U.S. Housing Prices Explosion Making Repatriation a Less Realistic Option for Many?

[Jingthing]

Its even worse now.

 

https://phys.org/news/2020-06-lack-housing-worse.html

 

The lack of affordable housing is getting worse in the U.S.

 

America is facing an affordable housing crunch—and it was getting worse even before the pandemic struck and eviscerated jobs and incomes.

[GypsyT]

Having given up to find reasonable condo or house in CA, NV and AZ i started to check FL properties between Ft Lauderdale (good airport) and W. Palm Beach.

I put 0 - 100k on Zillow. To my surprise there are PLENTY of nice looking small studios for sale for less than $ 100 000!

Why?

What's happening in FL?

PS. I need an address in the US and short time vacation place.

[Jingthing]

6 minutes ago, GypsyT said:

Having given up to find reasonable condo or house in CA, NV and AZ i started to check FL properties between Ft Lauderdale (good airport) and W. Palm Beach.

I put 0 - 100k on Zillow. To my surprise there are PLENTY of nice looking small studios for sale for less than $ 100 000!

Why?

What's happening in FL?

I shopped the Fort Laudersale area long ago.

There's s catch.

MASSIVE HOA FEES!

Also when you actually go there, the cheaper places are depressing and have a slum vibe.

 

[GypsyT]

You are right, they are high, but if I pay 100k less that pays higher fees, say $ 200/m, for 41 years...

Sample for $ 100 000 condo w $ 300/m fee.

https://www.zillow.com/homedetails/700-Village-Green-Ct-APT-212-Lake-Worth-FL-33461/2062931107_zpid/

 

Am I missing something? I could live there.

 

[GinBoy2]

On 6/23/2022 at 6:34 AM, Jingthing said:

Its even worse now.

 

https://phys.org/news/2020-06-lack-housing-worse.html

 

The lack of affordable housing is getting worse in the U.S.

 

America is facing an affordable housing crunch—and it was getting worse even before the pandemic struck and eviscerated jobs and incomes.

Well it depends on what those HOA fees are paying for.

 

We live in an HOA, all our rentals are in an HOA.

 

I don't mow the grass, shovel snow, pay for the pool or insurance, I'm done with all that.

 

Couple of years back massive hail storm destroyed our roof, thank God for that HOA insurance policy.

 

HOA's for me at least give you, if thats what you want the easiest way of living, if like me you're lazy.

 

With our rentals, I'm fine with paying the HOA fees and a property mngt company to take care of everything if it means I don't have to deal with anything and  check gets deposited in my account every month

[Jingthing]

1 hour ago, GypsyT said:

You are right, they are high, but if I pay 100k less that pays higher fees, say $ 200/m, for 41 years...

Sample for $ 100 000 condo w $ 300/m fee.

https://www.zillow.com/homedetails/700-Village-Green-Ct-APT-212-Lake-Worth-FL-33461/2062931107_zpid/

 

Am I missing something? I could live there.

 

300 is low!

But likely too good to be true.

I was seeing fees of 600 to 900 on low price units many years ago.

Is that a 55 plus complex?

[Jingthing]

1 hour ago, GinBoy2 said:

Well it depends on what those HOA fees are paying for.

 

We live in an HOA, all our rentals are in an HOA.

 

I don't mow the grass, shovel snow, pay for the pool or insurance, I'm done with all that.

 

Couple of years back massive hail storm destroyed our roof, thank God for that HOA insurance policy.

 

HOA's for me at least give you, if thats what you want the easiest way of living, if like me you're lazy.

 

With our rentals, I'm fine with paying the HOA fees and a property mngt company to take care of everything if it means I don't have to deal with anything and  check gets deposited in my account every month

South Florida is a different kind of market. 

[GinBoy2]

5 minutes ago, Jingthing said:

300 is low!

But likely too good to be true.

I was seeing fees of 600 to 900 on low price units many years ago.

Is that a 55 plus complex?

Yikes that is high.

 

We pay $175 for our primary residence and $150 for the rentals.

 

Guess I should keep my mouth shut and enjoy what we have!

