What the red-hot real estate market has done to essential workers

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The mayor of Park City, Utah said home prices there are “insane” for the average person. “There is fear we will fall prey to ‘free market forces’ and lose our friends and neighbors along with our fun and quirky small town vibe.”

This article is reprinted by permission from The Escape Home, a newsletter for second homeowners and those who want to be. Subscribe here. © 2021. All rights reserved. In October, Bethany Anderson was browsing job openings for teaching positions and found one in Park City, Utah — about 1 hour and 45 minutes south of where she was living — and didn’t think seriously about it.

“There are a lot of people who work here, who support the community — not only service workers but teachers and firefighters — and it’s very hard for them to be able to buy anything because you have all the people coming from big cities with money in their pockets that are driving the prices up,” said Park City-based real estate agent Nancy Tallman.

With only a handful of properties available in their price range, she and her husband considered renting, only to discover there was nothing available. They ultimately found just three properties within their budget, but two didn’t allow dogs, a dealbreaker for the couple. They eventually made an offer on a two-bedroom, two-bathroom condo.

According to data from Redfin, Park City home prices were up 49.2% in March of 2021 year-over-year, selling for a median price of $1.3 million.

 

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What “free market forces” are at play here? The dam Fed and the Government are making it so that all money gets diverted to RE. There is no price discovery left. Free market my ass.

ColinCowherd

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