The U.S. added 517,000 jobs in January and the unemployment rate dropped to 3.4%, the lowest in more than 53 years https://on.wsj.com/3HU1VlN (paywall)
The article is more about offices but I started looking around because I was curious about the mall…am I seeing this right…That late in the internet’s retail growth/takeover cycle we’re in lenders gave out almost $400 Million for a dying business model? Oof.
From the Article:
“Memorial City acts as a hub for retail and commercial activity for the six neighborhoods that make up Memorial Villages, where the median home price last year hit $1.6 million, according to Houston Association of Realtors. Median household income in the area is $123,000, according to MetroNational, nearly 80 percent higher than metropolitan area’s median of about $69,000.”
How do people who earn $123k per year pay for a $1.6 million home?