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My opinion, the market has corrected when a middle class family can afford a middle class home. My Wichita home would probably cost over $1M in SoCal, pretty easily 6x what it's worth in Wichita. But from what I've seen, pay in the area is about 10% better. Does that sound sustainable?
Obviously there will always be a premium for desirable areas like SoCal, but the bottom line is simple. People have to be able to afford living there. $500k for a 1200 sq ft townhome is not sustainable. 25% yearly appreciation is not sustainable.
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‘07 Mazda RX8
Past: 911T, 911SC, Carrera, 951s, 955, 996s, 987s, 986s, 997s, BMW 5x, C36, C63, XJR, S8, Maserati Coupe, GT500, etc
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