593

My salary didn't change at all, but homes went up 82%. The money I saved for a down payment and my salary no longer are good enough for this home and many others. This ain't even a "good" home either. It was a 200k meh average ok home before. Now it's simply unaffordable

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[-] SplashJackson@lemmy.ca 29 points 3 days ago
[-] TheReturnOfPEB@reddthat.com 14 points 3 days ago* (last edited 3 days ago)

Best hurry ... Ozempic is destroying the caloric benefit

[-] socsa@piefed.social 7 points 3 days ago

No rich person is living in a 325k ranch house.

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[-] sleepmode@lemmy.world 32 points 3 days ago

I like the utility feed hanging off the front of the house going straight through the roof and blocking them from installing the other fake shutter. I wonder what other construction horrors lurk inside.

[-] PriorityMotif@lemmy.world 49 points 4 days ago

A lot of boomers are going to die in the next ten years or so. That is the biggest age demographic in the u.s. the population is going to shrink by a lot. That's why there's a push to make people have more kids, because otherwise workers and consumers have a lot more power.

[-] rauls4@lemm.ee 59 points 4 days ago

Private equity is already gobbling up the houses. Boomers are cashing in to finance extravagant retirement. Those who are not, are leaving it to their children who will then sell to private equity groups.

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[-] socsa@piefed.social 12 points 3 days ago

Not that this is "ok" but it's why "buy whatever you can as soon as you can" is good advice. If you'd put whatever you had into a shitty condo four years ago, and kept saving at the same rate, you'd likely be in good position to trade up soon.

I see a lot of people I know end up in the same position because they've been waiting for either the exact right circumstances or for prices to "crash." All the people i know who started with anything they could afford now have a huge amount of equity in nice homes. The difference is real and primarily about timing more than income or location.

[-] michaelmrose@lemmy.world 9 points 3 days ago

I think you misunderstand. He didn't have the financial wherewithal to acquire a home of any sort because a down payment was expected even of the shitty condo. He didn't have the money then he doesn't have the money now he's on the same shitty treadmill that the rest of us in the permanent underclass are.

[-] yessikg 18 points 3 days ago

This is because venture capitalists are buying all the homes to rent

[-] WhatYouNeed@lemmy.world 4 points 3 days ago

Said it before: no corporation except non-profits focusing on housing should own retail property.

[-] Thebeardedsinglemalt@lemmy.world 18 points 3 days ago

This is everywhere. I've been looking for houses for 3 months in NW Ohio. 300k is the new 150k, and all the houses are beat to shit on the inside needing 50k just to make them passable inside because nobody takes care of them.

[-] Soleos@lemmy.world 6 points 3 days ago

I wonder what proportion of it is also due to people fleeing 1 million + average house markets during the pandemic work from home wave. Not saying this about you, but it makes me think it's funny how the common refrain of "Don't like it? Just move" is often uttered by NIMBYs.

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[-] JoMiran@lemmy.ml 42 points 4 days ago* (last edited 4 days ago)

A house in Austin

2018: $275,000
2022: $725,000

Those are actual numbers from East Austin. I believe the 2024 market rate is $625,000 but it hasn't changed hands again so I can't say for certain.

[-] scrubbles@poptalk.scrubbles.tech 15 points 4 days ago* (last edited 4 days ago)

And conservative Texans keep laughing that californians are moving to Texas because "They hate the blue politics", never guessing that they would bring their blue politics and money with them, driving up land value. Definitely not saying that they're bad, but that it's ironic that they didn't think through the consequences

[-] chiliedogg@lemmy.world 10 points 4 days ago

The people fleeing California for Texas aren't people who love California and its politics.

They're mostly Republicans, and they're making Texas more red AND increasing home prices.

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Is this one of the areas where corps are buying up a shitload of real estate?

[-] Godnroc@lemmy.world 143 points 4 days ago

I believe it's on earth, yes.

[-] Lost_My_Mind@lemmy.world 27 points 4 days ago

My moon base is not gaining ANY land value....

[-] mesamunefire@lemmy.world 15 points 4 days ago* (last edited 4 days ago)

If it's on Zillow then yes. The trick is to find houses that are not on MLS/Zillow...but realistically there are none. GL! We got ours wnd in one year it went up 40%in a year.

Also in my area that house is a steal and would have offers before it hit Zillow.

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[-] localhost443@discuss.tchncs.de 14 points 3 days ago

Also here in Europe this is the type of construction we use for a garden shed, not a house.

Even when we do modern timber frame, it's generally still brick or block at the bottom. How long do these houses last in the US? I imagine a lot of the continent is pretty humid

[-] ayyy@sh.itjust.works 11 points 3 days ago

It’s a good thing you aren’t a building engineer.

[-] UnpledgedCatnapTipper 9 points 3 days ago

My parents' timber house is from the 1780s and is still solid. So, 240 years at least, give or take. I'm aware of plenty of timber houses from the 1600s that are still standing and functional as well.

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[-] XeroxCool@lemmy.world 3 points 3 days ago

Timber frames are sheathed in treated plywood and then wrapped in siding. Rain doesn't reach the wood of a barely-maintained house, exterior humidity won't do damage in any hurry, and wood is rarely making ground contact. These houses last at least a hundred years given that this style is approaching 100 years. It's usually storm damage through the roof that causes the rotted wood you're imagining, not normal wear and tear.

