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by ramesh31
419 days ago
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NYC does not suffer this problem for some reason. Yes, of course there are prohibitively expensive neighborhoods in the trendiest areas. But if your goal is to live and work in the city, or to have a reasonable commute in, it is extremely doable on just about any salary, and you can actually reasonably expect to be able to afford a home in the suburbs some day. A one hour drive out of the city is considered “upstate boondocks” and you can still buy a 300k home. Whereas that is barely into the middle suburbs for SF, where houses still start at $800k+. |
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It’s still expensive but as you say it is possible to find reasonable housing that is commutable. Also not having to own a car frees up money to compensate a bit.
I would never expect hot metros to be as affordable as mid tier cities or rural areas, but when it’s extreme to the point of absurdity and there is no way to get relief something more than just regular market dynamics is happening. Markets like SF are only possible with organized restriction of supply, basically a cartel.