I worked hard, paid off my mortgage, invested in property improvements, and expect to realize as much gain on my investment as possible so that I can cash in for a comfortable retirement.
So, if you don't want to live in a tree, get a job and compete with your friends for the opportunity to purchase my well-maintained home in a safe neighborhood with plenty of Earth friendly trees just in case you can't pay the price.
Just buy a house. I bought 4000 sq. ft in PA for $305k in 2021.. yes, I had to move and commute 45-min to work, but well worth it to have a $2200 house payment.
Houses are becoming more unaffordable and there's a certain segment of the population, usually home-owners of a certain generation born circa 1946-64, who think it's great. Uhmmmmm no. Houses should be as CHEAP as possible. Stop celebrating others' inability to buy homes.
Don't hate the players, hate the game. I hope my house doubles in value in the next 10 years, because I'm about 10 to 12 years from retiring and that cash could be handy. Never know what will come next. Why would I want anything else?
In the early 1990s when I was making $5.05/hr, a $125k home seemed utterly unattainable to me. My wife and I ended up renting from the time we were married in 1993 until we bought our first house in 2006. It just took a while to get the career and finances in order. We put what was essentially zero down on a house that cost 129k in 2006. It was in a bad neighborhood in a poor town, but that's what we could do.
Fast forward 16 years and a couple more houses, and now 600k is affordable, but I wasn't getting this house as a 30 year old. I'm 48. It took several houses, selling, saving, building a career before I could buy it. I could afford much more, but I'm not looking to be broke, I'm looking to retire at 60.
Houses are an investment and you want your investment to appreciate. This is a good thing. Gentrification is a good thing. If my $300,000 house all of a sudden is worth $800,000 this is a good thing.
Always look at housing as a homeowner, never look at it as a renter because that is not who housing prices should benefit.
You're only allowed to celebrate if you didn't vote for decades to restrict development around you. (Not saying anyone here did, but exclusionary zoning is common in nearly every major city).
Buy at low prices. Vote in anti-development candidates and enact strict zoning. Enjoy massive appreciation at the expense of younger generations. Restricted supply is not free enterprise.
This may be the case in larger cities and inner ring suburbs but around me the surrounding farm land is all being turned into new housing. There are acres of development in any city that still has land.
Buy a house overseas and rent it out. Latin America, the Carribeans, Asia are all good investment spots in countries that allow foreigners to own homes.
Convincing generations of people to view homes as investments has badly hurt the availability of housing. Current homeowners have every incentive to restrict supply around them and drive up prices for their own profit.
Wouldn't upzoning increase the value of an individual piece of land (even though it would decrease the price of housing per sq ft)? I think people vote against this stuff because they're afraid of any change to their neighborhood. People almost always vote the status quo on local ballot measures if they don't think about the issue.
Houses are becoming more unaffordable and there's a certain segment of the population, usually home-owners of a certain generation born circa 1946-64, who think it's great. Uhmmmmm no. Houses should be as CHEAP as possible. Stop celebrating others' inability to buy homes.
Gen X here. Yeah, I bought my house for 117,000 and now it is worth 900,000. I have two kids. I used the equity to put an addition on and fund my kids education.
But, I am not at all happy that they can't afford a house where they grew up. There is a cost for everything.
I recently read that the average size of a new home these days is about 2000 sf. Most of the new homes I've seen come with deluxe finishes inside. My parents home and my first home was 800 sf, 2 bdrm, 1 bath, a small living room and kitchen. Formica counter tops in the kitchen and bath, linoleum kitchen floor, wood flooring elsewhere, simple wood trim were the finishes. Developers are guilty of over building to make more money. Building simpler adequate homes would go a long way to correcting house pricing in general.
Houses are becoming more unaffordable and there's a certain segment of the population, usually home-owners of a certain generation born circa 1946-64, who think it's great. Uhmmmmm no. Houses should be as CHEAP as possible. Stop celebrating others' inability to buy homes.
Don't hate the players, hate the game. I hope my house doubles in value in the next 10 years, because I'm about 10 to 12 years from retiring and that cash could be handy. Never know what will come next. Why would I want anything else?
In the early 1990s when I was making $5.05/hr, a $125k home seemed utterly unattainable to me. My wife and I ended up renting from the time we were married in 1993 until we bought our first house in 2006. It just took a while to get the career and finances in order. We put what was essentially zero down on a house that cost 129k in 2006. It was in a bad neighborhood in a poor town, but that's what we could do.
Fast forward 16 years and a couple more houses, and now 600k is affordable, but I wasn't getting this house as a 30 year old. I'm 48. It took several houses, selling, saving, building a career before I could buy it. I could afford much more, but I'm not looking to be broke, I'm looking to retire at 60.
I recently read that the average size of a new home these days is about 2000 sf. Most of the new homes I've seen come with deluxe finishes inside. My parents home and my first home was 800 sf, 2 bdrm, 1 bath, a small living room and kitchen. Formica counter tops in the kitchen and bath, linoleum kitchen floor, wood flooring elsewhere, simple wood trim were the finishes. Developers are guilty of over building to make more money. Building simpler adequate homes would go a long way to correcting house pricing in general.
This would never work. Those who SHOULD buy houses like that won't, they WANT IT NOW.
Like to see some stats on that. My opinion is that many boomers are concerned for kids and grandkids trying to get into a house. Boomers are in the house they are going to die with so increased equity doesn't really help them. If they have investment properties then that's another story. I also think most logical thinkers recognize the inflation frenzy will will wreck havoc on property values so nobody is gloating about their temporary valuations especially when they go to pay property taxes.
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