Quote:
Originally Posted by DrPhil
What say you, GCers?
This is unfortunate but not surprising considering what is happening in other affluent (and nonaffluent) communities across the country.
It also highlights the different costs of living across the country. Paying $200K for a 646 sq ft house or condo is unheard of in some cities. It is considered CHEAP in other cities.
I watched House Hunters last night and said "daaaaaaag" at some of the costs of the houses and condos. I consider some of those houses substandard and not worth even half their cost---but it's based on cost of living. The house hunter on last night's episode ended up purchasing the only condo that was worth purchasing. Even it was way more expensive than it would be in other cities.
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I'm really not surprised, even though the DC area was less hit by the foreclosure mess than say, south Florida or the Inland Empire. Also, I WISH I could find a 650 SF apartment for $200K.
I have a lot more to say about this, which will have to wait--mainly about the pressure that affluent blacks receive from family and friends to buy a house
right away after finishing college or graduate school, by any means necessary. For so many people, homeownership is the American Dream fulfilled and this yearning may be even stronger for blacks and Hispanics. The hysteria of the mid-aughts increased that since people were afraid of "being priced out."
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