me_irl

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me🏠irl (lemmy.world)

submitted 7 months ago by [email protected] to c/[email protected]

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[–] [email protected] 14 points 7 months ago (5 children)

Supply and demand. House prices are high because lots of buyers are financially competing for the same properties. The prices won't collapse unless something disastrous happens to the world that results in an oversupply of housing or massively harms people's spending power, and the odds are you would be affected by that too.

[–] [email protected] 11 points 7 months ago* (last edited 7 months ago)

There are currently 10 million vacant homes across the US, (15 million if you count the ones for rent,) which represents about 7.5% of the total housing. Not refuting your argument, just adding to the conversation.

I guess a lot of these are in less than desirable locations, among other factors, but 4.5 million of them are listed as seasonal, occasional, or recreational use. That's a lot of vacant housing, considering only 1.2 million of them are for sale.

Edit, I guess these are 2020 numbers so these may have changed since then.

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