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this post was submitted on 11 Feb 2024
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Huh? If you want to talk data, this is directly from your article:
Do you understand what the implications of this figure mean for housing affordability though, cuz it's not the indicator you may think it is.
Too many people think median/average/etc house price figure is meaningful for housing affordability, but it's a mostly useless value for people buying their first home.
You'll notice though most doomer "no one can afford houses" content build their entire info on average and median house prices.
The median or average house is a fucking mcmansion though, not your first home.
Once you realize that, the rest of the following info clicks into place as the entire premise is built on the assumption that you wanna buy a small mansion as your starter home, and suddenly its like "ya no shit that's not affordable"
A median is a value at the midpoint of a frequency distribution, such that the probability of a value being above or below it is equal. A median value is going to be highly dependent on the area - cities with a boom in the building of luxury homes will have a higher median value that may not be indicative of the existence of more affordable housing but, in a larger market with an even vaguely normal distribution of home prices, it should be an indicator of a fairly average (in the non-statistical sense) home. But why take my word when we can test your hypothesis!
For example, the median home value in Portland, OR is $515K with a median household income of $78K, yielding a median home price to household income ratio of 6.60. So lets hop on realtor.com and look at the first three homes listed at that price, +/- 2%. Look at these McMansions!
$510K for 2500 square feet on 7000 sq.ft. lot built in 1910
$515K for 2,234 sqft on 6,098 sqft lot built in 1992
$525K for a 1542 sqft condo with admittedly nice views of the river
Such luxury! Oh wait, they're just average homes. The largest home in that price range is 2,624 sqft. The smallest is this guy which, while nice, isn't a McMansion. It's a very nice but not luxurious 1200 sqft apartment.
Maybe Portland is a shitty example? How about Gillette, WY? Gillette has a median home value of $390K and a median household income of $72k, yielding a median home value to household income ratio of 5.42. Let's see what's in store!
$390K 2,880sqft 7,200sqft lot built in 2010
$410k 3,002sqft 6,199sqft lot built in 2011
$410k 3,944sqft 6,522sqft lot built in 1975.
The largest in that range is actually my third result, with the smallest coming in at 2706 square feet on 0.31 acres. Check that one out, it looks like they built two houses on top of each other. It's weird looking!
Note: only the first house was close to the median. I had to bump the upper price limit to 5% above median to get more than two results.
You'll get a lot more space for your dollar in Gillette, but a McMansion? They're still lacking the ostentatiousness and cut rate luxury characteristic of the McMansion, so not really. Certainly not the best a man can get.
I love how they've done nothing but bitch about "no one showing facts" but they avoid the posts with citations like the plague because they already got theirs and want the poors to shut up.
Oh yeah, I suspect they just want their biases confirmed. Anyone who shows evidence that the premises upon which their biases are based are flawed gets ignored. It seems those that scream "it's just facts and math, you can't argue with math" the loudest tend to have arguments largely based in neither.