[heybruce]

8 hours ago, GypsyT said:

Having given up to find reasonable condo or house in CA, NV and AZ i started to check FL properties between Ft Lauderdale (good airport) and W. Palm Beach.

I put 0 - 100k on Zillow. To my surprise there are PLENTY of nice looking small studios for sale for less than $ 100 000!

Why?

What's happening in FL?

PS. I need an address in the US and short time vacation place.

There are many things that can go wrong with an inadequately researched property purchase anywhere, especially Florida.

 

One horrible example from one year ago:  https://en.wikipedia.org/wiki/Surfside_condominium_collapse

 

The cause of the collapse is still being investigated and inspection rules for older condos being debated, but I suspect that there are a lot of older condos in storm surge areas (anywhere near the beach in Florida) that are selling at a significant discount in Florida.

 

When in Florida avoid storm surge and flood zones, which leaves out coastal areas, or only buy something built to current hurricane standards, which will be expensive.

 

Also, when I state storm surge areas are near the beach, I mean within a few miles or tens of miles.  Florida is a flat state and storm surge zones extend well in-land.  https://www.nhc.noaa.gov/nationalsurge/

[heybruce]

9 hours ago, GypsyT said:

You are right, they are high, but if I pay 100k less that pays higher fees, say $ 200/m, for 41 years...

Sample for $ 100 000 condo w $ 300/m fee.

https://www.zillow.com/homedetails/700-Village-Green-Ct-APT-212-Lake-Worth-FL-33461/2062931107_zpid/

 

Am I missing something? I could live there.

 

Built in 1985, before strict hurricane construction codes, definitely in a storm surge zone, looks like it started life as a cheap hotel.  I'd take a close look at the building, including recent foundation inspections, and how often the area floods before committing to it.

[LaosLover]

On 6/6/2022 at 3:57 PM, Jingthing said:

Think mobile homes are an affordable option?

 

A lot of rural parts of America are now zoned against trailers. Old trailers are grandfathered in, but the old wreck by the side of the road providing low cost housing is something I see less of every year. A trailer has a life span of about 20 years.

 

These rural parts of America typically pride themselves on their libertarianism, but that fierce love of freedom goes out the window when threats to property value of brick ranch houses are perceived.

[LaosLover]

On 6/16/2022 at 8:01 AM, Jingthing said:

Means testing for SS is not going to happen but raising the income cap for SS payroll tax hopefully will.

 

Means testing of SS is already here. If you make more income, you get more deducted from your SS check for Medicare.

[LaosLover]

Altho I am left of center, living in NYC, I have seen the distorting effects of rent control. If you live in an apartment for 10 years and have been getting low, regulated increases, you can no longer afford to move to another place at market rates.

 

And then next door, someone else is paying 50% more for the same apartment. I don't see any new communities adding rent control protections in my lifetime.

 

Housing vouchers pay a third of the rent on average. If rents have gone up 50% and the voucher amount hasn't gone up, a poor person with a voucher is out of luck, assuming he can get anyone who wants a HUD voucher tenant at all.

 

The only solution is higher density apartments and more lax zoning laws. These solutions are not doable in this current NIMBY era. We have mortgage interest deductions that benefits the middle class and above, we have less and less interest in subsidizing the poor.

 

The solution for Thai expats on the hoof is Cambodia. Or lower end Latin America.

[GinBoy2]

10 hours ago, LaosLover said:

Altho I am left of center, living in NYC, I have seen the distorting effects of rent control. If you live in an apartment for 10 years and have been getting low, regulated increases, you can no longer afford to move to another place at market rates.

 

And then next door, someone else is paying 50% more for the same apartment. I don't see any new communities adding rent control protections in my lifetime.

 

Housing vouchers pay a third of the rent on average. If rents have gone up 50% and the voucher amount hasn't gone up, a poor person with a voucher is out of luck, assuming he can get anyone who wants a HUD voucher tenant at all.

 

The only solution is higher density apartments and more lax zoning laws. These solutions are not doable in this current NIMBY era. We have mortgage interest deductions that benefits the middle class and above, we have less and less interest in subsidizing the poor.

 

The solution for Thai expats on the hoof is Cambodia. Or lower end Latin America.

Section 8 vouchers are a pain, as are 'some' of their recipients.

