International Housing Affordability Survey

[patientrenter]

[quote=cooprider]I think a lot of it is cultural.

In most other countries multiple generations of families live in the same house. Some cultures just add on to the house, others just stay in it.

We Americans need our own personal space for all of our stuff.[/quote]

cooprider, you need to get out some more! Modern Australian households and UK households and Irish households don’t have large masses of teeming humanity packed into small pockets of space.

In these countries, the bubbles were even more inflated, that’s all.

[Eugene]

[quote]The Demographia International Housing Affordability Survey uses the “Median Multiple” (median house price divided by median household income) to assess housing affordability.[/quote]

Yesterday I was bored enough to look up numbers for my old home town.

Median household income: no hard data. Average per capita income $3000..$3500/year. Median household income is probably 8..9K/year.

Median property price according to their city-wide MLS: $37,500

Median multiple is 4..4.5 – “Seriously Unaffordable” but well below San Diego’s 5.9.

An awfully affordable place compared to San Diego, right?

Just a few problems. Food, clothes, electronics cost about as much as here. It’s not unheard of for a family to spend 50% of income on food. A “median property” is a 500 square foot apartment. Typical mortgage interest rates are in the double digits.

[Eugene]

[quote]The Demographia International Housing Affordability Survey uses the “Median Multiple” (median house price divided by median household income) to assess housing affordability.[/quote]

Yesterday I was bored enough to look up numbers for my old home town.

Median household income: no hard data. Average per capita income $3000..$3500/year. Median household income is probably 8..9K/year.

Median property price according to their city-wide MLS: $37,500

Median multiple is 4..4.5 – “Seriously Unaffordable” but well below San Diego’s 5.9.

An awfully affordable place compared to San Diego, right?

Just a few problems. Food, clothes, electronics cost about as much as here. It’s not unheard of for a family to spend 50% of income on food. A “median property” is a 500 square foot apartment. Typical mortgage interest rates are in the double digits.

[Eugene]

[quote]The Demographia International Housing Affordability Survey uses the “Median Multiple” (median house price divided by median household income) to assess housing affordability.[/quote]

Yesterday I was bored enough to look up numbers for my old home town.

Median household income: no hard data. Average per capita income $3000..$3500/year. Median household income is probably 8..9K/year.

Median property price according to their city-wide MLS: $37,500

Median multiple is 4..4.5 – “Seriously Unaffordable” but well below San Diego’s 5.9.

An awfully affordable place compared to San Diego, right?

Just a few problems. Food, clothes, electronics cost about as much as here. It’s not unheard of for a family to spend 50% of income on food. A “median property” is a 500 square foot apartment. Typical mortgage interest rates are in the double digits.

[Eugene]

[quote]The Demographia International Housing Affordability Survey uses the “Median Multiple” (median house price divided by median household income) to assess housing affordability.[/quote]

Yesterday I was bored enough to look up numbers for my old home town.

Median household income: no hard data. Average per capita income $3000..$3500/year. Median household income is probably 8..9K/year.

Median property price according to their city-wide MLS: $37,500

Median multiple is 4..4.5 – “Seriously Unaffordable” but well below San Diego’s 5.9.

An awfully affordable place compared to San Diego, right?

Just a few problems. Food, clothes, electronics cost about as much as here. It’s not unheard of for a family to spend 50% of income on food. A “median property” is a 500 square foot apartment. Typical mortgage interest rates are in the double digits.

[Eugene]

[quote]The Demographia International Housing Affordability Survey uses the “Median Multiple” (median house price divided by median household income) to assess housing affordability.[/quote]

Yesterday I was bored enough to look up numbers for my old home town.

Median household income: no hard data. Average per capita income $3000..$3500/year. Median household income is probably 8..9K/year.

Median property price according to their city-wide MLS: $37,500

Median multiple is 4..4.5 – “Seriously Unaffordable” but well below San Diego’s 5.9.

An awfully affordable place compared to San Diego, right?

Just a few problems. Food, clothes, electronics cost about as much as here. It’s not unheard of for a family to spend 50% of income on food. A “median property” is a 500 square foot apartment. Typical mortgage interest rates are in the double digits.

[EconProf]

What jumps out from the data shown is how the poor ought to see environmentalists as their natural enemy. Their housing costs–both rents and purchase prices–are worse wherever land prices are highest. Land prices are most influenced by geographical constraints (notice how all the expensive cities are next to water), population trends, and the strength of environmental laws creating land shortages.
Accordingly, the most expensive cities for the poor tend to be liberal bastions: San Fran, NY, San Luis Obispo, Seattle, Santa Barbara, etc. The cities that remain cheap despite growing populations are Phoenix, Atlanta, Las Vegas, any city in Texas, etc.

[EconProf]

What jumps out from the data shown is how the poor ought to see environmentalists as their natural enemy. Their housing costs–both rents and purchase prices–are worse wherever land prices are highest. Land prices are most influenced by geographical constraints (notice how all the expensive cities are next to water), population trends, and the strength of environmental laws creating land shortages.
Accordingly, the most expensive cities for the poor tend to be liberal bastions: San Fran, NY, San Luis Obispo, Seattle, Santa Barbara, etc. The cities that remain cheap despite growing populations are Phoenix, Atlanta, Las Vegas, any city in Texas, etc.

[EconProf]

What jumps out from the data shown is how the poor ought to see environmentalists as their natural enemy. Their housing costs–both rents and purchase prices–are worse wherever land prices are highest. Land prices are most influenced by geographical constraints (notice how all the expensive cities are next to water), population trends, and the strength of environmental laws creating land shortages.
Accordingly, the most expensive cities for the poor tend to be liberal bastions: San Fran, NY, San Luis Obispo, Seattle, Santa Barbara, etc. The cities that remain cheap despite growing populations are Phoenix, Atlanta, Las Vegas, any city in Texas, etc.

[EconProf]

What jumps out from the data shown is how the poor ought to see environmentalists as their natural enemy. Their housing costs–both rents and purchase prices–are worse wherever land prices are highest. Land prices are most influenced by geographical constraints (notice how all the expensive cities are next to water), population trends, and the strength of environmental laws creating land shortages.
Accordingly, the most expensive cities for the poor tend to be liberal bastions: San Fran, NY, San Luis Obispo, Seattle, Santa Barbara, etc. The cities that remain cheap despite growing populations are Phoenix, Atlanta, Las Vegas, any city in Texas, etc.

[EconProf]

What jumps out from the data shown is how the poor ought to see environmentalists as their natural enemy. Their housing costs–both rents and purchase prices–are worse wherever land prices are highest. Land prices are most influenced by geographical constraints (notice how all the expensive cities are next to water), population trends, and the strength of environmental laws creating land shortages.
Accordingly, the most expensive cities for the poor tend to be liberal bastions: San Fran, NY, San Luis Obispo, Seattle, Santa Barbara, etc. The cities that remain cheap despite growing populations are Phoenix, Atlanta, Las Vegas, any city in Texas, etc.

[Author]

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