The Millstone Lure, 31st Day of Midsommar, 526 M.E. (Castor): Zillow claims the house next door to me just sold for $1.52M. Yesterday, I introduced myself to the new owner, a single woman, maybe 30 years old.
The Democrats are staking their political future on the issue of affordability. Wages are stagnant, prices are up, and inflation is rising. Nearly half of American families don’t have the financial resources to live securely. Since 2017, average earnings have grown about 43 percent, but home prices have increased by 81 percent and rents 54 percent. The lowest-cost health plans on the Affordable Care Act marketplace have risen 77 percent, and child care costs have gone through the roof.
But how's that issue going to resonate with young homebuyers who can afford million-dollar-plus homes while still in their 30s? Obviously, economic inequality is a factor here, but politically that can be a polarizing issue - the haves will vote one way and the have nots another. But most everyone would probably like to see lower prices.
FWIW, Zillow lists my home for half of what they list my new neighbor's, and I bought it for half of that. I think a reasonable market value is somewhere between what I paid and what it's listed at on Zillow, but I don't plan on selling or moving. I'm making my last stand here in this pile of bricks up on a hill, and it will probably take a haz-mat team to come carry me out of it after my new neighbor's dog starts constantly barking about the smell.
