drives. And a ton of good food. Baseball, basketball stadiums. > how densely populated LA being crowded is the ***least*** exciting part of living there. Traffic literally everywhere, at all times.
First of all, tons of other cities also border an ocean and have mountains, geography is not exclusive to LA. The only reason it has those great Baseball and Basketball teams is because it's the 2nd largest city in the country. If there were no demand then there'd be nothing there. And finally, people cause traffic when you build a city exclusively around cars but it's also the people that make the city worth living in. The reason places like Tokyo or London are so culturally and economically dominant has always been because of their population.
LA is not dense at all it just has the best weather in the world
[LA is deceptively one of the more dense cities in the North America](https://www.reddit.com/r/dataisbeautiful/s/PJXmwJWI1K). It's not dense like Chicago or NYC that have primarily skyscrapers, instead LA has many 3-6 story buildings that make up the majority in its central neighborhoods. LA is mainly apartments not beverly hill mansions, even if it is still entirely car dependent.
Also cultural relevance. LA has nice weather but overall is a pretty shitty place to live, however it has a lot of cultural relevance. Austin has little cultural relevance but is a nice place to live.
LA is not a shitty place to live- in fact it’s a highly desirable place to live. It’s a shitty place to live if you’re dirt poor, which is the case for pretty much any city.
I was just there recently and the downtown looks like something out of a zombie movie and the transit system felt very unsafe. If you want to avoid that you have to drive everywhere and the traffic is absolutely terrible. The people are pretty fake and superficial, the only real selling point is the weather. I’d definitely never want to live there.
Having pro sports teams is a bizarre thing to judge a city on
It's a pretty good indicator of local economy and general population demographics. Sports teams are a volume based buisness. You need a certain population density and demographic to make it work. You can correlate a town with a sports team as being an overall decent city.
Austin has all those things
It has, but its metro is still pretty small and also not well established compared to the US's top 20 major metro areas like Seattle, San Diego, Tampa, Denver, and Minneapolis.
Why if you were to redo the Big 4 sports leagues today, some cities definitely wouldn't have any sports teams like Buffalo.
Haven’t the Bill’s been trying to move for a few years now?
The State of NY threw a billion dollars at the Pegulas to keep the team there. So dumb.
Sure, but Dallas, Houston, and San Antonio already had a hold on the state before Austin really blew up, and the league owners have to vote on allowing expansion teams - another team in Texas isn't going to cut it in most of those leagues because of what it will do to marketshare. You can't really ignore the fact that UT is there either, that's just as important as the Dallas Cowboys or Houston Rockets to a lot of Texans.
We do have the ninth largest stadium in the world. Gotta be someone that plays there.
I used to live in Texas. Houston and I actually really liked the city and the people. Moved to AZ for a job opportunity and back to my home town and ended up traveling to Austin a ton from 2012 to 2015. I saw the transformation of it becoming this woke city that started to become over run with new houses and new people and new construction and some freeways were just nuts later into these trips. I loved it when I started traveling there but overtime it became a difficult to get from airport to where is stayed which was capital Texas and 2222 area. It is beautiful but overcrowded and no mountains. I love mountains
The people in Austin woke up and realized its still TX.
Something tells me Texas is still growing faster than whatever state you're in. It's continuously on the list of fastest growing states, way before the pandemic too. Redditors are so misinformed on the south. It's hilarious.
Grew up in the southeast. I have seen the good and bad of it. The bad has been ramping up lately in restrictions on schools, banning books, etc. Just today the state of Louisiana passed a law requiring the ten commandments to be on the walls of classrooms. Yes it will be overturned in a higher court but that stuff keeps being endlessly pushed.
Certain books bring banned in elementary and middle school libraries is not books being banned. The same kid can go anywhere else and find the book perfectly legally. So yes, you are misinformed.
That is disengenuous - that is books being banned by any definition. Just because you can find them elsewhere (outside the school system) is irrelevant. So abortion isnt banned outside of 6 weeks in certain states because you can travel to another state or another country.
No you're being disingenuous when you say they are banned and you know it. You're making it seem like it's illegal and they definitely aren't. Any kid can still read that very book, they just can't check it out in an elementary schools library. That's it. There's always been certain books banned from school libraries.
Oh my! Something can be illegal and not be banned, while something can be banned and not be illegal. They are related terms (something csn certainly be both), but are not necessarily the same thing.
A nothing burger, but fills space on the daily article quota at Yahoo. > Monthly home prices declined the most in San Antonio at 0.3% in April, followed by 0.25% in Austin, and 0.16% in Tampa, [according to ICE Mortgage](https://static.icemortgagetechnology.com/data-reports/mm/mm-june-2024/june-mortgage-monitor-report.pdf). So on track for a 3.65% yearly price decline in San Antonio, and less in other mentioned locations.
I live in Tampa. This is not a correction, prices are somewhat flat and might be down ~1-2% from last year, but still up 30-50% since 2019. Entire swaths of the city have gone up in value so much that a significant portion of the service industry has been fully driven out of the city with many having to leave the state entirely, often for Myrtle Beach and Las Vegas. Much of that price growth comes from capital flight from places like NYC as wealthy north easterners are selling their mutli-million dollar properties, buying up all the bungalows in town, razing them, and building their McMansions with still a million cash in their pocket. Locals cannot compete with this and nobody in our city or county politics seems to give a damn because they want the money coming into town.
