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[DanteFox]

Yeah, unfortunately it's less and less affordable for a larger and larger portion of the young population. It's also widening a wealth gap, because young people who have a house, or some amount of wealth are taking loans or early inheritances from their parents to do a down payment, and afford a mortgage. Those without wealthy parents or such a lifeline are simply locked out of the housing market as home values continue to climb. And of course boomers who made smart moves are now buying second and third homes, and renting them out, and continuing to invest and generate wealth. So it really is a case of the haves and have nots.

 

[Trogdor1123]

When development of homes is heavily curtailed and over regulated in addition to immigration being high, this can definitely be an outcome.

Where I live, we among the highest national income and still way lower house prices. The disaster isn’t everywhere. Also, people think it would be great if there was some big “correction “. It wouldn’t be a pretty sight if there was. Be careful what you wish for.

 

[SlimySnake]

Yeah, I missed my opportunity to be a homeowner years ago and now I'm fucked. Getting in now is nearly impossible if you're not making six figures it seems.

It will correct itself. Market is currently being propped up by wall street. I bought a 140k house in a decent suburb in columbus back in 2014 with just a 50k salary. sold it 5 years later for $185k. now that house is worth $328k on zillow. That is simply insane. That was a starter house with the smallest of living rooms... my 1 bedroom apartment's living room was bigger. And that is now going for $325k? BTW, thats around what i paid for my current house in 2019. Thats gone up to $488k but that house is way bigger. some 2.5x more square feet with more features than my starter house.

None of this makes any sense. This is wall street fuckery. Nothing more.

 

[Aesius]

Yeah, unfortunately it's less and less affordable for a larger and larger portion of the young population. It's also widening a wealth gap, because young people who have a house, or some amount of wealth are taking loans or early inheritances from their parents to do a down payment, and afford a mortgage. Those without wealthy parents or such a lifeline are simply locked out of the housing market as home values continue to climb. And of course boomers who made smart moves are now buying second and third homes, and renting them out, and continuing to invest and generate wealth. So it really is a case of the haves and have nots.

My in-laws' house is on the water in FL and increased in value about $400k since 2020. It's now worth nearly $1 million.

I hate to be the "fuck boomers" type but honestly, the younger ones who avoided Vietnam have had the greatest and easiest lives of any generation ever. And they are still winning well into retirement. And now there's the trend of them spending up basically most/all of their money on travel before they die, which means their kids get little to no inheritance (the very thing that likely drove wedges between them and their siblings when their own parents died because of how much they coveted it).

 

[tommolb]

Yep, housing is f**ked alright. Bought my house in 2011 in a town about 30 miles from London, but price of it has doubled in that time. I wouldn't be able to afford to buy it now, even thought my salary has doubled (my other half's salary hasn't kept pace).

Only stopping folks owning more than one house, stopping private landlords buying up all the stock (and making them sell some of their stock), stopping foreign firms/individuals buying houses as investments, stopping nibyism that prevents house building and allowing local councils to build council houses will stop it. Alas, no government is going to do any of this, cos the old folks like the feeling of being rich living in their homes worth 1 mil + that they bought for 30k back in the 80's.

 

[Cyberpunkd]

They say that it is foolish to time the market...but I say...if you truly have the patience, the discipline, and are doing other smart things with your money in the interim, it will work out just fine.

Change is coming...If I could tell you when, I would be a billionaire.

We bought at the bottom tier of housing market, 1.1% fixed for 20 years. The rates are 3-4% now but started to drop, targeting 2 years from now.

 

[Raven117]

We bought at the bottom tier of housing market, 1.1% fixed for 20 years. The rates are 3-4% now but started to drop, targeting 2 years from now.

Thats basically free money!

 

[Krappadizzle]

It is crazy. My wife and I were talking about how we couldn't afford to buy our house now if we were trying to get into the market. We got lucky that we decided to buy when we did. Our property value went up almost 100k since we purchased it a little over 5 years ago. Good for us mostly, but insane for the general populous around us.

 

[RJMacready73]

Government really needs to step in and outlaw corporations from buying up homes, it's madness to me that we're sleepwalking into a dystopian nitemare where American corporations are going to own the roofs over everyone's head and simply keep increasing rents to appease shareholders with more money than sense, same with multiple home owners I'd tax the absolute fuck out of them once they buy a 3rd house and make it neh on impossible to own a 4th without paying a heavy price and don't get me started on foreign ownership or those that buy houses as capital storage and never set foot in them.

