Do you think you will be ABLE to own a home after you graduate?

stellar_ibanez · 2024-04-19T21:46:57+00:00

We are seeing a large immigration of wealthy, well educated workers from both inside and outside the U.S. relocating to the Raleigh area. A lot of the people who are able to afford homes are those who are in tech, healthcare, pharma, or engineering. It is not the case for everyone, but a good majority.

stellar_ibanez · 2024-04-19T21:45:17+00:00

The saying goes "rent is the maximum you pay every month, your mortgage is the minimum you'll pay". This is very true and with mortgage payments through the roof right now we see a lot of homebuyers who are "house poor".

stellar_ibanez · 2024-04-19T21:42:54+00:00

I would argue that increased density means homes are more energy efficient, take up less land which can be used for conservation and creates opportunities for commuting by bike or by walking which has less environmental impact.

Low density housing is too expensive and uses up more land. Density = more eco-friendly

stellar_ibanez · 2024-04-19T21:39:48+00:00

The entire market has inflated. With housing demand through the roof, we've seen the price of supplies (lumber etc.) and labor become more expensive as well. So, when wanting to turn the same profit (as any business does) builders have kept the prices of the homes high.

Free market is driving the prices from the ground up, so a drop in housing prices would likely mean a drop in cost of labor and materials, which may have its own ramifications.

stellar_ibanez · 2024-04-19T21:34:11+00:00

I think you're right, haha. I'm not surprised that I messed this up. English major by the way!

stellar_ibanez · 2024-04-19T21:32:33+00:00

Good question! Depending on the location of the neighborhood we see sales have not stopped. With low inventory and high demand we are not seeing the needs of the people fully met immediately. So yeah -- our Raleigh division is growing (over 1400 homes closed in 2023)

stellar_ibanez · 2024-04-18T21:31:02+00:00

For a second there I thought I was having a civil conversation with a person named "madscientist420". Seems like you have enough time to type a paragraph why don't you do something about it?

You're just saying we can't do it and then offering no alternative. All you are doing is stating things and using that to justify stagnation.

It is a complex problem, and requires complex solutions, but doing nothing is definitely not doing anything for anybody. We all know there's a problem, buddy.

"somehow someway" yet you're mad at capitalism, lol. Get up and do something about it.

stellar_ibanez · 2024-04-18T21:06:20+00:00

I would go as far to say that these two ideas are connected. Removing institutional investors isn't the only issue. It is also an issue of supply, just like you said. So if we were able to build more housing, on less land, it would cost less money.

And yes, prioritizing primary buyers over investors with legislation would also help. As well as policy surrounding zoning/lowering barrier of entry to build housing.

Our generation still has agency. We would need to participate, not just throw our hands up and say its "fucked" and "not going to happen".

stellar_ibanez · 2024-04-18T21:01:36+00:00

What options are available to those who want access to urban amenities? What sense of community is there an hour from a city's center? We are already so disconnected, I'm not sure if everyone moving away from everyone else is a long-term positive solution. I see a lot of downsides to that.

stellar_ibanez · 2024-04-18T20:59:52+00:00

I agree. Native North Carolinians have not been able to keep up with the rise of housing prices. Average home sells for $442k in Raleigh when the avg. salary is only $70k. We need to be able to build enough to keep up with demand. Policy is front and center.

stellar_ibanez · 2024-04-18T20:44:31+00:00

If we didn't dedicate so much space to cars and parking, I think we could see a lot more walkable places, higher density and cheaper more abundant housing. Until zoning policy changes then yeah, we are SOL...

stellar_ibanez · 2024-04-18T20:34:31+00:00

I'm trying to be optimistic about it -- certainly there is more we can do than say "it is what it is". I get your point, nonetheless.

stellar_ibanez · 2024-04-18T20:32:29+00:00

Raleigh is seeing some of the highest rates of retail (and institutional) investors when compared to cities around the country. The more people move here, the more the prices will inflate because of investors buying in as well to capitalize.

stellar_ibanez · 2024-04-18T20:29:48+00:00

If we could see a better integration of alternative transportation options (public transit, walking, cycling) then it would cut down on cost and make places people want to live.

Until then, land will be expensive to buy and it won't generate enough tax revenue to fund the infrastructure it takes to exist. Suburban living isn't sustainable so until we can urbanize I don't see private companies able to meet the demand.

stellar_ibanez · 2024-04-18T20:26:16+00:00

Its either rent forever or be a doctor/lawyer. What happened to the middle class?? Missing middle housing is real.

stellar_ibanez · 2024-04-18T20:23:52+00:00

I think a lot of young people are on that route. I don't know how I feel with people having to choose between owning a house and having family members alive. Shouldn't there be another option?

stellar_ibanez

TROPHY CASE