We're looking at homes just outside of Boston with good public schools (public!), and homes in these towns go for $800k-$1.1M (or way more). If you barely qualify as a 1%er (making $250k+) you shouldn't buy a house for more than $750-775k...soooo...are people just insane? Is no one moving out of these towns that live in reasonably-sized/priced homes?
Just doing the math, if there are 6.8M people in MA and 68,000 are the 1%ers, they physically cannot live and occupy all of the towns like Wellesley, Lexington, and Belmont with good schools...and yet all of the housing availability are in homes available to people in the top 0.5%.
And this is only in the Boston metro area that I know...I imagine it's bad in Washington state, California, and New York, other states with great public school education systems.
So I can conclude only 1 of 2 things:
Middle class folks who want to send their kids to good public schools will buy houses way, way out of their price range
- or -
Only the rich want to sell their homes right now, because the reasonably-priced housing is simply inaccessible at the moment.
How is this possibly sustainable? I can't fathom how someone could be in the 1% and still feel "rich" after being priced out of housing from a suburb and not even sending your kids to private school.
Submitted January 16, 2017 at 08:07PM by acconrad http://ift.tt/2j2zdBA
