We've been hearing a lot all over the news and especially with the upcoming presidential election about the housing crisis our country is experiencing. I've done quite a bit of research about the issue, but was the reality of it was brought much closer to home just this past weekend.
There is a huge discrepancy in house prices depending on what part of the country you live in. I have a brother in Detroit, a sister currently in New York and moving to Madison, and a brother who just moved to Houston.
My oldest brother, who recently moved from Kansas City to Detroit did not personally have trouble selling his house as his work bought it for him. Detroit was recently named one of the best places to buy a home as they are cheap and are not likely to fluctuate much in prices. His house sold in KC for $180,000 and his new house cost around $200,000. My sister moved last year from Atlanta (also named one of the best cities to buy in) to New York. Her apartment there runs about $2000 per month! She is currently looking in Madison near the University. My oldest brother just moved to Houston. For a five bedroom, three and a half bathroom house with a pool in Sugarland it will cost him $288,000, without the pool is $233,000. This is about the same price as my sister's two-bedroom in madison.
Does this price discrepancy have to do with demand for the houses or more the prosperity of the local economies in Houston vs. Madison?