Forbes put out an interesting article about the least affordable real estate in the U.S. When I see these articles I always wonder where we’re going with all this. I mean, when do the fundamentals come back if ever? What I mean by this is when do average incomes allow for 30 year fixed rate mortgages on the average house? Perhaps those days are gone…
“Forget coffee when it’s time to sober up. Instead, check out the real estate listings in New York or Los Angeles.There, buyers pay $1 million for a property that might fetch half that elsewhere. The disparity illustrates how affordability has been spiraling out of control in places on the East and West coasts…”