I see a lot of expensive houses being built in my area. A LOT. And the weird thing is that they’re being bought pretty quickly. Are these people just making more money than me? If so, what are they doing for a living? Or are they just living house poor? How exactly are they affording these places?
Edit: For reference, my neighborhood is starting to become popular (because the other popular neighborhoods have priced most people out of affording places there). The normal price of newer homes here is $700k. My home, built in 1965, which is 2500sq ft on a quarter acre of land, is $500k.
It’s about perspective.
I have tech coworkers who make about $250k in California take a pay cut to work remotely, so they can move someplace affordable. And they’ve said things like “This house is 800k for 1200 sqft?! What a steal!” Because their prior baseline in CA was it being $1.2million.
Meanwhile I bought my 1200 sqft house for $128k in the midwest. I suppose it has doubled in value since 2016, but still.