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
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.
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.
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.
Didn't think I'd ever see Waleska on Lemmy... but, yeah. This is just the story all over North Georgia right? No one wanted to live in the mountains until all of the sudden you could work from anywhere. Now everyone earning city and suburb pay is happy to live an hour farther out than they were before.
:laughs in Australian:
The answer is to go somewhere cheaper. If you go far enough out of town the prices will go down.
Plus when the town grows your property value will go up and up.
Real talk, forget about a down payment. There are a bunch of different ways to get a 0 down mortgage with varying qualifiers so that chances you qualify for one of them is quite decent.
Even if not, there are still a bunch of other ways to get low down payment mortgages for ~3% down or less.
Toss out the old adage of "20% down or bust" and keep any money saved towards it for savings for all the other costs of home/closing
Are other homes increasing as much in that area? Or did they build a double garage, remodel the kitchen and install 15 swimming pools?
House down the st was 94k in 2015, it sold for 195500 last year.
What I'm hearing is that houses have the ability to be a great investment.
Work to get a house and then when you are old and ready to retire you sell and then have a great retirement.
Where tf do you live then? You're just gonna need to buy another home
…until you realize that you still need a place to live after retirement, and any house you’re buying will have the same average increase across the board.
I'm talking much later in life when some of the basic things become a little harder but still doable. You move into an apartment that is for older folks.
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