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[-] PoTayToes@sh.itjust.works 22 points 4 days ago

Tbh this is more than mildly infuriating...

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[-] Glifted@lemmy.world 33 points 4 days ago

My lucky ass bought a house in late 2019. I'm happy I'm making money on it but this doesn't seem healthy

[-] Fermion@feddit.nl 31 points 4 days ago

You're only making money if you downsize, move somewhere cheaper, or switch back to renting. If you move and all the other houses have gone up, then you just end up having to sink any gained equity into affording your new place. Rising prices really only help developers, realtors, and REIT's.

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[-] Lost_My_Mind@lemmy.world 20 points 4 days ago

You're right. It's not healthy to profit so much from corporations greed.

Therefore, it's only right that you sell me your house for $1

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[-] TheObviousSolution@lemm.ee 15 points 4 days ago

This won't change as long as property ownership and property renting is unified. There's just to much of a business incentive from renting, even if it takes decades to make it back. Worst that can happen is that it can sell it back to a market that criminalizes homelessness instead of treating it or its causes.

[-] jj4211@lemmy.world 11 points 3 days ago

So occasionally I look out of curiosity and the reason is pretty plain.

I look for houses for sale in a suburban area as public listings, and there's like 1 within a few square miles of the area.

I switch over to renting, and there's like 12 houses just like the one for sale available, all owned by companies. I also know a coule that aren't listed that have no tenants, but are still owned by one of those companies. You can tell because those yards are now waist deep grasses (in an area where HOA throws a hissy fit if your yard looks just a smidge unkempt).

Don't know why the companies find it more profitable to buy houses people aren't looking to actually move into, at least at the rent they are willing to accept. If I fully understood why, it might just piss me off more. Like maybe the houses work better as a loan basis than other assets, so even empty and unused they are valuable as some sort of financial trick.

[-] Semi_Hemi_Demigod@lemmy.world 9 points 3 days ago

Don’t know why the companies find it more profitable to buy houses people aren’t looking to actually move into, at least at the rent they are willing to accept. If I fully understood why, it might just piss me off more. Like maybe the houses work better as a loan basis than other assets, so even empty and unused they are valuable as some sort of financial trick.

That's one thing, but housing has been a low-risk investment for a long, long time. If they bought the house OP posted in 2020 and sold it in 2024 they would have almost doubled their money even without renting it out.

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[-] Gingerlegs@lemmy.world 25 points 4 days ago* (last edited 4 days ago)

82%, feel lucky. I bought my house in 2015 for $85k. Last assessment was almost $300k

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[-] Debs@lemmy.zip 17 points 4 days ago

Being able to buy a $200,000 house in the town I live in would change my life so much.

[-] lud@lemm.ee 13 points 4 days ago

Keep in mind that 4 years ago was COVID times when everything was shit.

[-] chiliedogg@lemmy.world 17 points 4 days ago

House prices exploded during Covid. Yeah, they dipped for like 2 weeks initially, but then they skyrocketed.

[-] w3dd1e@lemm.ee 10 points 4 days ago* (last edited 4 days ago)

It’s the same in Kansas City. I just checked a random house in my city and it’s up almost $100k in 4 years.

3bd, 1bath 976 sqft

[-] rbesfe@lemmy.ca 9 points 3 days ago

A 1200 sqft bungalow near me just sold for 1 million Canadian rubles

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[-] AstridWipenaugh@lemmy.world 8 points 3 days ago

Yep, that's on track! My house has almost tripled in price since I bought it 12 years ago. Denver metro. No way I could afford it if I had to buy it today.

[-] Xyphius@lemmy.ca 17 points 4 days ago

Friend of mine was saving up for a house 5 years ago. Prices have gone up almost 150%

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[-] shalafi@lemmy.world 14 points 4 days ago

Y'all realize this is a bubble, right? I almost feel sorry for these investors, gonna have their ass handed to them in the coming decade.

[-] OsrsNeedsF2P@lemmy.ml 39 points 4 days ago

If Big Macs, houses, gas and college tuition all went up, it's time to realize these are not all in bubbles and instead realize due to inflation your salary has been halved.

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[-] bassomitron@lemmy.world 7 points 3 days ago

Keep in mind that inflation has risen over 30% in just the last 4 years, which explains at least part of the rise in prices. I wouldn't be surprised if inflation is even higher in certain areas of the country. I'd also not be surprised if Georgia is getting a lot of natural disaster refugees from places like Florida.

[-] 11111one11111@lemmy.world 5 points 3 days ago

The other part i don't see anyone mentioning is that this was all projected as a result of millennial generation, the largest % of population by generation comparison, came into the age of buying homes. Creating a sharp spike in demand over supply.

[-] Gerudo@lemm.ee 11 points 4 days ago

My janky duct tape together house I bought in 2010, that was built in '58 was 98k. In 12 years I sold it at 280k, with it still technically being out of code. My house was the cheapest sold in the neighborhood, some selling for 320k. It's insane.

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this post was submitted on 03 Nov 2024
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