@AThousandYoung
To be honest, you’ve been fooled by those so-called "ghost city" stories from foreign media.
Cities aren’t building that many new houses. A lot of people already have homes in rural areas, but they all want to buy an apartment in the city. The thing is, urban housing prices are way too high — most people can’t afford them, so the market crashed.
@shavixmir saidTaking your example, a $400,000 purchase price would probably necessitate a $350,000 mortgage at 6%, 30 years. The monthly payment on that mortgage would be $2070 each month.
I was watching a piece on trump’s idea of a 50 year mortgage.
A 400.000 dollar house (which is pretty much in line with average Northern European prices, I reckon) with a 6% rent (or whatever it’s called) costs the buyer 2.300 dollars a month over 30 years. And that would nean 400 something thousanf interest paid over the 30 years. Over 50 years that would amount to 800. ...[text shortened]... r half the income of a normal family?
Or do things work differently in the US?
Really strange.
This of course, is in line with the normal sale and mortgage world in the United States, as the average cost of a home in the United States is $400000. A required down payment of around $30-$50,000 leaves having to have a $350,000 loan roughly.
This is an average home deal. Note that our homes here are bigger than those in Europe with more yard, if you are comparing.
@AThousandYoung saidWell, put your propoortions into perspective. I have a case in point. I met with my first secretary last year, in our visit she said her salary was $14500 in 1972. She bouith her first house, price $32,000. Let's say double her salary.
Yes the price of housing has risen way out of proportion relative to normal peoples' incomes.
$14,500 in 1972 is equivalent of $113,000 today.
If you buy an average ($400k) house today, you would pay roughtly FOUR TIMES the amount of your salary. that is, 113x4=400,000.
Put another way, in 1972 she bought a house costing twice her salary. TODAY< she would have to pay FOUR times her salary for the same house. Shav, I would think this to be commonplace worldwide, given normal market influences. Not unusual at all.
@AverageJoe1 saidJoe - this post is out of character compared to your blathering nonsense Trump fealty posts.
Well, put your propoortions into perspective. I have a case in point. I met with my first secretary last year, in our visit she said her salary was $14500 in 1972. She bouith her first house, price $32,000. Let's say double her salary.
$14,500 in 1972 is equivalent of $113,000 today.
If you buy an average ($400k) house today, you would pay roughtly FOUR TIMES the ...[text shortened]... would think this to be commonplace worldwide, given normal market influences. Not unusual at all.
You're actually correct. Compared to other developed nations, the USA is doing pretty well regarding housing affordability. A lot of that has to do with the 30 year mortgage.
@wildgrass saidAnd as you type, Trump is doing his best to get 50-year mortgages, for the citizens of our country. I call it making America great again. get on the train, man.
Joe - this post is out of character compared to your blathering nonsense Trump fealty posts.
You're actually correct. Compared to other developed nations, the USA is doing pretty well regarding housing affordability. A lot of that has to do with the 30 year mortgage.
Curious what post is blathering fealty. Don't get you there. Fealty is swearing oath of loyalty, no, don't get that
@Great-Big-Stees saidIn outer London a 1 bedroom flat to rent (excluding bills) is probably around £1500 a month. (in dollars, $2000 a month). For most working people that's at least half their monthly salary.
Look at the cost of renting. We live in a small town (pop, 2,000). Our local “hotel/apartment complex” was recently purchased and cosmetically updated. Rent went from $500/month all in to $1500/month + utilities for a one bedroom.
@Great-Big-Stees saidYour limited info on this scenario leaves me with only one comment.......Rental properties compete with each other, and he is subject to 'what the market will bear', and what other properties rent for . He has got to charge equivalent prices to compete with the other properties, ('compete' drives from competition)
Look at the cost of renting. We live in a small town (pop, 2,000). Our local “hotel/apartment complex” was recently purchased and cosmetically updated. Rent went from $500/month all in to $1500/month + utilities for a one bedroom.
With what you tell me, this landlord must have a desirable property or location, and in plain english, he must know that he can get that price from someone. If he cannot, he will likely rent for a lesser amount. There is no other answer unless he sells the place....or moves in for himself!!!!
@AverageJoe1 saidWhy do none of you ever acknowledge the good that Trump is done, starting with the extra money that will be in your pockets because of his big beautiful Bill increasing your after tax income? Thankyou Donald.
And as you type, Trump is doing his best to get 50-year mortgages, for the citizens of our country. I call it making America great again. get on the train, man.
Curious what post is blathering fealty. Don't get you there. Fealty is swearing oath of loyalty, no, don't get that
@AverageJoe1 saidWise man say, 'when bull rampages in China shop, You do you stop to compliment him on his shoes.'
Why do none of you ever acknowledge the good that Trump is done, starting with the extra money that will be in your pockets because of his big beautiful Bill increasing your after tax income? Thankyou Donald.
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@Ghost-of-a-Duke saidWhen a president of tremendous global influence, solves eight wars and creates such agreements as the Abraham accord, he would still appreciate your commenting on his appearance.
Wise man say, 'when bull rampages in China shop, You do you stop to compliment him on his shoes.'
So, next time you see him, thank him for the (average) tax cut of $2,900 per household you get in 2026 from the Big Beautiful Bill.
What is it man? You are Sonhouse.
Income Group Income RangeAverage Tax Savings in 2026
Bottom 20%$0-$34,600$150
Second Quintile$34,601-$66,800$750
Middle Quintile$66,801-$119,200$1,780
Fourth Quintile$119,201-$217,100$3,460
Top Quintile$217,101 and above$12,540
Top 1%$1,149,000 and above$75,410
Glad to help as usual, posts can really get a bit meaningless, I like nailing them down. I am not so good on the Epstein thingy, you take that one.
@AverageJoe1 saidPsst, he didn't solve 8 wars and is on the verge of starting one.
When a president of tremendous global influence, solves eight wars and creates such agreements as the Abraham accord, he would still appreciate your commenting on his appearance.
So, next time you see him, thank him for the (average) tax cut of $2,900 per household you get in 2026 from the Big Beautiful Bill.
What is it man? You are Sonhouse.
Income Group ...[text shortened]... t meaningless, I like nailing them down. I am not so good on the Epstein thingy, you take that one.
@Ghost-of-a-Duke saidYou r Sonhouse Yuk
Psst, he didn't solve 8 wars and is on the verge of starting one.