“I’m Stuck Living With My Parents Because I Can’t Afford Anything”: Online Discussion Ensues After Guy Rants About Absurd Housing Prices
There are certain milestones in life that everyone achieves as they come naturally walking the path of life, like finishing school and getting your first job. Many people would say that another one of their goals is owning a home, regardless of whether it would be meant for starting a family or living on your own.
However, the complaints of not being able to afford property are getting louder and louder. Young people are forced to live with their parents because they can’t afford either a mortgage or rent. They compare what their parents earned and what they paid for their homes and they feel complete despair.
One of those young people who has lost hope of becoming a homeowner is a Reddit user named _TYFSM. The realization came after seeing a house that was worth $185k in 2014 go up in price 5 times in a span of 8 years. And the comments under the post prove that this wasn’t an isolated incident and actually a lot of people share the same frustration.
More info: Reddit
A 26-year-old man who was dreaming of owning a house is now in despair seeing the prices and doesn’t believe he could ever afford one
Image credits: tkoch (not the actual photo)
The Original Poster (OP) is a 26-year-old man who now lives with his parents in a suburb of Dallas, Texas and he doesn’t think that he could ever buy a house. He explained that in 2014, when he had just entered college, there was a house built across the street from his parents. Then the property was sold for $185k.
As _TYFSM was getting an education, he dreamt of owning such a small simple home like the one he witnessed being bought. His plan was to work really hard until he was 30 and with the help of his spouse, his young family would be able to afford to get a loan and own a house.
This same house was up for sale again and this time it was priced at $540k. And when it was sold 4 days later, the new owners paid $935k.
The situation with rent isn’t more consoling either. A few years ago the man was renting and his monthly payments were $800. Paying that much, he managed to save up some money and buy a car. Now, if he were to rent in the same place, he would have to pay $2,800 and the landlord only allows tenants who earn 3 times more than the monthly rate.
The realization came when he remembered how much a house across the street from his parents cost in 2014 and for how much it was sold just recently
Image credits: _TYFSM
The numbers are depressing and not being able to afford anything when you worked so hard is frustrating. What is more, this is not just _TYFSM’s problem as many people in the comments related and shared their own observations of house and rent prices increasing at astronomical rates.
What is even scarier is that the people who agreed with _TYFSM shared that they earn $70k or under $100k a year, which seems like a solid salary, but they also live with their parents just to save money, because if they were renting, they wouldn’t have any money to put into savings.
The problem of not being able to afford to buy a house is the first reason Investopedia, an online source educating people about finances and economics, mentioned while listing why Millennials aren’t buying homes.
Millennials are also still paying their student debts and banks are requiring a 20% down payment, which steadily rises as house prices increase.
They also point out a couple of reasons that are less related to finances, like preferring living in urban areas and not getting married or having children, which often are reasons why people buy houses.
He is already living with his parents as he can’t afford anything because rent prices are increasing at the same pace as property prices
Image credits: _TYFSM
Advice like stop buying avocados and $4 coffee, which became a meme thanks to Australian millionaire Tim Gurner, doesn’t help and just fuels the frustration Millennials feel. Even if you take this advice seriously, it would take years for you to save up for a down payment as you would be saving a couple of hundred dollars a month, and that’s if you usually treated yourself with that coffee every day and ate the avocado toast at least a few times a week.
While older people like to accuse Millennials of not working and earning enough, young people tend to blame house prices, which are increasing more rapidly than people’s wages. According to The Organisation For Economic Co-Operation And Development, the average wage in the US in 2000 was $38,968 in today’s currency and it increased to $69,329 in 2020. So it grew about 78 percent.
By the S&P/Case Shiller U.S. National Home Price Index, which tracks the change in value of single-family homes, the index value in January 2000 was 100 and in 2021 it amounted to 278.69, which means there was a 178 percent increase in house prices in the last two decades.
And it’s hard to deny the numbers which show that salaries don’t grow as fast as prices, which doesn’t give any consolation
Image credits: _TYFSM
Image credits: Gadini (not the actual photo)
As Forbes Advisor explains, house prices are increasing because there is high demand and not that much supply. And according to the law of demand, that leads to higher prices as buyers will then demand less of that good.
The supply is low because after building a lot of houses in the early 2000s, the bubble burst and that is when the financial crisis began. Some builders went out of business, construction workers lost their jobs and people were reluctant to start building again. What is more, current home owners are not willing to sell their houses even though they can’t take care of them.
The issue is complex and there is no simple solution. But even if _TYFSM doesn’t see any hope, after his post was shared on Twitter by @JoshuaPotash, it actually went viral and got over 200k likes. People in the comments were more hopeful and advised people to consider moving to less populated places and avoid metropolises.
Are you more on _TYFSM’s side and think that only the rich will be able to own homes in the future? Or do you agree with some of the Twitter users who still think it’s possible, but you would have to broaden your geographical options? Let us know in the comments!
People in the comments didn’t give hope either because many of them are in the same situation as the OP
206Kviews
Share on Facebook
It is not only boomers who are selling their houses for ridiculous above market prices; it's everybody and anybody. Investors are not only buying up homes and apartments with cash, but also the properties where mobile homes sit and then raising the rents. This is NOT a generation issue, it's a rich investor vs nearly everyone else issue. I suspect that in time, this housing bubble will burst. Hang in there!
Many of the 'boomers' I know are staying put, because their mortgages are paid or very low, and they know if they sell and have to buy another place, the price will be prohibitive. Or if they sell, they usually have good reasons like medical bills, aging and needing extended care, gifting the money to children. I don't know why so many want to blame boomers when wall street and their kind are young people. The housing prices are insane and feel immoral to me. I had a little house once that I paid $64000. That same house is currently listed for over $900,000. Same house, exterior looks the same, some updates on the inside, but that's all..
Load More Replies...
It's not fair to always blame the boomers for all the troubles in the lives of the young adults today. These same boomers are still very much supporting their adult children out of necessity too, and its effecting their own ability to retire and have any $ left for their own needs in that stage of their lives. Its a scary strange uncertain time for everyone
And not all boomers are rich and have a house. It's not old versus young, but rich versus poor.
Load More Replies...
I’m admittedly from that bubble of privilege, because I grew up in San Francisco. When my grandparents retired, they moved to Mtn. View, in what is now known as Silicon Valley. They bought their SF home for $60K and it’s now valued at $3.7M, but stilled owned & lived in by family. Their Mtn. View “golden years” home was $80K. They paid off their mortgage in the early 90s. I inherited it in 2001 and sold it for $880K which allowed me to buy my SF home, for just under $1M. It’s now valued at triple. If I hadn’t been absolutely blessed with family that invested in home ownership in the right places, I’d never own one. No one had any idea the peninsula would become what it is nor did anyone think old homes in random neighborhoods of SF would ever increase in value so drastically.
