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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
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
You just need to stop watching Netflix and buying avocado toast.
At least that's what old people say anyway.
Can confirme. I stopped drinking Starbucks and now I own a 50 acre plot with a 6 bedroom house on it. If only I would have listened to their Facebook comments sooner, I could have afforded that private jet too. Edit: Apparently sarcasm is lost on a few. So for explicitness - /s
Assuming you spend $10 on avocado toast every day, as well as $75 on eating out for every meal, $20 for Starbucks, and ALSO assuming you have $150 worth of monthly subscriptions:
It will take you 25 years to save one million dollars. That's assuming you never get sick, never lose a job, never need to buy a car or have major repairs, or basically any kind of surprise expense or setback that could wipe out savings.
To be the richest person on earth, you would need to save that money every year for over 6 MILLION YEARS
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.
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.
Is this one of the areas where corps are buying up a shitload of real estate?
I believe it's on earth, yes.
My moon base is not gaining ANY land value....
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.
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.
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
My lucky ass bought a house in late 2019. I'm happy I'm making money on it but this doesn't seem healthy
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.
Right but you then control the appreciation on a much larger asset. In terms of pure net worth and net present value, trading up is a huge gain even if it doesn't generate more short term liquidity.
You can also rent out the smaller place and get both cash flow and NPV upgrade.
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
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.
Time to eat the rich
Best hurry ... Ozempic is destroying the caloric benefit
82%, feel lucky. I bought my house in 2015 for $85k. Last assessment was almost $300k
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.
Being able to buy a $200,000 house in the town I live in would change my life so much.
Friend of mine was saving up for a house 5 years ago. Prices have gone up almost 150%
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...
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.
Keep in mind that 4 years ago was COVID times when everything was shit.
House prices exploded during Covid. Yeah, they dipped for like 2 weeks initially, but then they skyrocketed.
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.
About everywhere... In Toronto it's now 1 million+. In Vancouver it's now 2 millions+
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!
If it makes you feel any better, that house would sell for at least double that price where I live.
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.