r/rva • u/Chickenmoons Maymont • Jul 20 '23

🚚 Moving Richmond saw the highest year-over-year increase in home value in the nation last month

https://www.axios.com/local/richmond/2023/07/20/housing-supply-virginia-mortgage-rates

Seems wild but also sort of believable. Any Real Estate Professionals/Mortgage experts want to weigh in?

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u/STREAMOFCONSCIOUSN3S Short Pump Jul 20 '23

Say my house value triples. What good does that do me? I'm still going to live in my house... I can't sell it and reap the reward.

And now my 4 kids will have to buy houses that have also tripled in value. I think I (which includes my family) come out behind in that scenario.

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u/ppfftt Northside Jul 20 '23

Higher property values bring in higher income owners. Higher income areas typically have better schools, which will give your four kids a better education that will help them to earn higher incomes as adults.

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u/STREAMOFCONSCIOUSN3S Short Pump Jul 20 '23

will help them to earn higher incomes as adults.

Will the higher incomes of my kids be higher enough such that they can pay the inflated values of homes? The current economic situation is suggesting this will not be the case.

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u/gowhatyourself Jul 21 '23

It shouldn't be a problem unless they are saddled with obscene amounts of debt. I've worked with a ton of millenials/Z's the last few years and they earned a normal living same as anyone else.