I am peanut butter AND jealous. I grew up on the peninsula, just south of SF for those who are reading and don’t know. Have never owned my own place, only rent. Now I’m renting in Santa Rosa. But I actually love it up here… not as crowded, people are remarkably friendlier. I would love to own my property but given that I’m 39, that ship has probably sailed at this point.
Load More Replies...
The prices here must be from wealthier areas than where I live. I bought my little house for $135k in 2019. The market has changed in the past 3 years, so it would be more now. The immediate benefit for me is my payment doesn't change. Even if I never own the house clear, I have a fixed payment for 30 years - unlike rent, which can go up.
In the shittiest area in my city the cheapest is still over 200k. It's impossible as a single person to buy. Even with savings. And renting is crazy money too. Very hard to make do
Load More Replies...
Bought our home in February 2020, JUST before COVID. We paid $145k and less than a year later, our real estate agent wanted us to sell because we could get $290k or more. We declined. We love our house & would not be able to find something comparable, even at $290k.
See that’s the thing, it baffles me when I see people selling because their houses are now worth more. Where the hell do you after that?
Load More Replies... The whole injustice is that some people win and some people lose- it basically means social mobility is frozen in whatever state it was in about the year 2000. Take my family. My wife and myself (both millennial children) grew up in very similar circumstances- both our dads were highschool teachers, both our mums were housewifes. Both bought their current houses in around 2000 for about 100,000. My wife's parents house is in Northern Ireland and is now worth about 190,000, but my parent's house in Oxford is now worth upwards of 900,000 and possibly even over a million. One day I will inherit 5 TIMES MORE than my wife does through no other reason than the accident of where we were born.
My heart goes out to young people trying to buy a home today.The problem started when people began buying houses to resell at a profit in a few years rather than for their family to live in as a home. I am tired of hearing politicians and estate agents waffle on about "first home buyers" rather than "home buyers". A house is no longer a home but a commodity to profit from thus pushing prices to absurd levels.
My (ex) husband (M51) and I (F49) have twice bought a house, and both times, lost them to the bank... In 2 different countries! Now divorced, neither of us will ever be able to own a home again. I'm disabled now, I have an assured tenancy with a housing association, so I will never be homeless again; he's renting privately.
Ugh I feel like I could rant about this for hours. I'm a single woman and I've been making fairly decent money for the last 10 years. I just cannot save for a downpayment because rent is so high. I live in a nightmare and it's 1800 a month. It's insane. I drive a hour to work every day because this is the closest I can get to my workplace that I can afford. I don't even want a house; I'd like a condo that isn't ghetto as hell, though. If you're single it's almost impossible to do it. Every raise I get corresponds to a bump in my health insurance that's equal or more than the raise i get so there have been times I get a raise and take home less money. It's crazy. It feels so disheartening. You do everything right and still can't win. I really felt this post!
Preach. Paying the rent on a single, even reasonable salary is horrible. This will be what drives me back to dating
Load More Replies...
I'm GenX with a Millennial daughter. Our solution is that we live together in the house I bought when she was 7yo, and we treat each other with dignity and respect. She is my child, but she is not a child. We live in relative harmony with one another, and it's my goal to ensure the mortgage is paid off so she has a house. I also have a quite large life insurance policy of which she is the sole beneficiary. My generation was the first to get screwed over, including by our own parents. (Mine left we with a complete mess of an estate to manage, including a 9-room house full of absolute crap that took 2 years to clean out.) The state of the world demands new solutions, and we've found ours. (Currently, we're beginning a remodel which includes an addition so that we each have our own private space.)
I live at home with my dad partially because of real estate prices. It's completely ridiculous. Want a mortgage? Sure...but you need a salary that's triple what you make right now. Not to mention all the hidden fees.
The fees *aren't* hidden, it's just people don't like reading something they're agreeing to for 25 years.
Load More Replies...
My family of 4 is living in a small 2-bed apartment. My husband recently got a significant raise, and we thought, "Cool, now we can move into a 3 bedroom house!" Nope. The places we could've afforded 3 years ago on his current salary are now exponentially out of our range.
Keep voting for those who wish to oppose LOWERING the price of insulin. If you can't even stay alive, how can you afford a house?
I currently pay $775 (amazing right) because I moved in to my apartment years ago - the newly-vacated identical apartment across the hall from me is now going for $1195 🙃 never moving again
I would not be able to afford my house today. We bought it for about £440,000 in 2015. We had it valued a few years after out of curiosity and they said it was worth £650,000 to £675,000. Not sure how much it is now not that we are selling. The house next to my parents' home has just sold for £1,350,000 which is an insane amount. The most shocking thing in this is that the asking price nearly doubled in 4 days.
This is what happens when communities (read "people") campaign against residential development. Increased housing demand with constricted supply means prices will go up at higher than would normally be the case. Advocate for new home construction at all price points - yes, even 'affordable housing' - and the housing market will once again achieve stasis.
New home construction in the outlying areas of Tampa START at $400, 000. Another subdivision of 3400 houses has just been approved. Forests, swamps and animals are being destroyed at an alarming rate. It doesn't bother me at all when gators pay a visit to these new home owners. It is mating time, so golfers are seeing a lot of them.
Load More Replies...
My sister bought a house in 2007 for €400k and when the crash happened in 2008 had to move away and rent out her house for less then the mortgage payments were. I started renting it off her for the mortgage payment amount a few years ago and then paid full market price for it to buy off her in 2019 for €320k. Not worth much more today as banks have tightened their lending policy here.,
DOSTALI JSTE SE DO ŠPATNÉ FINANČNÍ SITUACE? MŮŽEME POMOCI! Jednotlivcům nabízím půjčku ve výši 100 000 až 25 000 000 Kč komukoli, kdo ji může splatit s úrokovou sazbou 3 % z libovolné požadované částky. Dělám to v terénu. - hypotéka. - Investiční úvěr. - Půjčka na auto. - Konsolidace dluhu. - Splácení dalších menších úvěrů. - Osobní půjčka. Pokud nutně potřebujete půjčku, jsem vám k dispozici pro všechny vaše finanční problémy. Pro více informací nás prosím kontaktujte: SKOPIK.PUJCKA@GMAIL.COM.
Spend a few years in the military and you can get a VA loan with no money down. If you have a college degree, you can probably go in as an officer. I suggest the Air Force. We had great assignments.
Spend a few years in the military and you can get a VA loan with no money down. I suggest the Air Force. We had great assignments.
Spend a few years in the military and you can get a VA loan with no money down. I suggest the Air Force; we had great assignments.
