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Originally Posted by host
Are homeowners in California today earning 80 or 90 times the amounts earned there in 1935? If not, today's asking prices are unsustainable.
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This is, of course, true. Especially in my area specifically. My home is unimpressive. It has two small bedrooms and a medium bedroom, 1.5 bathrooms, a medium living-room, kitchen, 2 car garage. All in all it's very mundane; not particularly fancy. If my home were transported to St. Louis or Milwaukee, it would possibly be worth $150k. Here in San Jose? $1.2m as of about 9-10 months ago. While it's true that people in the SF Bay area do make more than their counterparts elsewhere, we don't make it 8 fold. I don't think there are any people in my position in the midwest making $11,000-$12,000 a year. I knew that these prices weren't sustainable, just like I know the dollar is going to crash and I know that there will be a war for oil in South America... but like those things I had the foolish hope that it was a long way off. I kinda feel embarrassed to say that. I should have known better.