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This is the median home price for the area I live in (it makes me want to vomit)

The house I grew up in, my parents paid $ 14,000 for in the mid sixties.

The homes in that neighborhood are now reaching over $ 150,000.

Is this housing market ever going to bust ?

Do you have affordable housing where you live ?

Whats the market like there ?

Im interested in over seas housing prices as well.

Spring Park, MN 55384

Neighborhood Summary

This neighborhood is Suburban



Average Home Price

--------------------------

Home Price: $609,623.29

Age: 45 yrs.

Sq/Ft: 2402 sq/ft

Lot Size: N/A

Do you have affordable housing where you live ?

Whats the market like there ?

Im interested in over seas housing prices as well.



Spring Park, MN 55384

Neighborhood Summary

This neighborhood is Suburban



Average Home Price

--------------------------

Home Price: $609,623.29

Age: 45 yrs.

Sq/Ft: 2402 sq/ft

Lot Size: N/A
I am fortunate to own two paid for homes, one in California and the other in New Zealand. This was made possible by owning vastly appreciated property prior to my retirement 13 years ago. Both of the properties that were purchased since retirement have increased by over 75%.

Unaffordable housing seems to be everywhere in the U.S. that one would consider a desireable place to work and live. The same is true in New Zealand. Affordable housing seems to be in the least desireable places to live and work. The bubble has to burst at some point, the question is when? Median home prices in my area of California is over $500,000 and it is the fastest growing county in California. I was in South New Jersey last week and the story is the same. Median home prices in the area I stayed at is also over $500,000.

I wonder if the people who think theyre wealthy now because theyre sitting on a 500 grand house thats really only worth 150 grand will think theyre broke when the market finally does turn.

If I had this type of property Id be watching the housing market very closely and sell well before it does take a downslide. (and it will)

Do you really think the housing market will take a downslide??

Look at this US Census:



World Vital Events

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World Vital Events Per Time Unit: 2005

(Figures may not add to totals due to rounding)

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Natural

Time unit Births Deaths increase

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Year 130,013,274 56,130,242 73,883,032

Month 10,834,440 4,677,520 6,156,919

Day 356,201 153,781 202,419

Hour 14,842 6,408 8,434

Minute 247 107 141

Second 4.1 1.8 2.3

-------------------------------------------------



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There are 4 births recorded worldwide per second, compared to less than 2 deaths! Therefore the world population is doubling!

There were 6 billion people (recorded) in the world in 2000. Soon that will double to 12 billion! And they all need somewhere to live!

Years ago, families all shared one house - children, parents and grandparents. Today they all want their own homes or can no longer share due to work commitments which enforce a move.

Only a major plague, war, famine or pestilence will decimate our world population in sufficiently huge numbers to make a difference to the housing market. So until you see the four horsemen of the Apocalypse riding over the hill towards you, you will have to be prepared to pay through the nose to get on the housing ladder or spend your life renting which is insecure and money-wasting!

What a choice!

1humanbeing wrote: I wonder if the people who think theyre wealthy now because theyre sitting on a 500 grand house thats really only worth 150 grand will think theyre broke when the market finally does turn.

If I had this type of property Id be watching the housing market very closely and sell well before it does take a downslide. (and it will)
Any downslide will not be as dramatic as a $500,000 house dropping to $150,000, history has shown that. Owning a home worth even a million does not make a person feel wealthy, in fact, with property taxes and upkeep, they could feel downright poor. Even selling the house at a big profit is no big deal since you still have to live somewhere. You come out ahead if you sell a home at a big profit and then move to an area where homes can be purchased at a much lower price and you then can enjoy the cash difference to live on. Equity in a home is somewhat like owning stock. You can only enjoy the profit when you sell and convert to cash.

Agreed but I hear an awful lot of people walking around saying my home was appraised at such & such meaning thats what they think theyre actually sitting on, perhaps thinking ahead to retirement & then downsizing & subsisting on the profit.

The population may be increasing but its still a free market economy & the market will only bear what a buyer is willing to pay or can afford to pay. Nothing stays on the up or down indefinitely, it will fluctuate sooner or later.

That is affordable housing, try living in California the median price of a home now is $400,000.00 and up.

My parents paid $13,500.00 for the house I grew up in the 50's, its a well maintained house with now additions, 3 bedroom 1 bath single story house, it can go on the market today for $600,000.00 and it would be sold by noon.

You don't know high housing cost till you live here, be thankful for your $150,000.00 houses out here that would be a shack without plumbing.

The rents here are over the top, the price you pay for living where the weather is perfect every day..