Why are there so many expensive homes? - eviltoast

I see a lot of expensive houses being built in my area. A LOT. And the weird thing is that they’re being bought pretty quickly. Are these people just making more money than me? If so, what are they doing for a living? Or are they just living house poor? How exactly are they affording these places?

Edit: For reference, my neighborhood is starting to become popular (because the other popular neighborhoods have priced most people out of affording places there). The normal price of newer homes here is $700k. My home, built in 1965, which is 2500sq ft on a quarter acre of land, is $500k.

  • Blaidd@lemm.ee
    link
    fedilink
    English
    arrow-up
    1
    ·
    1 year ago

    So quit your job and pay hundreds, maybe even thousands, of dollars to move somewhere different where you no longer have a source of income and don’t know anyone?

    • RickRussell_CA@lemmy.world
      link
      fedilink
      English
      arrow-up
      1
      ·
      1 year ago

      I’m not saying I like it, that’s just how it is. As a consumer of housing, like anything else, when you can’t afford what you want you have to get something less.

      • Blaidd@lemm.ee
        link
        fedilink
        English
        arrow-up
        1
        ·
        1 year ago

        No, this is not how it is. In order to rent an apartment you have to show proof of income, and people who can’t afford a studio apartment where they live also cannot afford to move. What you are suggesting is literally not possible. You might as well tell someone to grow wings and make a nest in the clouds.

        • RickRussell_CA@lemmy.world
          link
          fedilink
          English
          arrow-up
          1
          ·
          1 year ago

          You can’t afford steak, you eat chicken, you can’t afford that, you eat beans. You can’t afford that, you’re in trouble.

          I didn’t create the system, man. I get it, it’s hell to be poor. But corporations buying and flipping homes doesn’t have much to do with the plight of people who can’t afford studio apartments. If somebody else is ready to pay a higher rent than you are for the same apartment, they’re gonna get it. Doesn’t matter whether the landlord is a friendly grandma or a faceless megacorp, nobody is gonna willingly sell something for less.