We bought at what I thought was the peak, was sure we were overpaying, and mortgage as high as we can manage when tax & insurance figured in.
Since then, prices in the neighborhood have doubled, and houses are being torn down and replaced with two homes on the same lot, enormous houses small yards. Always crazy expensive ones.
I don’t like any of this. Don’t think it makes sense. The utility of a house can’t be more than the prevailing wage in an area can pay, so we’d all be better off with lower housing prices. Sure, our house is valued at 2x what we initially paid (we have since made improvements so maybe even more) but it does nothing for us. Same house. They are way over valued here.
We bought at what I thought was the peak, was sure we were overpaying, and mortgage as high as we can manage when tax & insurance figured in.
Since then, prices in the neighborhood have doubled, and houses are being torn down and replaced with two homes on the same lot, enormous houses small yards. Always crazy expensive ones.
I don’t like any of this. Don’t think it makes sense. The utility of a house can’t be more than the prevailing wage in an area can pay, so we’d all be better off with lower housing prices. Sure, our house is valued at 2x what we initially paid (we have since made improvements so maybe even more) but it does nothing for us. Same house. They are way over valued here.