Post-covid VHCOL city (>$1000/sq ft) homebuyers - has it been worth it?
This is a question specifically for those of you who live in a true VHCOL city which we will define as having houses that cost ~$1000+/sq ft (ex. SF, NY, LA, SD, Honolulu, etc.), who have purchased a home post covid (2022 onwards), who have to stretch and pay 3-5x their gross annual income and be "house poor" in order to own a home. Has buying a house been worth it for you? Any regrets?
At the aforementioned prices, a 3-4 bedroom 2000 sq ft single family home is automatically going to cost 2 million+. It's a lot of money, for not a lot of house, usually old and unrenovated and likely requiring much hidden maintenance.
Alternatively, has anybody left such a VHCOL area due to housing un-affordability, and what has that experience been like? Are you happy, or do you regret it?
I am having a hard time understanding housing prices in VHCOL cities. Where others see the American dream, all I see is paying over 100% in interest and a binding contract of being forced to work for another 30 years..
At the same time, it is also hard to leave..