Houses will never be affordable again in the US...

Houses will never be affordable again in the US. What's the point of even working hard if there's literally a zero chance that I will ever be able to afford to buy a house?

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There are plenty of affordable housing in the US. Just not in an overcrowded, already developed metropolitan area. The question should be, what can be done about the major corporations centralizing into select few regions, driving up housing prices up to insane level in those places.

Fed will raise interest rates eventually, and the bubble will pop or deflate.

Wait for the next crash.

>Just not in an overcrowded, already developed metropolitan area
Those are the only places where there are jobs though.

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nope, never happening again. This time is different. Free money for everyone! The ride never ends! DJI to infinity.

>paid $204,000 for my house in Jan of 2011

Huh.

I was skeptical as to whether if the price is justified at first.

Then I got into real estate in NYC. The rent I get is enough to cover my taxes, mortgage, with about 1.5k leftover as cashflow. The demand for housing is so high, that I rented 6 units all within one week on my real estate agents putting out the listings. 3 of those units was still in renovation, and the tenant just checked out a the apartment layout and size, before putting down the deposit.

Closing on my house tomorrow. Bought in 2012 for $95k, selling for $175k.

>he can afford to buy 6 units in nyc
Ok, so you're a richfag. I'm talking about the overwhelming population of people that are middle class that could easily afford a nice house in a nice white neighborhood 50 years ago. That's completely impossible today.

I'm saying the price of those property are justified to people who buy them, by the amount of rental income they can generate.

You said it yourselves, it because these places are where the jobs are, so everyone want to live there to get the good jobs. Causing high demand for housing and driving up prices.

People always say this but how are you supposed to make $?

There are no jobs in the middle of nowhere

And yet nobody but the wealthy class can afford to buy any of these houses.

>wealthy class

Depends on how you define that. Most of the homeowners outside of Manhattan are upper middle class, usually small business owners or highly paid professionals such as lawyer or doctors, myself included.

These are still small fries compared to the big boys and the real market makers in real estate in NYC.

>Most of the homeowners outside of Manhattan are upper middle class
That's the most retarded shit I've ever heard. The vast majority of people, even in the suburbs of New York, are middle class families earning $60k between two people working full time.

Ok nvm, I misread. You're saying that most of the people who own houses these days are upper class, which is true. That's my entire point though, it used to be that anyone in the middle class could afford to buy a house on a single average income. Now it's only the upper class that can, which is completely fucked.

Those information are public. You can easily find the owner of every single house in NYC through ACRIS.

Generalized statistic is not accurate. Most of my tenants earn between 100-150k. Most of them also don't accurately report all of their income, especially those who own their own business.

You also have the group that inherited their property, but most of them sell them right away to cash in.

Right, so like I said it's the top 5% of the population that can afford to buy a house or even live in what used to be normal middle class neighborhoods affordable to everybody. You don't see that as a huge problem?

>You don't see that as a huge problem?

From what I can see, there are several factors. Illegal immigration is definitely one of them. A significant chunks of the rental class here are illegal immigrants. The poorer ones, living 2-3 family to each apartment. The richer ones live by themselves. They drive up rent price, therefore housing price pretty significantly.

Then you have the larger corporations all concentrating into few cities. Even with Amazon deciding not to open shop here, you still have all the other tech giants like Google and Facebook with have offices in NYC. Especially with the economy being mostly services focused, rather than manufacturing a few decades back, so you don't need large amount of land to work with.

And then you have the flood of foreign money coming in, even with the chinks tightening on the outflow of capital from their country, you still have the jews, the rich arabs, the poo in loos, and so on and so forth.

And lastly, you have the government subsidized class, who get to live in NYC literally for free, paid for by your tax dollars.

All of these eat away at the middle class. Unfortunately, I don't see this changing any time soon in the future. Especially with how overwhelmingly blue this place is.

Wtf, how are you feeling so many units to buy?

Everything I looked at is like... $900k and you rent it out for $3.5k if you're lucky (already less than 1% of the purchase price) and then there $1k-1.5k/mo in association fees.

Where the hell are you finding these magical NYC apartments that are cash flow positive?

>feeling
Feeling -> finding

He's probably larping.

Work from home, if the company you're in offers you the option and you can do your thing remotely.

t. Graphic designer

>Where the hell are you finding these magical NYC apartments that are cash flow positive?

I don't buy condos. I buy multi family houses in Queens/Brooklyn. The unspoken rule is that everyone rent out their basement too. I bought 3 story buildings, with a ground level walk in basement that I converted into a third unit.

Rent for the first floor is 2300, the second floor being 2200, the basement being 2000. Driveway is $200 extra. You rent out the ground floor apartment to illegals, to avoid headaches.

No HoA fees, property tax is 9k a year.

>You rent out the ground floor apartment to illegals, to avoid headaches.
Unironically kill yourself.

That just how the game is played here. Without the extra unit, you barely break even after mortgage, taxes, and other costs. It is also priced into the cost of the house.