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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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[-] PriorityMotif@lemmy.world 49 points 3 weeks 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 3 weeks 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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Is this one of the areas where corps are buying up a shitload of real estate?

[-] Godnroc@lemmy.world 144 points 3 weeks ago

I believe it's on earth, yes.

[-] Lost_My_Mind@lemmy.world 27 points 3 weeks ago

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

[-] mesamunefire@lemmy.world 15 points 3 weeks ago* (last edited 3 weeks 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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[-] JoMiran@lemmy.ml 42 points 3 weeks ago* (last edited 3 weeks 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 3 weeks ago* (last edited 3 weeks 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 2 weeks 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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[-] Glifted@lemmy.world 33 points 3 weeks 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 3 weeks 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 3 weeks 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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[-] bjoern_tantau@swg-empire.de 8 points 3 weeks ago

Same here. And my stupid ass father in-law spread the rumor that we wanted to sell and we instantly had several offers. But we like it here.

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[-] sleepmode@lemmy.world 32 points 2 weeks 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.

[-] SplashJackson@lemmy.ca 29 points 2 weeks ago
[-] TheReturnOfPEB@reddthat.com 14 points 2 weeks ago* (last edited 2 weeks ago)

Best hurry ... Ozempic is destroying the caloric benefit

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[-] Gingerlegs@lemmy.world 25 points 3 weeks ago* (last edited 3 weeks ago)

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

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[-] PoTayToes@sh.itjust.works 22 points 2 weeks ago

Tbh this is more than mildly infuriating...

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[-] yessikg 18 points 2 weeks ago

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

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[-] Thebeardedsinglemalt@lemmy.world 18 points 2 weeks 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.

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[-] Debs@lemmy.zip 17 points 3 weeks ago

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

[-] Xyphius@lemmy.ca 17 points 3 weeks ago

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

[-] Asafum@feddit.nl 10 points 3 weeks ago* (last edited 3 weeks ago)

Yeah that was me too... I FINALLY got to the point where I could realistically start looking, got the pre-approval and everything just after COVID started... People had already starting WFH and moving away from where they worked and investment companies kept buying and now I'm still living in someone else's garage because prices went through the roof pretty much as I was looking...

Of course once you mention WFH everyone gets defensive and claims this was a trend, but those charts are the same everywhere. Houses in 2018-19 were often less than half of what they cost now...

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[-] TheObviousSolution@lemm.ee 15 points 2 weeks 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.

[-] shalafi@lemmy.world 14 points 3 weeks 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 3 weeks 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.

[-] Buttflapper@lemmy.world 9 points 3 weeks ago

Y'all realize this is a bubble, right?

Can you explain why you feel that way?

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[-] localhost443@discuss.tchncs.de 14 points 2 weeks 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 2 weeks ago

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

[-] UnpledgedCatnapTipper 9 points 2 weeks 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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[-] lud@lemm.ee 13 points 2 weeks ago

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

[-] chiliedogg@lemmy.world 17 points 2 weeks ago

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

[-] bostonbananarama@lemmy.world 12 points 3 weeks ago

If it makes you feel any better, that house would sell for at least double that price where I live.

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[-] socsa@piefed.social 12 points 2 weeks 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 2 weeks 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.

[-] Magister@lemmy.world 11 points 3 weeks ago

About everywhere... In Toronto it's now 1 million+. In Vancouver it's now 2 millions+

[-] chonglibloodsport@lemmy.world 13 points 3 weeks ago

Right but OP is talking about a house in Waleska, Georgia, which has a population of 921 (as of 2020 census). Not really on the same level as Toronto or Vancouver!

[-] Gerudo@lemm.ee 11 points 3 weeks 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.

[-] perishthethought@lemm.ee 11 points 3 weeks ago

In the lat 80s / early 90s, my SO and I saved up for 7 years to be able to afford the down payment for our first home. Now, that would be more like 20 years, which is too much.

Time to consider moving to Europe or Costa Rica or Mexico City or somewhere, if you're in that boat now.

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[-] jj4211@lemmy.world 11 points 2 weeks 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 2 weeks 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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[-] w3dd1e@lemm.ee 10 points 2 weeks ago* (last edited 2 weeks 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

[-] MdRuckus@lemmy.world 10 points 3 weeks ago

Houses in my neighborhood are up 150-200%.

[-] rbesfe@lemmy.ca 9 points 2 weeks ago

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

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this post was submitted on 03 Nov 2024
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