In other news (apolitical thread)...

[OrangeAfroMan]

There's been no stagnation of wages in my industry.

COOL

[FearlessF]

There's been no stagnation of wages in my industry.

and the fast food industry in California

[OrangeAfroMan]

We're discussing other factors that could be important.  And there has been some increase in real median income, just not nearly as much as housing prices have expanded.  So, why have housing prices gone up so fast?  That is one topic we are discussing.  There are several apparent reasons. 

Thanks, dad.
I believe my post was addressing the post I quoted.  No need to post this. 

[OrangeAfroMan]

The single-person anecdotal thing is fucking mind-numbing.

Your experience doesn't negate the totality of data for the rest of the universe.

Sorry!

[Cincydawg]

Most of us agree there are a lot of factors at play, including the "price:earning" issue, which is real.  I'm not sure what can be done about it, many of these issues strike me as inherent.  We could in theory prohibit corporate ownership of single family homes, I don't know if that is really doable, but in concept.  We could resurrect the home interest deduction again as an add on.

We could balance the budget ... ha.

A steep economic downturn would obviously help on the price angle, but hammer the earnings part for many.

[Cincydawg]

[FearlessF]

we've always had landlords/slumlords.

maybe a higher percentage of single family homes are owned by corporations or just regular folks that are investing in homes and renting them.
When my father and grandmother died, many told me to rent their homes and keep them as investments - two modest homes side by side in a small town.

I didn't want the hassle of being a landlord.  I already had investments that were doing ok.

my grandmother's home was purchased by a guy from the small town that owns 10+ properties and rents them
my father's home was purchased by a family that owned it for 6 or 7 years and then sold to another family

I know more than a few people that have a couple or more than 10 rentals they own for an investment and a source of income.
I don't cornsider them evil or taking advantage of their renters.

the old adage - it takes money to make money

[FearlessF]

The housing market is cooling, and some once-booming regions are feeling it most.

Realtor.com analyzed the top metros where homes are sitting on the market much longer than last year.

Learn more about the cities that are slowing down the fastest: https://rltor.cm/y5iad8

[Cincydawg]

It could be the corporate owners are wanting to take profits and are selling now.  My daughter still has a house she rents in Columbus, OH.  She nets a few hundred a month, usually.  She does nothing but collect checks.

[847badgerfan]

Chicago:

1985: the minimum salary was $15,471 for a teacher with a bachelor’s degree. The maximum salary, for a teacher with a doctorate and 15 years experience, was $32,883. The average was $26,296.



Not anecdotal.

[FearlessF]

probably more fast food workers in Cali than teachers in Chicago

Probably making around $4/hr in 1985 - maybe $5

[847badgerfan]

$20/hour for fast food workers in Cali now, but businesses are either closing or moving toward robotics.

People in fast food will need to pivot to find work in the not-so-distant future - and not just in Cali.

The trades are calling.

[OrangeAfroMan]

I know more than a few people that have a couple or more than 10 rentals they own for an investment and a source of income.
I don't cornsider them evil or taking advantage of their renters.

Who is making this argument?  It's not about that, it's an explanation for fewer homes for sale in an environment where many, many more homes are needed.

[OrangeAfroMan]

Chicago:

1985: the minimum salary was $15,471 for a teacher with a bachelor’s degree. The maximum salary, for a teacher with a doctorate and 15 years experience, was $32,883. The average was $26,296.



Not anecdotal.

One job type in one city is anecdotal.

Plus, without this, there would be zero teachers there.  

But keep picking your cherries.