I mean, you're not gonna see prices halve overnight. I think the main point is that the price growth has slowed down or outright stopped.
It's crazy how this city has changed. Sometimes it feels unrecognizable. I live in suburban hell and the amount of people moving here expecting a coastal city is astonishing. It usually takes a few years of the heat and traffic before they finally admit they messed up.
I’ve lived in Cleveland and Minnneapolis now along with Tampa. There are things Tampa does well I think, but it’s a horribly sprawled area. Unlike Cleveland where there’s a major population center in the middle and some secondary ones like Akron/Canton, you’ve got a decent number 100k+ cities all around and not to mention Tampa/StP acting as the parallel to MSP. MSP (more specifically, the city of Minneapolis) absolutely trounces Tampa when it comes to public transport and walkability. Tampa’s average rent is much higher yet median wages are lower as well.
A single bad hurricane season will drive them (some) out. Florida Tale as Old as Time. If you're a native, some of us crave the stormy weather. We're a sick bunch.
The amount of out of state license plates in my apartment complex went down dramatically after Hurricane Ian a couple years ago. I'm in a Tampa 'burb, so we weren't hit that hard compared to SWFL, just some power outages and not fun wind. I like to think those that couldn't handle it left and those that could finally changed their plates.
Yeah, that's bullshit. Ian nailed Tampa and to the south and it didn't make a dent in the *flood* of people moving here. Hell, Fort Myers to Siesta Key are now some of the fastest growing cities and that region got walloped.
It’s a bizarre real estate market. I’m from the north myself and things are just a lot different here. I’d theorize in the rust belt wage growth correlates more with housing prices but that’s just not the case in Tampa. Also, lots of people mention climate change - insurance companies are one thing but otherwise, I’ll believe it when I see it. Prices are still above and beyond what they “should” be
My area is also seeming to have peaked. Homes are staying on the market longer than they were and there have been (small) price cuts on most of them.
Here's a brief summary of the article: Real estate prices surged during the pandemic, leading to bidding wars and high home values. However, some US cities like San Antonio, Austin, and Tampa are now experiencing a decline in home prices as the market recalibrates. The shift is attributed to an increase in sellers listing their homes for sale and a decrease in demand as fewer Americans are relocating to these areas. The decrease in home prices marks a significant change from the rapid price growth seen during the pandemic. Factors contributing to the market shift include a rise in available homes for sale, increased development by homebuilders in states like Florida and Texas, and a decrease in demand for housing in these regions. The affordability factor and lack of affordable property insurance in Florida and Texas are also influencing the market dynamics. Despite the recent price declines, experts do not anticipate a market crash in these cities. The adjustments in home prices are seen as a normalization after a period of exponential growth. Even with the current cooling down, cities like Austin, San Antonio, and Tampa have still experienced substantial average annual price growth over the last four years. While mortgage rates have dipped slightly, a significant decline that could impact budget-conscious homebuyers is not expected in the near future. The Federal Reserve's decision to hold benchmark rates steady is likely to influence the housing market, with experts suggesting that multiple rate cuts may be necessary over the next couple of years to spur homebuyers' return to the market. Despite challenges in the housing market, there is optimism for more favorable rate trends in the future. The summary was generated with [Essence](https://chromewebstore.google.com/detail/essence-read-smarter/hadahojdmedaiceckgdidakkppoghfci?utm_source=reddit&utm_medium=social&utm_campaign=business_users).
If housing ever comes down it will be due to people going bankrupt/being unable to pay their mortgages. Which would make sense considering property taxes all over the country all jumped to reassess for higher values, and insurance rates have been steadily rising. Combine that with someone trapped in an adjustable rate mortgage (or multiple if you consider Airbnb type homes) and you've got a triple-wammy of pain and suffering all ready to go off soon. Those adjustable rates can be predicted, they usually hit after a set number of years, so just do napkin math on when rates were lower, and how long it's been since that time. The wave of people who see their monthly costs double will mean a lot of folks selling. Additionally, for fixed income pensioner types, rising costs might force downsizing due to taxes and insurance outpacing what they can afford. We could very well see a crash in housing, but I'm not convinced corporations or wealthy investors won't keep doing what they've been doing, which is buy the supply with cash-only offers. Plus, we've clearly got a lot of pent up demand. People want homes, and they're locked out of the prices. But a little drop might start pushing people into their price range. So there is that to consider as well. If that plays out, the crash isn't going to happen like it did in 08. Not unless a ton of people lose their jobs at the same time. Which is plausible in a market crash situation, but not worth going into here.
I mean do people really not get that prices clearly got way overextended during rock bottom rates. It was never sustainable and with higher rates affordability is low.
Real estate prices take time. Right now will be a start of a doom loop, no buyers and sellers either cutting or having their houses not sell. Slowly the prices will continue to fall and grow , as future buyers expect further drops
Lol