And where will all the people live then? Lol very unlikely most have locked in homes at 3% rates at much lower prices for 30 years. For example my brother bought in 2018 a lake home in MA for $160k refi in 2020 for 3% and the house next door just like his but not fixed up was sold for $520k at a 8% interest rate no way the vast majority of people with reasonable mortgages and good incomes will need to sell. The mortgage standards now a day are much harder and we have a chronic shortage of new homes in New England vrs population growth since 2008. On top of the the millennials the largest generation since the boomers are in their peak home buying years in the boomers are not selling their homes because they again have those mortgages at a low cost and low rates or already paid off their house and can't afford to buy a new house at the much more inflated prices so they're not moving and you can't build new homes. You also have chronic labor shortage in America with boomers retiring in mass and zoomers being pretty small generation there are just not enough people for all the jobs so wage gains will stay much higher than the last 45 years in industries where wage gains have been very low. This may happen in parts of the west and Sunbelt where supply really has kept or out paced demand but not in New England.
The cause is simple.. Connecticut became a sanctuary state and what happened after that? People flooded the state needing housing people that shouldn't be here. We subsidize them through higher taxes and suffer with a higher cost of living. Just remember that when your voting in November.
I'm watching from the state I escaped to after leaving CT. I think one difficulty is keeping the price low and quality sufficient. Most low cost apartments in CT are very low quality. In comparison to many southern states. You might pay $1400 but the quality far surpasses a $1400 apt in Connecticut. It depends on which southern state, but most properties down south are not from 1902. As long as you steer clear of Jackson, Mississippi, the entire state of West Virginia, and Portsmouth, Virginia, you can do quite well.
Why do they always blame the high demand for the ridiculously high prices? It is the apartment owners who get greedy and charge exorbitant amounts of rent just because they can. The so-called market isnt making decisions and setting prices. The wicked landlords are
😂 while some push it as high as they can their costs have sky rocketed as well interest rates, real estate cost almost doubled repairs, heating labor is much more exspensive than 3 or 4 years ago. The point is that landlords wouldn't have the market power to raise prices as much if there was substancially more inventory available cuz people wouldn't buy or rent there. The core issue here is local governments land use regulations make it extremely hard to build and understand profitable especially with very high rates to even try to build new homes. If it where true they can always be greedy and charge whatever they want and profit so much you would see a huge building spree of new homes and apartments but in New England New building start are way down so the supply just isn't coming cuz the core issues are hi jacked by local homeowners who have time and incentive to control zoning boards and not let any development happen. Go to Austin Texas when home prices are down big time over last year it's due to more inventory than demand not landlords being less greedy in Texas than in New England..
Wow, well that was a very detailed report. Present the issue. Get all sides of the story. Add YOUR investigation findings. Explore solutions. Very thorough. Good job 👏 👏 👏 🎉
This is totally false information. I live in a not so great town and both properties next to me are valued at over $500k each. Multi family housing albeit. But you cant find fixers uppers under $400k anymore
Is there a lot of land for sale in CT?? If the housing and apts are hard to come by these days perhaps purchasing land and building your own home will help solve the housing problem.
@@tearaproctor9684 land up here is expensive too. Unless you have cash, getting a loan for land is a lot harder. And then you need a new build loan for the home. Too expensive.
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When economy tanks you will have a flood of foreclosures and housing will be in abundance
And where will all the people live then? Lol very unlikely most have locked in homes at 3% rates at much lower prices for 30 years. For example my brother bought in 2018 a lake home in MA for $160k refi in 2020 for 3% and the house next door just like his but not fixed up was sold for $520k at a 8% interest rate no way the vast majority of people with reasonable mortgages and good incomes will need to sell. The mortgage standards now a day are much harder and we have a chronic shortage of new homes in New England vrs population growth since 2008. On top of the the millennials the largest generation since the boomers are in their peak home buying years in the boomers are not selling their homes because they again have those mortgages at a low cost and low rates or already paid off their house and can't afford to buy a new house at the much more inflated prices so they're not moving and you can't build new homes. You also have chronic labor shortage in America with boomers retiring in mass and zoomers being pretty small generation there are just not enough people for all the jobs so wage gains will stay much higher than the last 45 years in industries where wage gains have been very low. This may happen in parts of the west and Sunbelt where supply really has kept or out paced demand but not in New England.
@@Ryanandboys when we are in depression no one will have income
The cause is simple.. Connecticut became a sanctuary state and what happened after that? People flooded the state needing housing people that shouldn't be here. We subsidize them through higher taxes and suffer with a higher cost of living. Just remember that when your voting in November.
Yea Bridgeport is more like $350k for a damn house
I'm watching from the state I escaped to after leaving CT. I think one difficulty is keeping the price low and quality sufficient. Most low cost apartments in CT are very low quality. In comparison to many southern states. You might pay $1400 but the quality far surpasses a $1400 apt in Connecticut. It depends on which southern state, but most properties down south are not from 1902. As long as you steer clear of Jackson, Mississippi, the entire state of West Virginia, and Portsmouth, Virginia, you can do quite well.
Prices keep getting higher and higher as people flee New York 😂.
and other states plus immigration
@@alexxx7066if you have to stay in ct. I’d buy now because they are only getting higher
Why do they always blame the high demand for the ridiculously high prices? It is the apartment owners who get greedy and charge exorbitant amounts of rent just because they can. The so-called market isnt making decisions and setting prices. The wicked landlords are
Corporate landlords.
😂 while some push it as high as they can their costs have sky rocketed as well interest rates, real estate cost almost doubled repairs, heating labor is much more exspensive than 3 or 4 years ago. The point is that landlords wouldn't have the market power to raise prices as much if there was substancially more inventory available cuz people wouldn't buy or rent there. The core issue here is local governments land use regulations make it extremely hard to build and understand profitable especially with very high rates to even try to build new homes. If it where true they can always be greedy and charge whatever they want and profit so much you would see a huge building spree of new homes and apartments but in New England New building start are way down so the supply just isn't coming cuz the core issues are hi jacked by local homeowners who have time and incentive to control zoning boards and not let any development happen. Go to Austin Texas when home prices are down big time over last year it's due to more inventory than demand not landlords being less greedy in Texas than in New England..
Wow, well that was a very detailed report.
Present the issue.
Get all sides of the story.
Add YOUR investigation findings.
Explore solutions.
Very thorough. Good job 👏 👏 👏 🎉
This is totally false information. I live in a not so great town and both properties next to me are valued at over $500k each. Multi family housing albeit. But you cant find fixers uppers under $400k anymore
Tel us something we don’t know
And what about the floods of low income millions who will gobble up those few new places
The mill rate in newhaven is ridiculous
Is there a lot of land for sale in CT?? If the housing and apts are hard to come by these days perhaps purchasing land and building your own home will help solve the housing problem.
@@tearaproctor9684 land up here is expensive too. Unless you have cash, getting a loan for land is a lot harder. And then you need a new build loan for the home. Too expensive.
Rates aren’t going down
Thats not a crisis at all compared to Wisconsin