Reply to Housing prices have gone insane

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[quote=Anonymous]There's a lot of ink spilled and very few making the simple point. If you work in DC, and many high income people do, then you have to live inside the Beltway to have a reasonable commute. There's not much land inside the Beltway, and accordingly, houses are expensive.

As to top law school dbag, he seems to miss three points. His parents $700K house costs less than a small house inside the beltway because his parents live in a less desirable area (must have not taken any basic econ during his elite education). He also tries to correlate household income data with housing prices to come to a conclusion that everyone is cash strapped. He must not realize that there are lots of high density apartments and pockets of poverty in these areas that drag down the household incomes. I'm guessing he also missed that class where you learn that conventional mortgages limit DTI, and jumbos have far higher underwriting standards. Finally, he's the only top law school grad I know of that spent all the time 'succeeding' to then have a super long commute. [/quote]

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