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12: We Can't Afford This House. Everything Feels Expensive rn
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If you've ever looked at lower cost of living areas on Redfin to see what is the most house you can afford in say, Tulsa, OK, and then remembered pressing reasons why you can't just move to the most affordable place, this episode is for you. We talk about why everything feels expensive and whether Americans really do have some of the highest purchasing power in the world, or if there are key pieces of the puzzle we're still missing.
Sources you can check out for more reading:
Home prices in Los Angeles, California
In Los Angeles, only 1.9% of homes for sale in December 2022 were affordable to a household earning the median income.
Home prices in Charlotte, North Carolina
Home prices in New Jersey
US housing cost as a percent of real income is about 26% in 2023, versus 22% in 1993.
Higher education has experienced an average annual increase of 7% and it’s risen 141% over the last 20 years.
Healthcare spending in the US is also disproportionately higher than our peer countries.
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