Yes, because as a boomer, I always aspired to f*****g things up for future generations. How stupid a statement is that?
Investice a půjčky jednotlivcům a podnikům.
Hledáte půjčku na obnovu svého podnikání, ať už jde o projekt nebo koupi nemovitosti. Ale banka nabízí podmínky, které nemůžete udržet. Jsem fyzická osoba a nabízím půjčky ve výši 50 000 až 50 000 000 Kč, což občanům umožňuje platit měsíční splátky. Pro více informací prosím kontaktujte mě. Kontaktujte nás ještě dnes emailem: Michaela.rojickova55@gmail.com
Whatapp: +420604651865 03_102032u...ad95a4.jpg 
Investice a půjčky jednotlivcům a podnikům.
Hledáte půjčku na obnovu svého podnikání, ať už jde o projekt nebo koupi nemovitosti. Ale banka nabízí podmínky, které nemůžete udržet. Jsem fyzická osoba a nabízím půjčky ve výši 50 000 až 50 000 000 Kč, což občanům umožňuje platit měsíční splátky. Pro více informací prosím kontaktujte mě. Kontaktujte nás ještě dnes emailem: Michaela.rojickova55@gmail.com
Whatapp: +420604651865 03_102032u...0eebab.jpg 
I have boomer friends that want to move and every place they put a bid on (realistic payment for them) they are out bid. What I don't get is, who are the people that can afford this? Eventually aren't we going to run out of rich people? Or is this like the housing boom 20-30 years ago when banks were financing people that really couldn't afford the place they were buying. 20-30 somethings with big old empty posh houses. Tell me, truly, if you were a homeowner and wanted to sell your home are you going to take the lowest offer? No, your going for the high bid. I'm not sure how this can be "boomers" fault. As I asked earlier, who are the people buying these homes? How can so many people afford to do this?
Don't blame boomers for this. I'm a boomer and I'm in the same predicament. I have to move and the average rent in Boston is more than I make in aonth. Put the blame where it really belongs: selfish rich people and large corporations. All of this financial dreck started with Reagan, and he was a member of "the greatest generation."
Twenty plus years ago I bought my townhome for ~ $55,000. This year, one of my neighbors passed and his family sold a townhome that is attached to mine and the mirror image for $95,000. After some quick remodeling and painting it was sold for $160,000. Two more units in my complex (of 10 units) sold for $180,000 and $190,000. WTH? I lived here through people spending over 100,000 on units of similar size to mine and then losing them to the bank because they borrowed more that 100%, lost their job, or couldn't find someone to rent out a room. These prices are crazy, and the first person to spend that much has way too many expectations of from an HOA that technically only has 10 members at most.
I hate to say this but perhaps you can't own a home in Portland or Dallas but you could in many less-trendy places in this country, especially if you can work remotely. Think about this- in a place like New York City, you can't own a home either. Nor can I. So I don't live there. I bought my house for $260K in 2001. It's worth maybe $420 K now. But I live in Milwaukee. Not so fancy.
You guys with the dollars should save a bunch, learn Spanish and come live in the south americas xD in my little town, you could maybe buy or build a very good house for like 100k. I've seen a two bedroom apartment (in a not so good part of a nice city) listed for less than 20k.
He needs credit. Credit feeds credit, pay em all like a monkey while you starve and flip houses. I'd rather die.
My ex and i bought a 3 bedroom house 8 years ago in Green Bay WI for 58,000. Only needed a couple pipes fixed in basement. Having "adult brain" it feels like yesterday so i was looking online to see what was out there in a comparable range only to find even that house is worth 160k. I know my pay didnt increase at the same rate. Same story with the house i grew up in, parents bought the 3 bedroom house on 3 acres for $30,000 in 1990ish. Smaller town on Lake Michigan. Now worth over 120k!
really need to stop the f*uck boomers crap, boomers in general are retired and not buying houses. I don't know who the hell is buying but it isn't the boomers folks. Born a little after the boomers but I didn't buy my fist home till I was 40+ and bought the smallest fixer upper in a decent area. My husband and I have done the renos ourselves while both of us working full time, this wasn't given to us. We could make a big profit right now but where would we live that is not ridiculously overpriced? Supply is well below demand, people are buying further and further out of the big cities because they can work remotely. Blame that not the BOOMERS, easier to have a scapegoat for everything.
I am 14 years old. I have years before I need to or even can move out of home. I am terrified. I know there will be no housing left for me by then. I want to live in a nice house, affordable, with a garden but there is no hope left. The last year, prices have risen so far and i literally feel sick thinking about how I am going to be stuck in an apartment with 3 other people just to pay like $1000 rent a week.
We bought our current house (new construction) in Feb of 2021 for $246K. Today, the exact same model is being built in a tract behind us has a list price of $370k and it's on a smaller lot. We have been offered $400k for ours due to the larger lot. No thanks as we like our home and our 2.6% mortgage rate. We would also not actually profit since anything else we tried to buy would likely cost as much as we sold for. The only one to profit would be the agent.
I've been ridiculously lucky. I have a great job, bought my own house 5 years ago in my early 20s. Yesterday I had to talk down one of my best friends from killing herself, because she's is just so done. Nothing she does or tries gets her ahead. She just sinks further and further into debt. What kind of f****d up society drives good people to suicide just because they are poor. I'm trying to get her to come live with me, but she doesn't want to risk our friendship. I love her and I might lose her because she's lost hope that she has a future. It's so messed up and she's not the only one in her situation. It's the story of our generation. To struggle for nothing.
And yet new housing developments go up tearing down whatever is in its way. I have no idea how the people who are looking for their first home. The 26 year old guy who may still be paying off a student loan, a car, has a good job and a decent wage that will cover the ridiculous prices that keep him from ever saving as fast as the increases in rent, or food or any unfortunate things like an engine that blows, dental dilemmas or gas at $5+ and rising in price while he's pumping it. It's only temporary in the long run but it says you were here. You had a place in the world that was you and the joy and laughter and tears and everything thing that took place on that spot is your signature that matters. No matter where one calls home. Or ever owns one. Nothing is ever going to change. The gap will continue to knock a few more out of the game and allow a few more in. None of that money goes with us when we die. So heaven may look like one big homeless camp upon arrival. With no closet space
A friend of mine bought a one bedroom flat in north London for about 35k in 1994. It's in quite a unique building as it used to be a fire station but the flat itself is very small. The bedroom is small, the bathroom is tiny, the living room and kitchen are open plan but neither are remotely spacious. The kitchen is so small it's basically a shadow. It's in Islington so a very expensive part of London. He bought a four storey Victorian townhouse in a seaside town about an hour outside of London and couldn't decide on whether or not to sell the flat or keep it to use as an Airbnb or something so had it valued a couple of years ago. It's now worth £995k. That's just utterly daft.
