[refurb]

I don't disagree that real estate is inflated due to cheap money, but I would challenge the idea that just because you were born in a city you have the right to expect to be able to own a home there.

As for the $200K comment, I meant own a home, not rent an apartment.

[antisthenes]

No, but if you work in a city, you should be able to afford a home there. And that's increasingly not the case anymore.

Are you saying extreme length commutes should be the norm?

[refurb]

They already are in NYC, but thankfully the train and subway alleviate that somewhat.

The interesting thing is that people are willing to put up with commutes that long. Or, they just suck it up and move their family into a one-bedroom.

Point is, if people aren't willing to do it, it won't ever change.

[ABCLAW]

200k annual income is enough to service the mortgage on a luxury apartment on Manhattan proper without straining the budget too much. This is about owning, not renting.

If you meant 'detached house' by home that's another thing entirely.

[wan23]

Though getting the money for a down payment is a bigger problem. It takes a while to save up the $250K down + closing costs (let's not forget that 1% mansion tax) on a $1.2M one bedroom apartment.