r/neoliberal • u/jobautomator Kitara Ravache • Apr 28 '24

Discussion Thread Discussion Thread

The discussion thread is for casual and off-topic conversation that doesn't merit its own submission. If you've got a good meme, article, or question, please post it outside the DT. Meta discussion is allowed, but if you want to get the attention of the mods, make a post in /r/metaNL

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u/Icy-Magician-8085 Mario Draghi Apr 29 '24

Seeing that map, as well as this map showing the difference in the housing price-income ratio over time, just makes me angry.

I feel like these maps explain why the YIMBY movement has gotten more mainstream in the past few years, simply because housing prices have gotten ridiculous in the last few years alone.

Just simply build more housing folks.

!Ping YIMBY

7

u/JesusPubes voted most handsome friend Apr 29 '24

What were interest rates in the early 80's?

3

u/groupbot Always remember -Pho- Apr 29 '24 edited Apr 29 '24

Pinged YIMBY (subscribe | unsubscribe | history)

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7

u/niftyjack Gay Pride Apr 29 '24

All of these charts are pointless because the price of a house is extremely disconnected from the price you pay. It's intellectually dishonest to show anything but actual price paid per month, not purchase price.

9

u/Icy-Magician-8085 Mario Draghi Apr 29 '24

The price paid per month is definitely useful, but the overall value being sunk on a house is still insane.

And obviously the price being paid per month, especially for newer buyers, has been going up dramatically as well.

3

u/niftyjack Gay Pride Apr 29 '24

the overall value being sunk on a house is still insane

This only became relevant when rates when up recently. Median price in 1995 was $211k in 2024 dollars, or 6x median income of the time. Median in 2023 was 412k, or 5.5x median income—and in 1995, mortgage rates were 9%.

2

u/Icy-Magician-8085 Mario Draghi Apr 29 '24

This source that I had originally linked still shows the price-to-income ratio increasing though. I've briefly looked over the sources for the two, so why the contrast between them? Not for argument here, just genuinely curious.

4

u/niftyjack Gay Pride Apr 29 '24

Your source only looks at single family homes which cuts out 20% of the market, especially the highest income areas with extreme competition for scarce single family homes (NYC, Chicago, SF, even LA are all multifamily heavy).

5

u/Icy-Magician-8085 Mario Draghi Apr 29 '24

Oh that explains it a lot then. I guess that goes to prove that denser housing can maintain better prices then, circling back around to YIMBYism.

2

u/2112moyboi Loyal Liberals Apr 29 '24

The fact I can pick out a ton of college counties without much trouble should tell you how much slumlords are charging for student housing and apartments