Quote:
Originally Posted by Investing In Chicago
This makes absolutely no sense; if a person chooses to commute 3 hours each way that is on them; there is plenty of affordable housing in Chicago.
I just picked up 6 SFH's in a solidly working class southside neighborhood for <$130K each. How much more affordable can you get than that? You can walk to the El, and be downtown in 15 min.
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EXACTLY.
Think of it this way: When a person makes $11 an hour, that comes out to about $22,000 a year (if they are working full-time).
If three individuals, who each make $22,000 a year, put their income together, that comes out to about $66,000 a year.
These three people could go together as "business partners" and EASILY buy a $130,000 house, with an FHA first-time homebuyer mortgage.
This is one way, to break into the real estate game, is to partner up with other people. Sort of like "business partner/roomates".
Now, having said that, I do agree that it is a good idea to keep building more housing in existing neighborhoods, as more supply eventually causes prices to drop.
I am going to be very frank and honest here...a lot of times, when people complain about a lack of "affordable housing", what it really seems like they mean, is they cannot afford to live in the hot, fun neighborhood of their choice. But if someone needs to live in the city, there are affordable places to live, for sure.
But yes, as a renter, I do support building more supply, overall.