A New York Times article suggests Americans buy homes in Europe that are a “bargain compared with Manhattan” as the U.S. housing market continues to choke prospective buyers.
The August 29 article, titled “Want a Manhattan Apartment? Try These European Countries Instead,” cited a study from international real estate research blog My Dolce Casa that compared Realtor.com’s median listing price for a 500-square-foot Manhattan apartment to what is available across France, Greece, Italy, Portugal, and Spain.
“Look first to Italy. Molise, a mountainous region that appeared on The New York Times’s 2020 list of 52 places to visit, took the top spot. For about $750,000, you can buy 8,333 square feet there, which comes to $90 per square foot,” wrote Times real estate reporter Matt Yan. “Calabria, in southern Italy, wasn’t too far behind at 8,242 square feet, which comes to about $91 per square foot.”
In comparison, a $750,000 apartment in Manhattan would run a buyer a whopping $1,500 per square foot, the article said.
The 8,000+ square feet homes in Italy “would cost about $12 million at Manhattan prices,” Yan wrote.
According to Lara Bianco of My Dolce Casa, “you could purchase up to 16 times as much space” in Molise, which was referred to as “Italy’s most affordable region.”
“Even in the most expensive region of France, Ile-de-France, where Paris is located, you’ll still be able to get three times as much space as in Manhattan, 1,494 square feet,” Bianco wrote in the study, published on August 23.
U.S. home prices hit a “new record” in June, according to Fox Business.
While publications suggest that Americans move abroad for affordable housing, Democrats in California have passed a bill in the State Senate that would provide up to $150,000 in home loans for illegal aliens who are first-time home buyers, Breitbart News reported.
During an interview on Friday’s broadcast of Real Time with Bill Maher, former House Speaker Nancy Pelosi (D-CA) said, “Well, it’s not free housing; it’s the American Dream being available to more people.”
“So, you’d vote for this law?” Maher asked the longtime progressive congresswoman.
“I’m not familiar with exactly what that is, but making the American Dream of home ownership available to all people is something we have to do for people who are here now—”
The host cut in with, “This is for the undocumented.”
Pelosi answered, “Well, what I would like to do is move them to documented.”
