Quote:
Originally Posted by Solon
Exactly. As MRD writes, people aren't as willing to put up with that little 1500 square foot starter home as they were 30 years ago. IMO, it's a combination of things - at least in the areas I"m familiar with - including the lack of new constructions that are moderately sized and priced. Decreased supply/increased demand has driven the price of smaller homes up, and some people - for "just a little more per month" jump to the McMansion neighborhoods.
California's situation pisses me off. My brother-in-law has an interest-only loan on a $400K house, pays a little extra on principal each month, and will have to re-fi in two years into a conventional loan. He's making it, but he's stretched pretty thin for that 1700 square foot ranch in Santa Maria. Meanwhile, programs for low-income families are putting a few lucky ones into 2500 square-foot new constructions for less than $1500/mo. - mortgage, not rent. The middle class is being strangled (granted, it's still better off than the really poor), but there's no chance of relief - esp. with California's enormously expensive taxes and programs.
|
I don't feel bad for your b-in-law. He made his bed, he sleeps in it.
He could move to the south and midwest if he wanted to, but he chooses not to.