We need to free up as much tied up stock and allow ordinary working people and families a chance to own a home at an affordable price, I wouldn't give a shit if my home decreases in value if it meant homes becoming more affordable for future generations

 

[Go_Ly_Dow]

 

[daffyduck]

 

[Tams]

Part of the issue is houses being treated as an asset and appreciation is expected.

In Japan, the actual building depreciates in value. The land doesn't, but at least it often doesn't get to quite so silly values.

But grass is greener and all that, and a Japanese Yen income is worth fuck all.

 

[EverydayBeast]

Trump Tower - 10022 Real Estate - 45 Homes For Sale | Zillow

Zillow has 45 homes for sale in 10022 matching Trump Tower. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.

www.zillow.com

 

[Rival]

I probably make double what I made when I purchased my house 9 years ago. With interest rates and what it would cost now I wouldn’t be able to afford to buy it today.

 

[Lord Panda]

I hear ya OP. I've already begun saving for my little boy because I'm not liking his chances of being able to enter the market on his own.

 

[Miyazaki’s Slave]

I grew up in the back Back BACK woods of the east coast and moved out as soon as I could. Since then I have lived all over the US and chose to settle in Texas for a bit and purchased a place in 2016.

I looked at apartment prices for my mom the other day, just to see what I would be looking at in terms of suppling her with an easier place to live and JESUS CHRIST!!! Two bedroom apartments, in a County who's average age is 54, they have 1 high school, 1 middle school, and 3 elementary schools that serve a County with a 497 square mile area.

The apartments are $2200 a month.

It is bat shit insane.

 

[Go_Ly_Dow]

I love this channel and also this unique house design is very cool and smartly designed.

 

[RJMacready73]

I hear ya OP. I've already begun saving for my little boy because I'm not liking his chances of being able to enter the market on his own.

Yeah its not good, thankfully my folks are leaving their house to the kids which when the time comes they can either move into it, rent it out or simply sell it and split the money and use as a deposit to get them onto the ladder

 

[Putonahappyface]

London prices are fucked up. My girlfriends cousin is a journalist in London and just dumped 450k on a two bedroom flat in Peckham.

 

[Hudo]

450k on a two bedroom flat in Peckham.

Fucking hell

 

[Go_Ly_Dow]

London prices are fucked up. My girlfriends cousin is a journalist in London and just dumped 450k on a two bedroom flat in Peckham.

That's insane. Could have got a detatched 4 bedroom house with that kind of money where I live with a front garden private driveway and a huge back garden. 25-30mins drive/bus to central Cambridge, 45-60min direct train to Central London.

 

[Tams]

Fucking hell

London is utterly fucked. My best friend lives in a shoebox bedsit in west London, without even a tube station, and it costs him a fortune.

Places that used to be affordable and vibrant (if rough in places), like Notting Hill and Wimbledon are now completely gentrified. More central places... yeah, no. It really got going in the 90s and 2008 really didn't dent it much.

 

[ForAcademicPurposes]

 

[Musashipan]

Canada is bad too, not only BC and ON, Alberta as well. Freaking basement for 1.8k.

 

[Liljagare]

It seems it is the same all over in the western world, how the heck are young people supposed to get a place of their own nowadays? Add, 10-30% down in alot of nations to get a loan.

You better have rich parents.

We are looking at moving ourself in Sweden, it is just nuts, 300-500K for a 2-3 bedroom, even in the middle of the boonies.

Unless you move to a little dinky town two hours away from everything and no Public transport, then you can get down to a 100K. Oh, and also no jobs in those areas.

I am actually looking at a place where mom and dad can move into too, they are getting up there and need more help, the return of generational living. Not a bad thing necessarily, but you are still screwed if you don't have the cash for the money down on a mortgage.

Forget about renting here unless you have spent 10-15 years in the queue.

Governments all over really need to step in.

 

[Trogdor1123]

Canada is bad too, not only BC and ON, Alberta as well. Freaking basement for 1.8k.

Alberta isn’t bad at all. It’s way cheaper here than the rest of the country.

 

[jason10mm]

Better off living in a hotel at that point. Right?

You joke (I think) but it wouldn't surprise me to see more 1 room offerings that lean on common areas for cooking, bathrooms, and socializing, basically folks extending dorm living to post-school life.

