Quote:
Originally Posted by Crawford
OK, granted, but these are upper middle class towns. Why would moderate income households easily afford new or renovated SFHs in upper middle class towns in close-in suburbs of one of our largest cities?
Metro Detroit, hardly a booming or expensive area, well-located upper middle class suburbs don't have much SFH product below 500k, and nicer/newer product is more like 600-700k and up. Not surprisingly, Philly is a little more expensive. I don't see these prices as that outrageous. Most households don't absolutely need a SFH in a higher-end area. Do you really need a top-tier school district, and all the amenities?
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Judging by the examples in EastSideHBG's post, they are just typical suburban track homes; built by developers in the 60's and 70's, nothing fancy or out of the ordinary. One even looks like Al Bundy's house and he sold shoes.
That's the crux of the issue is anywhere there's decent schools, low crime and stable socioeconomics; the bulk of the middle class are being priced out.