The primary input isn’t land, it’s tolerable neighbors. That is of course what “good school district,” “location, location, location,” and similar euphemisms actually mean.
If you have a high tolerance for crime and other antisocial behavior there is plenty of extremely affordable housing in major US cities with plenty of amenities like walkability and public transportation.
Or if you venture outside of major cities there is also plenty of affordable housing in unfashionable suburban. Many of those areas also have low crime and decent public schools. Not much public transportation, but plenty of free parking.
Absolute prices are irrelevant. Affordability is reflected in home ownership rates. In some states such as Alabama, Maine, Minnesota, Vermont, South Carolina, etc. the rates are above 70%. Regular people seem to be finding it affordable.
Hm, I think we may find chickens coming home to roost in the next recession perhaps. Obviously not because of variable rate mortgages, but we’ll find out if people stretched themselves too thin. I’m sure there are metrics about that as well but I think that’d be the best test.
Delinquent debt is at the same levels will into the GFC starting in 2008. More like they are maxing out their debt and then ignoring the calls to repay them and the financial institutions are just delaying collection hoping this all blows over.
