Housing Growth: HOW, WHY

[ZZGAMAZZ]

A Harvard economic report indicates that the number of 2025 new households is similar to the slow growth experienced during the Great Depression 100 years ago.

Driving through Jurupa Valley [aka Riverside], it's painfully obvious that pretty much every square inch of vacant land is being developed for residential housing--presumably thousands of ugly stucco SFR's priced above $600,000.

Questions: Why so much demand presuming that builders forecast the future? How is it even remotely possible that so many individuals can AFFORD these prices; and WHY would they want to be responsible for monthly mortgages of . . . $xxxxxxxx?. Without being judgemental Why TF would ANYBODY want to live here with Fg roosters crowing in the morning, and literally hundreds n hundreds of cars backed up at every stop light for miles????

 

[Joe Flacco]

Because they can't afford the $1M or $2M home in LA. They go to Riverside because that is where it is affordable.

 

[TerryRohrer]

Why TF would ANYBODY want to live here with Fg roosters crowing in the morning

I rather enjoy roosters crowing in the morning around here. Fits in with the wild birds singing at the crack of dawn, the cotton tails teasing the dogs, and the deer sifting toward the brush to beat the heat while enjoying the first cup of coffee. Of course, dwellings are sufficiently distanced that we can't usually hear much of the braying of the two-legged jackasses occupying them. You can keep those and the traffic...I saw enough of those from a hotel room during a week in San Francisco for an appraisal class about 30 years ago to last me a lifetime.

 

[ZZGAMAZZ]

Because they can't afford the $1M or $2M home in LA. They go to Riverside because that is where it is affordable.

Yes that is obviously true, but a listing on 45th Street, Jurupa Valley [aka Riverside] just around the corner from me just sold.... a 2-bed, 1 bathroojm, 800 sf, SFR built 70 years ago, bare dirt landscaping, min off-site public improvements, in POS condition presumably so bad that the MLS listing includes only one, exterior photo....IS SELLING FOR $500,000, which back in the day was termed "Half Million Dollars." Don't care how old I am, or how jaundiced I am, or how I won't ever shake my old school WV and Lousianna roots regarding housng prices...there absolutely MUST BE something wrong in the economic equation upon which principles like supply/demand, location, climate, employment opportunties, etc.,--something wrong forthis market segment to warrant, or justify, current valuations. [Course I'm also pissed that I was too dumb to buy into the upswing a decade ago, or two drunk for too many decades to hold on to the few homes that I did purchase during my long life. LOL]