Key States in the West and Southeast Are Attracting Movers at the Expense of the Northeast and Midwest
Harry Dent | April 29, 2019 | Let’s pick up where we left of in our real estate conversation from last week. It’s on everyone’s minds. It’s all over the media. Everyone knows housing prices are over inflated. In places like San Francisco, they’re outrageous. Increasingly, the data shows trouble brewing. The bottom line is, the property market must reset. People can’t afford to own homes in some of the major cities… and it’s not like they are earning poorly. They’re averaging close to $100,000 a year, yet they can’t buy a house. Increasingly, it seems like you have to be a millionaire just to own a trailer-sized house in places like Manhattan and Vancouver. I came across this interesting infographic the other day. It maps the salary needed to buy a home in 50 U.S. metro areas. In places like Nashville or Tampa, Charlotte or Baltimore, you need to earn less than $60K a year. In San Diego and San Francisco, you need more than $199K. In San Jose, you need to earn a salary of $254.8K to buy a house. The median home price there is $1,250,000. There’s no way. Seriously, who has that kind of money? There are many ticking time bombs that could level this real estate bubble. One is the underwater mortgage problem I told you about last week. Another is the sheer size of this bubble. It’s going to end up crushing itself and all who are in the way when it collapses. A third – perhaps most dangerous – is the dyers-versus-buyers phenomenon that will arise as Baby Boomers continue on the path to the grave. Of course, indicative of this growing problem is the migration of people across the continental U.S. … READ MORE » The REAL housing crisis no one is talking about  It has nothing to do with the shortage of affordable housing, or the lack of new home building, or anything else you're hearing in the mainstream media. Because the housing story that's NOT being told is also the single greatest threat to our economy right now.
Click here now to find out what this crisis is… and what you can do today to not only protect yourself, but grow your wealth faster than you thought possible when this crisis hits. |
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