馃搱Income Needed to afford a House in Austin, TX... $76,000 - Sept 2020 $160,000 - Sept 2022 Yikes - no wonder the Housing Market is Crashing.馃槵

Sep 22, 2022 路 11:13 PM UTC 路 Twitter Web App

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Looking at this over time really hammers home the point. For much of the last 25 Years you needed about $60-70k to buy in Austin. Then that figure more than doubled in 2 Years. Not sustainable obviously.
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How does Phoenix look? Just as bad. In fact - the Income Needed to afford a House in Phoenix today is 40% higher than at previous Bubble Peak in 2007. Reminder: Home Prices crashed in Phoenix by 53% from 2007-12.
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The limiting factor on the Housing Market is Income & Wages. And we've hit that limiting factor. Buyers will not magically "come back" to the Housing Market until Prices Crash. And Crash Hard. 馃搲
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Replying to @nickgerli1
Just wait till the tech companies start laying off.
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Replying to @nickgerli1
In '08, house prices fell by ~25%. No other time in history have they more than that. If they fell by 25% now, income required to afford a home in Austin, TX would be $120,000 (still a whole lot more than $76K).
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Replying to @nickgerli1
Austin is also full of fake tech/startup companies. I've been in rooms of hundreds of engineers doing nothing in Austin. The fake companies pay the most.
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There鈥檚 plenty of real ones here. And until the job market here tanks these houses aren鈥檛 getting any cheaper
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Replying to @nickgerli1
I hope you caught Jerome鈥檚 housing correction comment yesterday. Writing is on the walls now.
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Replying to @nickgerli1
Silicon Valley. Friend renting his late mother's house out. 2Br/1ba 70 yr old Sunnyvale tract home. Renters cannot afford to buy. They are both at Google, combined income is over $500K. Starting to change. Taxes, crime and homeless... Housing likely peaked, with Tech jobs going.
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