 

Years ago I had a lower end rental, and the bleeding heart liberal that I am decided I'd offer it for Section 8.

 

Trouble is do a background and credit check, folks tend to have much lower credit, sometimes tenuous or sketchy employment histories and little to no rental history that you can check.

 

One day I got called by building management to let me know my tenant had done a runner, dumped garbage everywhere and trashed the place.

 

It's not like you get any guarantee from HUD they just give you the money.

 

Never did any Section 8 housing again.

 

After that bitter experience which cost me thousands just went all in for higher end, managed properties and never had to worry again

 

Maybe it's a minority which can ruin things for the many, but it's the property owner who picks up the tab when things go bad.

 

So yeah, I'm part of the problem with folks not being able to find housing that accepts vouchers!

[GypsyT]

On 6/26/2022 at 4:10 AM, heybruce said:

Built in 1985, before strict hurricane construction codes

I think you and others are right regarding hurricanes lowering prices in Florida, specially on the beach.

I didn't think that. I should have because I went by terrible Andrew destruction in Homestead on the way to Key West. It was like war zone...

 

So, no condo on the beach in Florida!

 

[Yellowtail]

17 minutes ago, GypsyT said:

I think you and others are right regarding hurricanes lowering prices in Florida, specially on the beach.

I didn't think that. I should have because I went by terrible Andrew destruction in Homestead on the way to Key West. It was like war zone...

 

So, no condo on the beach in Florida!

 

Yes, but with global warming, all ocean-front property will be worthless in ten years. It amazes me that all the fools keep buying it. 

[Jingthing]

This is so brutal.

A dystopian nightmare.

 

 

[Jingthing]

Some landlords really are evil, yeah?

 

https://youtu.be/yjDwDfo2bzA

[Hanaguma]

You always have the option of going nomad! Buy a nice RV, perhaps a pickup truck and a nice trailer, and hit the happy highways. See America from up close, enjoy the national parks and natural beauty, enjoy sunset beer and barbequed t-bones every night!  You could get a nice rig for far less than $100,000. Even with the price of gas, boondocking and BLM land are great! Many states have senior passes for state parks and camping areas too.

 

I have looked into it and it does have a certain pioneering feel!  

[Jingthing]

6 hours ago, Hanaguma said:

You always have the option of going nomad! Buy a nice RV, perhaps a pickup truck and a nice trailer, and hit the happy highways. See America from up close, enjoy the national parks and natural beauty, enjoy sunset beer and barbequed t-bones every night!  You could get a nice rig for far less than $100,000. Even with the price of gas, boondocking and BLM land are great! Many states have senior passes for state parks and camping areas too.

 

I have looked into it and it does have a certain pioneering feel!  

Back to reality.

 

 

[Hanaguma]

9 hours ago, Jingthing said:

Back to reality.

 

 

Hey Jing, thousands of people enjoy the freedom of the open roads.  You might feel a bit better if you join them!  Nature can be intoxicating. 

[Jingthing]

28 minutes ago, Hanaguma said:

Hey Jing, thousands of people enjoy the freedom of the open roads.  You might feel a bit better if you join them!  Nature can be intoxicating. 

Your transparently snarky personal suggestions are most unwelcome. Desist.

The leisure lifestyle you are talking about is indeed an option for wealthier Americans with a significant passive income.

But that's largely irrelevant to the demographic addressed by this topic.

An expat who repatriates who could afford your suggestion indefinitely could likely also afford at least a very low end poverty US life in a <deleted> location. For such people I would agree if they would like such a mobile existence with all its options then sure that's worth considering. Otherwise there is the working lowly jobs nomadically as you age which may be OK temporarily but in the longer term is basically glorified homelessness.

[Hanaguma]

36 minutes ago, Jingthing said:

Your transparently snarky personal suggestions are most unwelcome. Desist.

The leisure lifestyle you are talking about is indeed an option for wealthier Americans with a significant passive income.

But that's largely irrelevant to the demographic addressed by this topic.

An expat who repatriates who could afford your suggestion indefinitely could likely also afford at least a very low end poverty US life in a <deleted> location. For such people I would agree if they would like such a mobile existence with all its options then sure that's worth considering. Otherwise there is the working lowly jobs nomadically as you age which may be OK temporarily but in the longer term is basically glorified homelessness.

