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      05-24-2020, 12:21 PM   #33
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Quote:
Originally Posted by RickFLM4 View Post
Quote:
Originally Posted by ASAP View Post
Why does that remotely matter? you have a choice to buy a smaller home... in the 2nd article; read bulleted point 3...

You do not typically have a large choice in terms of location... and wage growth has not kept up w housing costs. That is all that matters.

Location and lack of wage growth.
I think you missed the point of that second article. It is saying the opposite of what you are saying, including the following:

So on an inflation-adjusted basis, Americans are actually paying only slightly more today for a new house on a per square-foot basis ($120) than in 1973 ($114.42), for homes that are of higher quality and more energy-efficient with more features like air conditioning, fireplaces and multiple garages. Overall, the increasing amount of living space (especially when adjusted for declining household size), the improvements in housing quality, the increased number of features, and relative affordability of new houses today means that living standards continue to gradually, but consistently, improve year after year for millions of Americans.

Miami is affected by a lot of foreign buyers and that is unlikely to change. I moved 75 miles north back in 2002 because I chose not to pay the price to live in Miami and didn't want to live in Miami. Even back then $300K in a place like Pinecrest was a tear down. If someone doesn't like the economics where they live, they can move and find another job or source of income.
The paragraph you mentioned says nothing about wage growth which is the real problem... as far as Miami and foreign owned investment; Miami Herald proved that only contributes to the issue by a few % points... lets make this clear the answer to everything is moving... weather, politics etc etc... however this should never be the only solution.