Quote:
Originally Posted by Crawford
I'll never get the idea that RE is a "bargain" based on its price.
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Because you're a 5-percenter (or close enough to it) and are only able to understand the world through the dollars and cents lens of investment potential.
For regular people in the middle and working classes, home affordability is about the lack of barriers to entry.
It's not so much about future investment potential, it's about being able to afford getting away from the uncertainties of the rental world and putting a permanent roof over your family's heads.
It is easier (lower barrier) for working and middle class people to
ENTER the real estat market in Chicago than it is in the big coastal cities. That's why many people refer to it as "affordable" on that relative basis.
But no, that $150K bungalow in Chatham is not going to be worth $500K in 15 years. That's the trade-off. You won't get rich off of owning your own home in Chicago, but at least you get to own one in the first place, if you want to.