Same in NZ. We'd moved back to biggest city, got a mortgage again.....son moved in too, his daughter 1/2 the time. We were getting old, so sold it to him for the cost of mortgage (prices doubled by then) and moved in with even older aged mum and disabled brother. He owns house now, paid $300,000, market value now id just under $1 million. Small particle board but his. Rents insane now too. This in New Zealand.
The market is insane. My house that I bought in 2018 was $220k. It's now valued at $475k. I've done NOTHING to it as far as upgrades. BUT...... if we sell, where the hell will we go? Nothing is affordable for us, nor is there anything we really want. It's almost like we're stuck; so, we'll stay here until we find something a 100 miles or so outside of the city because apparently that's all that we can get for a reasonable price. It's insane
We bought our house for $135,000 6 years ago. We are boomers. We never made a lot of money and we are in our early 60's. We've been married 39 years. It took us that long to get a house. Recently we were offered $235,000 for it. We declined for several reasons one of which is a belief that everything in life is NOT for sale.
Here in Southern California housing is crazy. There is not going to be a downward adjustment. My grandfather and his brother both sold their modest houses after WWII because they thought they were going to make crazy money. My grandfather was stuck in a tiny rental for the rest of his life. The' recession' of 2008 was barely a speed bump in Los Angeles, house prices and rents kept climbing. The building boom in cities is all about high end apartments and condos. Working for top dollar in hot industries now comes with frequent job hopping, which dictates living in a city where the action is. Remote work depends on good internet, which is not always available in outlying areas.
I live in one of the most expensive places in the country. The first room I rented here in 1997 was $200/month, and I was making minimum wage which was $5/hr. Using this ratio, the very minimum someone would need to be making today in order to afford the lower end ($1,200) of the room-renting spectrum is $30/hr. Our minimum wage is half that. UGH!! I love living in my hometown, between the ocean and the redwoods, but I just had to move back in with my dad. I looked all over for months for a room or studio and found nothing that I could afford. Grateful I have family here, but this is ridiculous! I have a good job in the field of human services, and yet here I am: back in my dads spare room.
If I was only smarter, healthier, had better parents, more money, etc, etc, etc. Housing in the US is going up because of inflation. Inflation was increased by our governments response to covid, now the Russian attack of Ukraine. Start saving, be patient, look for first time buyer programs, consider buying smaller or outside an expensive area. Light a candle.
Were all in that boat now. I have been trying to buy a house for the past 10yrs and I feel the same. The prices are so ridiculous that I would even settle small cottage or cabin. Nothing big 400-500sq ft, but even then it’s impossible. My partner and I have decided to just leave the country in the next 3-5yrs as a result. So maybe you can leave the US?
In the US the housing market was depressed for such a long time so perhaps it's inevitable the pendulum swings too far the other way. In much of the UK it has been like this for decades. I saved for c.25 years then in my 50s bought somewhere where houses are more affordable, which also means fewer work opportunities, but it was the only way I could do it. If you can find a way to keep working remotely you can live anywhere.
I get the money hungry investors driving up the prices by buying and selling, but I don’t get regular people who are selling their homes because they can make a lot more money right now. Since the price of rent has almost doubled too, I wonder where they are going after they sell? Don’t they have to pay ridiculous amounts of money for rent as well? Anyway, this housing market craziness will be short-lived. Most people who are buying houses at very high prices can’t even afford them in the first place and will lose them if they lose their jobs, which is bound to happen soon enough. Interest rates will soon skyrocket, too. I hate to be the voice of doom, but this isn’t going to end well. What is happening right now is simply not normal.
Housing prices are cyclical. If anyone remembers 2007 - 2008 when the market started to go down housing prices crashed. It's stay that way for at least 8-9 years for for the value of houses to start to rise.As much as everyone will wring their hands over housing prices today, know that the market will eventually settle and prices will slowly decline and become more affordable.
Housing markets do reset, but not everywhere and not equally. Palo Alto (California), for instance, has never had a down market for real estate.
Load More Replies...
Town nearby build new apartment building. Affordable apartments for young people, they said. The apartments will be sold at auction, they said.
It depends on where you want to buy. My mother has a 4 br, 2 ba house with spacious fenced in yard and is 10 minutes from all major amenities in a nice suburb of Albany, NY. Her house is estimated at 239k. No, you're not going to be able to find an affordable house in a hot area, but there are affordable houses out there. Move to where the cost of living is affordable instead of saying it's impossible to find a house. Boomers aren't the problem, but they apparently make a convenient scapegoat.
Where I am currently the housing average is 435k, while the median income is only 36k. Something tells me the people living and working here aren't the ones buying these houses.
My neighborhood has seen this same weird increase. Most of the houses should be in the 150k range, but we’ve skyrocketed over 300k. A lot of houses are being bought up by people and turned in to overpriced rentals (one house went from 1k to 2k for rent basically overnight). Some of the most recent sellers are getting greedy af. One neighbor, house valued at 280k with the bubble, is trying to sell for 380k to fund their divorce from their cheater husband. It’s insane. Houses have gone up 200k in 2 years here. And they’re not building houses around here anymore - just massive apartment complexes - so housing is going to continue to climb due to shortages.
There has to be a market correction. A house around the corner from me just sold for $1.05m. In 2004 it sold for $800k. In 2012 it sold for $580k. It goes up and down all the time. You just need to be ready for when it drops again. I expect that house could fall to 750-800k again easily. Leaving the new owner paying a mortgage and taxes on a house worth 250 less than they paid.
My mom is still living in the house we grew up in. The land is now worth more then the pretty nice house. She has 2.5 acres in a fast growing area, and developers are literally knocking on her door to buy her land. Hubby and I can't afford a house in the areas we grew up in. Thankfully we bought our house 27 years ago.
We got super lucky with our house this past summer ($115k, old lady went to a home, children wanted nothing to do with it). It appraised even higher and not even a year later, it's "Zillow worth" $5k more than that amount! It's so insane.
How many houses are standing empty? If not many then they are not being sold at above market value. There is competition to buy, they people with the most money will win. If there was a lot more housing available or a lot less people wanting to buy then prices would go down. NB I'm in favour of lowering the birth rate rather than increasing built up areas.
I got a massive 4 bedroom house in a small town in the countryside for a fraction of what these guys are talking about - it's went up in value a fair but but still, much much less than this craziness
I was planning to sell my house and move to a rural area in the southeastern US. I started my search 6 or 7 years ago. Rural homes in most of the places I have been looking have doubled or tripled in price. Partly because more people can work remotely, and so are moving to rural areas where homes are, or were, more affordable, and also because all homes have gone up so much that the big old houses that no one wanted before are now desirable properties. I looked at a home in TN that was listed about 4 years ago, and it was 4000 sq ft for $150k. It sold for that amount, and a year later was relisted at 265k. It was sold again 8 months later for 345k, and the last time I looked it was over 400k. Homes that were very affordable are no longer...which is why I decided to stay put for a while and see what happens with this crazy market.
