Exploding housing costs forecast to go even 10% higher this year
There always have been a few locations where housing in the United States is extremely expensive: Downtown Manhattan, Vail and Aspen, San Diego and such.
But the prices have literally exploded because of economic circumstances that have developed under the Joe Biden administration, including a huge price increase for lumber and materials, low inventories following the mandated COVID business shutdowns, and low mortgage rates.
Kiplinger pointed out just months ago the combination of some of those factors left the housing market “molten hot.”
The report said at that time the 15 U.S. cities with the highest average prices “have an average home price of $1.1 million.”
And these are ordinary cities, not exotic resorts. For instance, Anchorage, Alaska, was reporting an average home price of $585,500, Portland, Oregon, was at $617,776, Boston was nearly $800,000, Oakland, California, $843,314, Los Angeles, $904,318 and Brooklyn, New York, $1,258,150.- READ MORE
Responses