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this post was submitted on 11 Feb 2024
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I'm with you. In my area which has traditionally been very affordable (mountain ski town in CA), houses are now starting at $500k for absolute pieces of shit and only go up from there. Most of the housing stock up here is compromised of second/vacation homes, many with deferred maintenance due to absentee owners or have been thrashed by years of partying tourists/local renters. A number of these houses should be condemned, but they still fetch a premium.
At this point, it would be cheaper to build a house, but lot prices are through the roof ($100k starting for anything remotely with a yard, no financing possible on land here), and lumber/materials are insane as well. I'm in construction and have plenty of friends in as well, so it's certainly feasible. And at the end of the day, building our own modest bungalow and expanding as money becomes available would still be cheaper than buying an old piece of junk requiring all the repairs, especially with the reduced maintenance costs and building to modern efficiency standards.