Load More Replies...
This is a sad thing. I don't mean it to be insulting or debasing or make any culture look bad. In India the house owned by parents is not sold in the market, it's handed down to the son or daughter. If they stay in a different region then too they have a place to come back and start again. But the property prices and rent are way beyond low and middle income groups. They end up living in shanties. It's a sad world.
This is not a generational issue. In my modest neighborhood, most of the people beating on my door are 40 year old entrepreneurs wanting to make a killing by flipping houses. I bought my small 3 bedroom home 30 years ago for $63k. I was lucky to get it; a bad marriage to a psychopath left me broke and $100k in debt acquired when he forged my signature. I would never have gotten a mortgage. I was in the right place at the right time, and met a sweet older couple who were willing to hold the note on the house for a few years, while I got things back in control. My neighborhood VERY basic, full of small older homes on what used to be quiet, tree lined streets. I was planning to sell this house and move when I retired, but with things as they are, I decided to hold on to it, extensively remodel, and see how things are going in a couple years. My house is now worth $300k, which is outrageous to me. It will be worth more when the reno is finished. My heart goes out to those struggling so hard these days. Hopefully, this will get better, but I look at the Japanese, who are taking out 100 year mortgages, and I wonder.
yes house prices have gone way up, but so have salaries, when I bought my first house in 1992 it was for $68,000 cheap by today's standards. But it was a dump and I spent lots of time and some money fixing it up. My salary working in a professional position at a university was $30,000 and my mortgage rate was close to 9%. You are not stuck, but you may be suffering from the choices you made - maybe in your choice of higher education, or the amount of student loans you decided to take out, or your unwillingness to move to a place were houses are cheaper or unwilling to accept anything less that a 3,000 sq ft house with all the high end finishes/appliances. I don't really know. But I do know of young people who fell into all those conditions and then complained about not being able to afford a house. One had over $60k student debt (Cdn) for a degree in women's studies - no job. Another young man refused to be a bank manager in a small city where he could have bought a starter home
Stop whining you don’t need a 4 bedroom house at this age. Go rent an apartment and work hard just like the people selling the house did. I hope your parents are charging you rent, utilities and food. Or is mommy doing your laundry?
It is not only boomers who are selling their houses for ridiculous above market prices; it's everybody and anybody. Investors are not only buying up homes and apartments with cash, but also the properties where mobile homes sit and then raising the rents. This is NOT a generation issue, it's a rich investor vs nearly everyone else issue. I suspect that in time, this housing bubble will burst. Hang in there!
Many of the 'boomers' I know are staying put, because their mortgages are paid or very low, and they know if they sell and have to buy another place, the price will be prohibitive. Or if they sell, they usually have good reasons like medical bills, aging and needing extended care, gifting the money to children. I don't know why so many want to blame boomers when wall street and their kind are young people. The housing prices are insane and feel immoral to me. I had a little house once that I paid $64000. That same house is currently listed for over $900,000. Same house, exterior looks the same, some updates on the inside, but that's all..
Load More Replies... It's not fair to always blame the boomers for all the troubles in the lives of the young adults today. These same boomers are still very much supporting their adult children out of necessity too, and its effecting their own ability to retire and have any $ left for their own needs in that stage of their lives. Its a scary strange uncertain time for everyone
And not all boomers are rich and have a house. It's not old versus young, but rich versus poor.
Load More Replies... I’m admittedly from that bubble of privilege, because I grew up in San Francisco. When my grandparents retired, they moved to Mtn. View, in what is now known as Silicon Valley. They bought their SF home for $60K and it’s now valued at $3.7M, but stilled owned & lived in by family. Their Mtn. View “golden years” home was $80K. They paid off their mortgage in the early 90s. I inherited it in 2001 and sold it for $880K which allowed me to buy my SF home, for just under $1M. It’s now valued at triple. If I hadn’t been absolutely blessed with family that invested in home ownership in the right places, I’d never own one. No one had any idea the peninsula would become what it is nor did anyone think old homes in random neighborhoods of SF would ever increase in value so drastically.
I am peanut butter AND jealous. I grew up on the peninsula, just south of SF for those who are reading and don’t know. Have never owned my own place, only rent. Now I’m renting in Santa Rosa. But I actually love it up here… not as crowded, people are remarkably friendlier. I would love to own my property but given that I’m 39, that ship has probably sailed at this point.
Load More Replies... The prices here must be from wealthier areas than where I live. I bought my little house for $135k in 2019. The market has changed in the past 3 years, so it would be more now. The immediate benefit for me is my payment doesn't change. Even if I never own the house clear, I have a fixed payment for 30 years - unlike rent, which can go up.
In the shittiest area in my city the cheapest is still over 200k. It's impossible as a single person to buy. Even with savings. And renting is crazy money too. Very hard to make do
Load More Replies... Bought our home in February 2020, JUST before COVID. We paid $145k and less than a year later, our real estate agent wanted us to sell because we could get $290k or more. We declined. We love our house & would not be able to find something comparable, even at $290k.
See that’s the thing, it baffles me when I see people selling because their houses are now worth more. Where the hell do you after that?
Load More Replies... The whole injustice is that some people win and some people lose- it basically means social mobility is frozen in whatever state it was in about the year 2000. Take my family. My wife and myself (both millennial children) grew up in very similar circumstances- both our dads were highschool teachers, both our mums were housewifes. Both bought their current houses in around 2000 for about 100,000. My wife's parents house is in Northern Ireland and is now worth about 190,000, but my parent's house in Oxford is now worth upwards of 900,000 and possibly even over a million. One day I will inherit 5 TIMES MORE than my wife does through no other reason than the accident of where we were born.
My heart goes out to young people trying to buy a home today.The problem started when people began buying houses to resell at a profit in a few years rather than for their family to live in as a home. I am tired of hearing politicians and estate agents waffle on about "first home buyers" rather than "home buyers". A house is no longer a home but a commodity to profit from thus pushing prices to absurd levels.
My (ex) husband (M51) and I (F49) have twice bought a house, and both times, lost them to the bank... In 2 different countries! Now divorced, neither of us will ever be able to own a home again. I'm disabled now, I have an assured tenancy with a housing association, so I will never be homeless again; he's renting privately.
