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Wednesday, May 18, 2005

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I call this the Manhattanization of the world. We have similar issues here in the DC-area. Compounding the problem now is the scenario where people who want to move to a larger home are instead choosing to renovate for fear that they will not be able to afford the next-step up. This further squeezes supply and pushes families further out from the urban centers in search of affordable housing. Median price for a home in Montgomery County, Maryland is now approaching $1 million. The real question is whether this real estate bubble will ever burst?

NFPD: We're in that boat right now. We're seriously thinking of remodeling because even though this will NEVER be the house of our dreams, we need SPACE in a bad way. We can't buy a different house because our property tax would become enormous. We can't move further away because my commute already is too long.

My big concern about the bubble not crashing is this: salaries in the middle class are stagnant or even losing ground. I know mine is. That means there is no way for me to move up or closer in for years to come.

We'll have to wait until the Baby Boomers start dying off. Oh wait, technically I am a Baby Boomer (but not in spirit.)

I live in AZ. We just moved into our newly build home. A newly finished house across the street (with only a couple upgrades) was purchased by investors. It's now for sale for $20k more than our house (which has more than a couple upgrades). It's truly amazing how much more homes are in the area than when we signed our papers last year.

I wonder if there is a moral issue at play when homes become a speculative plaything of the wealthy?

Are you suggesting immorality?

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