It Will Never Be a Good Time to Buy a House
Earlier this year, I moved from San Francisco to New York with my dogs, kids, and husband. My family rented an apartment. And once we figured out that we liked it here and wanted to stay, we looked to buy a place.
For roughly 11 minutes, before realizing that literally any other activity would be a better use of our time. Brooklyn has 1.1 million housing units. Just a dozen of them seemed to fit our requirements and were sitting on the market. All of the options were too expensive. And that was before factoring in the obscene cost of a mortgage.
New York, in housing as. That number has dwindled and dwindled and now sits at just 732,000, despite the country having added 30 million people to its population. The Case-Shiller index of home prices sits near its ; houses are unaffordable for middle-class families . Rural areas are expensive. Suburbs are expensive. Cities are absurdly expensive. Nowhere is cheap. That’s in part thanks to mortgage rates. The monthly payment on a new home has increased by more than 50 percent in the past three years, as 30-year mortgage rates have climbed from less than 3 percent to .
