Housing Crisis? 1 in 42 Homes.....

VaughanJB

VaughanJB

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So I saw a stat today that is simply confirmation of a growing problem. 1 in every 42 homes in the UK is now valued at a million or more.

This kind of stat really gnaws at me. This is the world we're leaving behind. I could go on, but what a stat.
 

VaughanJB said:
So I saw a stat today that is simply confirmation of a growing problem. 1 in every 42 homes in the UK is now valued at a million or more.

This kind of stat really gnaws at me. This is the world we're leaving behind. I could go on, but what a stat.
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2.38% of homes valued at over one million seems reasonable to me, especially if I’m the owner of one of them.

The one statistic doesn’t mean much without considering the education, wealth, and income of the people in the market for a home.

We all need to stress the need for acquiring the education and marketable skills needed to make sure that the people we care about have a shot at being one of those lucky homeowners.
 

I've always wondered why we increase the value of a home....I
mean it gets older, not newer, as time goes by, and yet we are
asking/getting millions for homes that shouldn't be over 50grand in some areas.....greed as usual....
 
My parents bought their home in 1960 for $11,400. It sold in 2020 for $160,000, which was low due to it needing a lot of repairs. Otherwise it would have been in the $180-200,000 range. Today, I don't think couples, like my parents, could buy a home.
My parents would never have thought their home would sell for what it did,
 
Economists predict prices will remain relatively stable in the near term, but I've lived through years when home prices have fallen as fast as they've risen. Some who hold big fat mortgages today may find in time that their homes are worth far less than the mortgages they hold.
 
hawkdon said:
I've always wondered why we increase the value of a home....I
mean it gets older, not newer, as time goes by, and yet we are
asking/getting millions for homes that shouldn't be over 50grand in some areas.....greed as usual....
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Supply and demand. The human population increases at a greater rate than the quantity of houses do, and there's only a limited amount of land to build on.
 
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The co-op I'm in sold for $999. in 1952. The median sale price now seems to be around $350,000 which I won't see as they will eventually carry me out feet first.

My apartment in rough shape, but hopefully son won't suffer too much about this in eventual sale. After all, it is NYC, safe, convenient neighborhood, etc.
 
raybar said:
Median price for houses in Los Angeles is currently $1.2 million.

When I came here in 1976, some friends had just bought one for about $25,000.
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Heard the same for San Francisco/bay area.

That wouldn't be the price unless they were getting it. Yeh some are over paying but Hollywood and tech manufactured alot of high paid, high paying buyers. Throw in supply issues in some areas high prices are to be expected.
 

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