More home is now within reach as the economy resets and things settle down. Half a million dollars is, by almost any standard, a lot of money. But during the past few years, when credit was easy and regulations were loose, for many Americans it didn't seem like all that much.
That's because they were able to borrow huge amounts of money to buy new homes, often with little or nothing down. And while most homes sold in the United States, even at the height of the housing bubble, were $500,000 or less, rising prices in many major cities and affluent suburbs around the country pushed the cost of a three-bedroom home into seven figures or more.
2 comments:
I have to say that while this article is very true, many of the Philadelphia suburbs haven't been hit as hard as the article suggests. The $1,000,000 home still exists on parts of the Main Line, and in Bucks and Chester County. Some areas seemed unfazed or only slightly affected by the current credit market.
Hi Henry. Thank you for your comment. I am glad to hear that the Philly burbs have not been hit as hard as other major metro cities. It is refreshing that there are still $1M homes in the surrounding counties. Although to steep for my wallet, those prices are a good indication that some markets are holding strong or have not been affected, yet, by the recent housing market and economical happenings.
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