I see a lot of expensive houses being built in my area. A LOT. And the weird thing is that they’re being bought pretty quickly. Are these people just making more money than me? If so, what are they doing for a living? Or are they just living house poor? How exactly are they affording these places?
Edit: For reference, my neighborhood is starting to become popular (because the other popular neighborhoods have priced most people out of affording places there). The normal price of newer homes here is $700k. My home, built in 1965, which is 2500sq ft on a quarter acre of land, is $500k.
You need a lot more info. Are these retirement condos, older people downsizing after kids, California migrants, a popular or quickly growing neighborhood, vacation rentals, corporate speculation, or just normal cost housing for your area.
Edited my post to provide some more info. I have no idea what the average salary is here.
information is readily available on this thing we call the internet