 

[Unknown Soldier]

At the end of the day, it really doesn’t matter how high rates are or how low supply is because if the homeowner doesn’t want to sell, or wants to sell at a high price there’s nothing you can do about it except hope and pray the guy is desperate to dump it to live in a retirement home asap, there’s a big crisis forcing people to dump, or your city amps up home building production in all types of homes way faster than the population growth. If you’re not getting these, then the home owners will just wait it out for a good price.

What doesn’t help keep prices down is ever since the internet got running and checking for listings became the norm in the 2000s, prices go up too because every guy in the city, country or overseas can see and bid on the same property. That’s why you got tons of bidding wars. It wasn’t like this before the net when people would only see a listing if your agent told you or you saw it in a weekly sales binder at a brokerage (like a used car classified ad booklet) or you saw it driving by by luck.

You can only build so many homes with two hands and cranes. But you can get a million eyeballs all seeing homes for sale.

It is completely possible to build many homes, China has been overbuilding for decades and now faces a property crisis where they have 25%+ more homes than they have population to house. It's an open joke that people suggest to China that they tear down all their empty housing units and send the materials to the US to build homes there.

There are many reasons no one wants to build houses in Western countries including excessive regulations and zoning, cost of materials going straight up, lack of space in desirable areas for building, but the biggest reason is simply because people like it when their property values go up and they don't give a fuck about the other guy who is struggling to afford a house. You don't think housing builders in the developed world would love to build more houses to take advantage of the insane property market right now? Of course they would. But they aren't, because of so many fundamental structural issues preventing construction of new housing in so many developed economies.

 

[Kings Field]

Had the opportunity to sell our house for double what we paid but decided against it. We live in the middle of nowhere and have 10 acres.

A new development was built up about two years ago and about 80% of the houses sit empty and the builders refuse to drop the price more than $5-6k.

I live in a low cost of living area and between me and my wife we make middle ground six figures and for us to move it doesn’t make sense. We were going to move to New Hampshire a couple years ago but decided against it for now until the market goes down.

 

[Toons]

I've just accepted im never going to have a house until a major crash comes.

My mom sold the house i grew up in 25 years ago(bought by my parents for 50k) for almost 150k. Folks that bought it were a whole family.

Im single, on my own, about to be working 2 jobs and barely covering my rent. And my rent is pretty fair.

Whole system is cooked. Just gonna wait for the inevitable crash/revolt when enough people in the population are either too broke to afford basic living or are priced out of the stuff they do have.

Altho a buddy of mine who's a handyman was able to get a house on foreclosure but he had the knowhow to fix it up himself. Put maybe 30k into it and its fine. Hes one of the lucky ones and if he's smart he'll sit on it.

Long as I can get work that consistently covers my meager expenses I ain't moving.

 

[Musashipan]

Alberta isn’t bad at all. It’s way cheaper here than the rest of the country.

I know, I shouldn't complain. Not as bad, but still bad. You from Calgary?

 

[Trogdor1123]

I know, I shouldn't complain. Not as bad, but still bad. You from Calgary?

Calgary is the hotest (and airdrie, wow) place in Alberta right now and is going to get more.

i dont live there but got a few buddies who own places

 

[Solarstrike]

End times.

 

[AV]

London

Come up north.

 

[tommolb]

London

Come up north.

Nah, no thanks. It's full of northerners

/jk I am from the north!

 

[haxan7]

All you have to do is move slightly farther away from the major population hubs and prices go down drastically. It's never been easier to do that with the proliferation of working from home.

 

[Hugare]

I'm a brazilian with european citizenship and I'm thinking on moving to Europe, but the housing market is fucked everywhere

It's unanimous. Ask anyone, from anywhere and they'll say that most of their income goes to paying rent, and that it has increased tremendously lately

Portugal is beyond fucked. Spain too, France, Italy, England, Germany ...

And it's not just with the bigger cities. Small cities are also fucked 'cause with the home office boom, people go where rent is cheaper despite earning way more than locals.

My sister lives in Vancouver and the rent price there right now is crazy. It's a global thing.

I'm thinking on trying my luck with Denmark or Netherlands. Will see.

 

[TNT Sheep]

I'm thinking on trying my luck with Denmark or Netherlands. Will see.

I can't speak for Denmark, but The Netherlands is pretty bad as well.