JT, no need to get your panties in a wad.  The nomadic lifestyle is a valid option for people of limited means. There is a lot more to it than buying a quarter million dollar motorhome and swanning about.  There are myriad low cost options that work for many people, and they don't feel deprived or disadvantaged. 

[Jingthing]

9 minutes ago, Hanaguma said:

JT, no need to get your panties in a wad.  The nomadic lifestyle is a valid option for people of limited means. There is a lot more to it than buying a quarter million dollar motorhome and swanning about.  There are myriad low cost options that work for many people, and they don't feel deprived or disadvantaged. 

If you're of limited means then your "mobile home" is much more likely to be a car where you poop in a bucket and also you will need to chase around low level jobs such as Amazon warehouse or cleaning toilets. I doubt many expats would willingly choose to return to that.

Also I'm calling FOUL on your entire attempt to hijack this topic.

You are free to open a separate topic if you wish about nomadic living options in the US. This isn't it. This topic is clearly about what most people want and need. An affordable home in a specific location.

[Yellowtail]

Slab City

[Hanaguma]

1 minute ago, Jingthing said:

If you're of limited means then your "mobile home" is much more likely to be a car where you poop in a bucket and also you will need to chase around low level jobs such as Amazon warehouse or cleaning toilets. I doubt many expats would willingly choose to return to that.

Also I'm calling FOUL on your entire attempt to hijack this topic.

You are free to open a separate topic if you wish about nomadic living options in the US. This isn't it. This topic is clearly about what most people want and need. An affordable home in a specific location.

Fair enough.  Affordable homes can be found in the US.  The "specific location" may be the sticky point. Real estate as I am sure you know is ruled by geography.  If a returning retiree is tied to a specific location, that can be bad.  If they are flexible, so much the better. 

 

Here is a cut little place in New Mexico for 75k...

 

https://www.realtor.com/realestateandhomes-detail/808-S-Avenue-B_Portales_NM_88130_M10082-99609?ex=2944753572

[KhunLA]

26 minutes ago, Hanaguma said:

JT, no need to get your panties in a wad.  The nomadic lifestyle is a valid option for people of limited means. There is a lot more to it than buying a quarter million dollar motorhome and swanning about.  There are myriad low cost options that work for many people, and they don't feel deprived or disadvantaged. 

I could easily see myself living a nomadic life in the USA.  Probably preferred instead of getting rooted again, as for the life of me, I can't think of one place I'd like to be for more than 30 days in the USA.

 

Cruise the S during winter and the N during summer months.  Always enjoyed camping so living out of a van, pick up or small RV would be easy.

[Hanaguma]

4 minutes ago, KhunLA said:

I could easily see myself living a nomadic life in the USA.  Probably preferred instead of getting rooted again, as for the life of me, I can't think of one place I'd like to be for more than 30 days in the USA.

 

Cruise the S during winter and the N during summer months.  Always enjoyed camping so living out of a van, pick up or small RV would be easy.

Khun, looks like we have something in common after all!

 

These days the RVs are NOT like the old pop up campers of my youth. Solar power is a real game changer for those who want to live off the grid, full wireless service is easy to get, and some smaller trailers (under 25 feet) can be easily towed by a light pickup truck like a Ford F-150.  There are dozens of Youtube channels by men living the dream.  Desert southwest in the winter, gradually move north in the summer, it is something to consider.   Can you imagine waking up to the sunrise over the desert or mountains every day, fresh brewed coffee in hand, no neighbours... eminently possible and not expensive.

[KhunLA]

2 minutes ago, Hanaguma said:

Khun, looks like we have something in common after all!

 

fresh brewed coffee in hand, no neighbours... eminently possible and not expensive.

Scary stuff ... ????

 

I do the fresh coffee now when out & about already.

[Hanaguma]

6 minutes ago, KhunLA said:

Scary stuff ... ????

 

I do the fresh coffee now when out & about already.

Great minds think alike.  

 

Here is our view at Saguaro National Park while grilling up a couple tomahawk t-bones and enjoying a nice bottle of California Cabernet...