TL;DR: Americans now need to make $120K a year to afford a typical middle-class life and qualify to purchase a home. Minimum.
TL;DR: Americans now need to make $120K a year to afford a typical middle-class life and qualify to purchase a home. Minimum.
Or maybe part of the reason the prices are so high is that the price of building is also high with labor and materials cost increases?
Or maybe there is also a shortage of affordable, well placed, viable, empty lots to build on?
In San Francisco, probably the most economically productive city in the US, the government adds over $200k to the cost of each house with just permitting process.
Yikes, yeah that’s another barrier to building that I didn’t even think of. I can see what you meant by “let us” build more.
Just another example of how building isn’t viable or affordable for everyone. My parents made the decision to build, but they also got the land long ago when the lot was cheap, and they did a large chunk of the work themselves including framing, wood floors, trim, doors, etc.