Ugh I feel like I could rant about this for hours. I'm a single woman and I've been making fairly decent money for the last 10 years. I just cannot save for a downpayment because rent is so high. I live in a nightmare and it's 1800 a month. It's insane. I drive a hour to work every day because this is the closest I can get to my workplace that I can afford. I don't even want a house; I'd like a condo that isn't ghetto as hell, though. If you're single it's almost impossible to do it. Every raise I get corresponds to a bump in my health insurance that's equal or more than the raise i get so there have been times I get a raise and take home less money. It's crazy. It feels so disheartening. You do everything right and still can't win. I really felt this post!
Preach. Paying the rent on a single, even reasonable salary is horrible. This will be what drives me back to dating
Load More Replies... I'm GenX with a Millennial daughter. Our solution is that we live together in the house I bought when she was 7yo, and we treat each other with dignity and respect. She is my child, but she is not a child. We live in relative harmony with one another, and it's my goal to ensure the mortgage is paid off so she has a house. I also have a quite large life insurance policy of which she is the sole beneficiary. My generation was the first to get screwed over, including by our own parents. (Mine left we with a complete mess of an estate to manage, including a 9-room house full of absolute crap that took 2 years to clean out.) The state of the world demands new solutions, and we've found ours. (Currently, we're beginning a remodel which includes an addition so that we each have our own private space.)
I live at home with my dad partially because of real estate prices. It's completely ridiculous. Want a mortgage? Sure...but you need a salary that's triple what you make right now. Not to mention all the hidden fees.
The fees *aren't* hidden, it's just people don't like reading something they're agreeing to for 25 years.
Load More Replies... My family of 4 is living in a small 2-bed apartment. My husband recently got a significant raise, and we thought, "Cool, now we can move into a 3 bedroom house!" Nope. The places we could've afforded 3 years ago on his current salary are now exponentially out of our range.
Keep voting for those who wish to oppose LOWERING the price of insulin. If you can't even stay alive, how can you afford a house?
I currently pay $775 (amazing right) because I moved in to my apartment years ago - the newly-vacated identical apartment across the hall from me is now going for $1195 🙃 never moving again
I would not be able to afford my house today. We bought it for about £440,000 in 2015. We had it valued a few years after out of curiosity and they said it was worth £650,000 to £675,000. Not sure how much it is now not that we are selling. The house next to my parents' home has just sold for £1,350,000 which is an insane amount. The most shocking thing in this is that the asking price nearly doubled in 4 days.
This is what happens when communities (read "people") campaign against residential development. Increased housing demand with constricted supply means prices will go up at higher than would normally be the case. Advocate for new home construction at all price points - yes, even 'affordable housing' - and the housing market will once again achieve stasis.
New home construction in the outlying areas of Tampa START at $400, 000. Another subdivision of 3400 houses has just been approved. Forests, swamps and animals are being destroyed at an alarming rate. It doesn't bother me at all when gators pay a visit to these new home owners. It is mating time, so golfers are seeing a lot of them.
Load More Replies... My sister bought a house in 2007 for €400k and when the crash happened in 2008 had to move away and rent out her house for less then the mortgage payments were. I started renting it off her for the mortgage payment amount a few years ago and then paid full market price for it to buy off her in 2019 for €320k. Not worth much more today as banks have tightened their lending policy here.,
DOSTALI JSTE SE DO ŠPATNÉ FINANČNÍ SITUACE? MŮŽEME POMOCI! Jednotlivcům nabízím půjčku ve výši 100 000 až 25 000 000 Kč komukoli, kdo ji může splatit s úrokovou sazbou 3 % z libovolné požadované částky. Dělám to v terénu. - hypotéka. - Investiční úvěr. - Půjčka na auto. - Konsolidace dluhu. - Splácení dalších menších úvěrů. - Osobní půjčka. Pokud nutně potřebujete půjčku, jsem vám k dispozici pro všechny vaše finanční problémy. Pro více informací nás prosím kontaktujte: SKOPIK.PUJCKA@GMAIL.COM.
Spend a few years in the military and you can get a VA loan with no money down. If you have a college degree, you can probably go in as an officer. I suggest the Air Force. We had great assignments.
Spend a few years in the military and you can get a VA loan with no money down. I suggest the Air Force. We had great assignments.
Spend a few years in the military and you can get a VA loan with no money down. I suggest the Air Force; we had great assignments.
Yes, because as a boomer, I always aspired to f*****g things up for future generations. How stupid a statement is that?
Investice a půjčky jednotlivcům a podnikům.
Hledáte půjčku na obnovu svého podnikání, ať už jde o projekt nebo koupi nemovitosti. Ale banka nabízí podmínky, které nemůžete udržet. Jsem fyzická osoba a nabízím půjčky ve výši 50 000 až 50 000 000 Kč, což občanům umožňuje platit měsíční splátky. Pro více informací prosím kontaktujte mě. Kontaktujte nás ještě dnes emailem: Michaela.rojickova55@gmail.com
Whatapp: +420604651865 03_102032u...ad95a4.jpg
Investice a půjčky jednotlivcům a podnikům.
Hledáte půjčku na obnovu svého podnikání, ať už jde o projekt nebo koupi nemovitosti. Ale banka nabízí podmínky, které nemůžete udržet. Jsem fyzická osoba a nabízím půjčky ve výši 50 000 až 50 000 000 Kč, což občanům umožňuje platit měsíční splátky. Pro více informací prosím kontaktujte mě. Kontaktujte nás ještě dnes emailem: Michaela.rojickova55@gmail.com
Whatapp: +420604651865 03_102032u...0eebab.jpg
I have boomer friends that want to move and every place they put a bid on (realistic payment for them) they are out bid. What I don't get is, who are the people that can afford this? Eventually aren't we going to run out of rich people? Or is this like the housing boom 20-30 years ago when banks were financing people that really couldn't afford the place they were buying. 20-30 somethings with big old empty posh houses. Tell me, truly, if you were a homeowner and wanted to sell your home are you going to take the lowest offer? No, your going for the high bid. I'm not sure how this can be "boomers" fault. As I asked earlier, who are the people buying these homes? How can so many people afford to do this?
Don't blame boomers for this. I'm a boomer and I'm in the same predicament. I have to move and the average rent in Boston is more than I make in aonth. Put the blame where it really belongs: selfish rich people and large corporations. All of this financial dreck started with Reagan, and he was a member of "the greatest generation."
Twenty plus years ago I bought my townhome for ~ $55,000. This year, one of my neighbors passed and his family sold a townhome that is attached to mine and the mirror image for $95,000. After some quick remodeling and painting it was sold for $160,000. Two more units in my complex (of 10 units) sold for $180,000 and $190,000. WTH? I lived here through people spending over 100,000 on units of similar size to mine and then losing them to the bank because they borrowed more that 100%, lost their job, or couldn't find someone to rent out a room. These prices are crazy, and the first person to spend that much has way too many expectations of from an HOA that technically only has 10 members at most.
