{"id":9385,"date":"2024-06-11T18:58:11","date_gmt":"2024-06-11T18:58:11","guid":{"rendered":"https:\/\/cobiaholdings.com\/?p=9385"},"modified":"2024-06-11T19:25:54","modified_gmt":"2024-06-11T19:25:54","slug":"whats-happening-in-the-housing-market-2024","status":"publish","type":"post","link":"https:\/\/cobiaholdings.com\/whats-happening-in-the-housing-market-2024\/","title":{"rendered":"What’s Happening in the Housing Market 2024"},"content":{"rendered":"\n

This post was originally written as a conclusion to our other post on the NABOR post<\/a>, but as it grew, we’ve decided to break it out into it’s own post. <\/p>\n\n\n\n

To summarize the previous post – basically prices have continually increased, mostly sudden during COVID, and then a slight dip overall – but a continual\/but gradual increase in home values continues – despite the fact that very few people are actually buying homes. The question is … what is really going on and where are things heading? <\/p>\n\n\n\n

A Quick Note on the General Economy<\/strong><\/p>\n\n\n\n

One of the key indicators that has been used since time immemorial on how well the economy is doing – is overall cost of goods (monitored through the CPI) as well as the affordability of housing. Today (as we’ll explain) housing is outside the per-view of many workers. In Southwest Florida – for example – the average income for the last decade has been approximately $35,000. Conventionally, home ownership (or even rental) was 20-30% of income. At that rate housing would have to be $500\/month. There is literally nothing available (and there hasn’t been anything available for at least the last 2 decades). As we’ll show below a conventional house in the Naples market now costs roughly 20% MORE than that salary – and that’s JUST the mortgage – at today’s rates. So something is clearly broken. Combining this, with the ever rising cost of goods and services, due in part to inflation and you have a recipe for disaster – one that we believe will ultimate mean a couple of things: <\/p>\n\n\n\n