Living in the United States is a dream most people have not only for themselves, but also for their loved ones. But just imagine what it would be like to actually be able to purchase your own in the country. Unfortunately, not everyone can be afforded this opportunity because there are some states in the country whose properties are nearly impossible to afford.
According to Curbed, some of these cities include New York, Los Angeles, Seattle, San Francisco and more. The publication revealed that they went on a tour to different parts of the United States in search of houses that were on sale. One of the most common reasons why it was nearly impossible to purchase them was because of the unreasonably high price.
For instance, Noe Valley, San Francisco is home to a Victorian-inspired property that boasts extensive designs. It is much similar to the condominium in San Francisco that had everything any homeowner could possibly ever want.
However, based on all of the renovations done on the place as well as its amenities, the property could have sold at $500,000. Unfortunately, the retailer asked for $3.7 million in late October 2015. In the end, the property sold for $1.65 million, still a huge difference from its original asking price of $3.7 million.
According to the Census Bureau, "Median home values adjusted for inflation nearly quadrupled over the 60-year period since the first housing census in 1940."
As such, median house prices in Boston role at up to 53 percent. Housing in San Francisco rose at up to 81 percent between 1980 and 2000 alone.
To conclude, some properties on sale in the United States ask for more than 50 or 70 percent of the house's actual cost. This is one the very reason why people have found it impossible to own properties in the country.