I hate to say this but perhaps you can't own a home in Portland or Dallas but you could in many less-trendy places in this country, especially if you can work remotely. Think about this- in a place like New York City, you can't own a home either. Nor can I. So I don't live there. I bought my house for $260K in 2001. It's worth maybe $420 K now. But I live in Milwaukee. Not so fancy.
You guys with the dollars should save a bunch, learn Spanish and come live in the south americas xD in my little town, you could maybe buy or build a very good house for like 100k. I've seen a two bedroom apartment (in a not so good part of a nice city) listed for less than 20k.
He needs credit. Credit feeds credit, pay em all like a monkey while you starve and flip houses. I'd rather die.
My ex and i bought a 3 bedroom house 8 years ago in Green Bay WI for 58,000. Only needed a couple pipes fixed in basement. Having "adult brain" it feels like yesterday so i was looking online to see what was out there in a comparable range only to find even that house is worth 160k. I know my pay didnt increase at the same rate. Same story with the house i grew up in, parents bought the 3 bedroom house on 3 acres for $30,000 in 1990ish. Smaller town on Lake Michigan. Now worth over 120k!
really need to stop the f*uck boomers crap, boomers in general are retired and not buying houses. I don't know who the hell is buying but it isn't the boomers folks. Born a little after the boomers but I didn't buy my fist home till I was 40+ and bought the smallest fixer upper in a decent area. My husband and I have done the renos ourselves while both of us working full time, this wasn't given to us. We could make a big profit right now but where would we live that is not ridiculously overpriced? Supply is well below demand, people are buying further and further out of the big cities because they can work remotely. Blame that not the BOOMERS, easier to have a scapegoat for everything.
I am 14 years old. I have years before I need to or even can move out of home. I am terrified. I know there will be no housing left for me by then. I want to live in a nice house, affordable, with a garden but there is no hope left. The last year, prices have risen so far and i literally feel sick thinking about how I am going to be stuck in an apartment with 3 other people just to pay like $1000 rent a week.
We bought our current house (new construction) in Feb of 2021 for $246K. Today, the exact same model is being built in a tract behind us has a list price of $370k and it's on a smaller lot. We have been offered $400k for ours due to the larger lot. No thanks as we like our home and our 2.6% mortgage rate. We would also not actually profit since anything else we tried to buy would likely cost as much as we sold for. The only one to profit would be the agent.
I've been ridiculously lucky. I have a great job, bought my own house 5 years ago in my early 20s. Yesterday I had to talk down one of my best friends from killing herself, because she's is just so done. Nothing she does or tries gets her ahead. She just sinks further and further into debt. What kind of f****d up society drives good people to suicide just because they are poor. I'm trying to get her to come live with me, but she doesn't want to risk our friendship. I love her and I might lose her because she's lost hope that she has a future. It's so messed up and she's not the only one in her situation. It's the story of our generation. To struggle for nothing.
And yet new housing developments go up tearing down whatever is in its way. I have no idea how the people who are looking for their first home. The 26 year old guy who may still be paying off a student loan, a car, has a good job and a decent wage that will cover the ridiculous prices that keep him from ever saving as fast as the increases in rent, or food or any unfortunate things like an engine that blows, dental dilemmas or gas at $5+ and rising in price while he's pumping it. It's only temporary in the long run but it says you were here. You had a place in the world that was you and the joy and laughter and tears and everything thing that took place on that spot is your signature that matters. No matter where one calls home. Or ever owns one. Nothing is ever going to change. The gap will continue to knock a few more out of the game and allow a few more in. None of that money goes with us when we die. So heaven may look like one big homeless camp upon arrival. With no closet space
A friend of mine bought a one bedroom flat in north London for about 35k in 1994. It's in quite a unique building as it used to be a fire station but the flat itself is very small. The bedroom is small, the bathroom is tiny, the living room and kitchen are open plan but neither are remotely spacious. The kitchen is so small it's basically a shadow. It's in Islington so a very expensive part of London. He bought a four storey Victorian townhouse in a seaside town about an hour outside of London and couldn't decide on whether or not to sell the flat or keep it to use as an Airbnb or something so had it valued a couple of years ago. It's now worth £995k. That's just utterly daft.
Same in NZ. We'd moved back to biggest city, got a mortgage again.....son moved in too, his daughter 1/2 the time. We were getting old, so sold it to him for the cost of mortgage (prices doubled by then) and moved in with even older aged mum and disabled brother. He owns house now, paid $300,000, market value now id just under $1 million. Small particle board but his. Rents insane now too. This in New Zealand.
The market is insane. My house that I bought in 2018 was $220k. It's now valued at $475k. I've done NOTHING to it as far as upgrades. BUT...... if we sell, where the hell will we go? Nothing is affordable for us, nor is there anything we really want. It's almost like we're stuck; so, we'll stay here until we find something a 100 miles or so outside of the city because apparently that's all that we can get for a reasonable price. It's insane
We bought our house for $135,000 6 years ago. We are boomers. We never made a lot of money and we are in our early 60's. We've been married 39 years. It took us that long to get a house. Recently we were offered $235,000 for it. We declined for several reasons one of which is a belief that everything in life is NOT for sale.
Here in Southern California housing is crazy. There is not going to be a downward adjustment. My grandfather and his brother both sold their modest houses after WWII because they thought they were going to make crazy money. My grandfather was stuck in a tiny rental for the rest of his life. The' recession' of 2008 was barely a speed bump in Los Angeles, house prices and rents kept climbing. The building boom in cities is all about high end apartments and condos. Working for top dollar in hot industries now comes with frequent job hopping, which dictates living in a city where the action is. Remote work depends on good internet, which is not always available in outlying areas.
I live in one of the most expensive places in the country. The first room I rented here in 1997 was $200/month, and I was making minimum wage which was $5/hr. Using this ratio, the very minimum someone would need to be making today in order to afford the lower end ($1,200) of the room-renting spectrum is $30/hr. Our minimum wage is half that. UGH!! I love living in my hometown, between the ocean and the redwoods, but I just had to move back in with my dad. I looked all over for months for a room or studio and found nothing that I could afford. Grateful I have family here, but this is ridiculous! I have a good job in the field of human services, and yet here I am: back in my dads spare room.
If I was only smarter, healthier, had better parents, more money, etc, etc, etc. Housing in the US is going up because of inflation. Inflation was increased by our governments response to covid, now the Russian attack of Ukraine. Start saving, be patient, look for first time buyer programs, consider buying smaller or outside an expensive area. Light a candle.
Were all in that boat now. I have been trying to buy a house for the past 10yrs and I feel the same. The prices are so ridiculous that I would even settle small cottage or cabin. Nothing big 400-500sq ft, but even then it’s impossible. My partner and I have decided to just leave the country in the next 3-5yrs as a result. So maybe you can leave the US?
In the US the housing market was depressed for such a long time so perhaps it's inevitable the pendulum swings too far the other way. In much of the UK it has been like this for decades. I saved for c.25 years then in my 50s bought somewhere where houses are more affordable, which also means fewer work opportunities, but it was the only way I could do it. If you can find a way to keep working remotely you can live anywhere.
I get the money hungry investors driving up the prices by buying and selling, but I don’t get regular people who are selling their homes because they can make a lot more money right now. Since the price of rent has almost doubled too, I wonder where they are going after they sell? Don’t they have to pay ridiculous amounts of money for rent as well? Anyway, this housing market craziness will be short-lived. Most people who are buying houses at very high prices can’t even afford them in the first place and will lose them if they lose their jobs, which is bound to happen soon enough. Interest rates will soon skyrocket, too. I hate to be the voice of doom, but this isn’t going to end well. What is happening right now is simply not normal.
Housing prices are cyclical. If anyone remembers 2007 - 2008 when the market started to go down housing prices crashed. It's stay that way for at least 8-9 years for for the value of houses to start to rise.As much as everyone will wring their hands over housing prices today, know that the market will eventually settle and prices will slowly decline and become more affordable.
Housing markets do reset, but not everywhere and not equally. Palo Alto (California), for instance, has never had a down market for real estate.
Load More Replies... Town nearby build new apartment building. Affordable apartments for young people, they said. The apartments will be sold at auction, they said.
It depends on where you want to buy. My mother has a 4 br, 2 ba house with spacious fenced in yard and is 10 minutes from all major amenities in a nice suburb of Albany, NY. Her house is estimated at 239k. No, you're not going to be able to find an affordable house in a hot area, but there are affordable houses out there. Move to where the cost of living is affordable instead of saying it's impossible to find a house. Boomers aren't the problem, but they apparently make a convenient scapegoat.
Where I am currently the housing average is 435k, while the median income is only 36k. Something tells me the people living and working here aren't the ones buying these houses.
My neighborhood has seen this same weird increase. Most of the houses should be in the 150k range, but we’ve skyrocketed over 300k. A lot of houses are being bought up by people and turned in to overpriced rentals (one house went from 1k to 2k for rent basically overnight). Some of the most recent sellers are getting greedy af. One neighbor, house valued at 280k with the bubble, is trying to sell for 380k to fund their divorce from their cheater husband. It’s insane. Houses have gone up 200k in 2 years here. And they’re not building houses around here anymore - just massive apartment complexes - so housing is going to continue to climb due to shortages.
There has to be a market correction. A house around the corner from me just sold for $1.05m. In 2004 it sold for $800k. In 2012 it sold for $580k. It goes up and down all the time. You just need to be ready for when it drops again. I expect that house could fall to 750-800k again easily. Leaving the new owner paying a mortgage and taxes on a house worth 250 less than they paid.
My mom is still living in the house we grew up in. The land is now worth more then the pretty nice house. She has 2.5 acres in a fast growing area, and developers are literally knocking on her door to buy her land. Hubby and I can't afford a house in the areas we grew up in. Thankfully we bought our house 27 years ago.
We got super lucky with our house this past summer ($115k, old lady went to a home, children wanted nothing to do with it). It appraised even higher and not even a year later, it's "Zillow worth" $5k more than that amount! It's so insane.
How many houses are standing empty? If not many then they are not being sold at above market value. There is competition to buy, they people with the most money will win. If there was a lot more housing available or a lot less people wanting to buy then prices would go down. NB I'm in favour of lowering the birth rate rather than increasing built up areas.
I got a massive 4 bedroom house in a small town in the countryside for a fraction of what these guys are talking about - it's went up in value a fair but but still, much much less than this craziness
I was planning to sell my house and move to a rural area in the southeastern US. I started my search 6 or 7 years ago. Rural homes in most of the places I have been looking have doubled or tripled in price. Partly because more people can work remotely, and so are moving to rural areas where homes are, or were, more affordable, and also because all homes have gone up so much that the big old houses that no one wanted before are now desirable properties. I looked at a home in TN that was listed about 4 years ago, and it was 4000 sq ft for $150k. It sold for that amount, and a year later was relisted at 265k. It was sold again 8 months later for 345k, and the last time I looked it was over 400k. Homes that were very affordable are no longer...which is why I decided to stay put for a while and see what happens with this crazy market.
Load More Replies... This is a sad thing. I don't mean it to be insulting or debasing or make any culture look bad. In India the house owned by parents is not sold in the market, it's handed down to the son or daughter. If they stay in a different region then too they have a place to come back and start again. But the property prices and rent are way beyond low and middle income groups. They end up living in shanties. It's a sad world.
This is not a generational issue. In my modest neighborhood, most of the people beating on my door are 40 year old entrepreneurs wanting to make a killing by flipping houses. I bought my small 3 bedroom home 30 years ago for $63k. I was lucky to get it; a bad marriage to a psychopath left me broke and $100k in debt acquired when he forged my signature. I would never have gotten a mortgage. I was in the right place at the right time, and met a sweet older couple who were willing to hold the note on the house for a few years, while I got things back in control. My neighborhood VERY basic, full of small older homes on what used to be quiet, tree lined streets. I was planning to sell this house and move when I retired, but with things as they are, I decided to hold on to it, extensively remodel, and see how things are going in a couple years. My house is now worth $300k, which is outrageous to me. It will be worth more when the reno is finished. My heart goes out to those struggling so hard these days. Hopefully, this will get better, but I look at the Japanese, who are taking out 100 year mortgages, and I wonder.
yes house prices have gone way up, but so have salaries, when I bought my first house in 1992 it was for $68,000 cheap by today's standards. But it was a dump and I spent lots of time and some money fixing it up. My salary working in a professional position at a university was $30,000 and my mortgage rate was close to 9%. You are not stuck, but you may be suffering from the choices you made - maybe in your choice of higher education, or the amount of student loans you decided to take out, or your unwillingness to move to a place were houses are cheaper or unwilling to accept anything less that a 3,000 sq ft house with all the high end finishes/appliances. I don't really know. But I do know of young people who fell into all those conditions and then complained about not being able to afford a house. One had over $60k student debt (Cdn) for a degree in women's studies - no job. Another young man refused to be a bank manager in a small city where he could have bought a starter home
Stop whining you don’t need a 4 bedroom house at this age. Go rent an apartment and work hard just like the people selling the house did. I hope your parents are charging you rent, utilities and food. Or is mommy doing your laundry?
95
127