"Holding off"? No, I can't afford it. I'd love to own a home but my wage doesn't keep up with inflation.
Two posts down my feed is this:
Investors bought 27% of US homes in Q1, as traditional buyers struggle to afford
because the previous generation were all robber barons that drained the world for their personal gain at the expense of the children they insisted on having.
I watched my own father illicitly borrow millions of dollars by bullshitting other rich boomers, acquire vast acres of property across the country, promise the family he would pass it all down to us and our futures were set, then have everything taken away by courts as he and and the rest of my family drank themselves to death after snorting away every family assets on cocaine and other drugs.
I lost everything I owned after investing my time and energy into being there for my family and they just crashed out without any accountability to their next generation. Starting over in the middle of my life from nothing. I may never own property of any kind. I probably will never retire.
I feel like it was all just a microcosm view of what's happening broadly. The legacy of the boomer generation is going to be crushing us for a century to come or maybe forever.
Can't wait to take care of them in their adult diapers too.
Been unable to afford a house since I first tried avocado toast circa 2008
Wages didn't increase at the rate of inflation for like 80 years. The USA is now a shithole country in general and emigration out has reached all time highs, kids don't want to buy homes here. All of the overseas investors looking to purchase US properties no longer trust in the USA due to volatility due to an actual dictatorship forming and heavy fines and tariffs being put in place by countries on either side of the issue.
I could go on.
Article title writer pictured here
My household income is well above the median in my area. Besides a bit of student loans, I have no other debt. I'm doing pretty well compared to most people my age, financially.
I still needed an FHA and down payment assistance to squeak into the cheapest house on the market that wasn't a trailer
I know a few millennial homeowners, and almost every one falls into one of two categories: they were gifted the home (or down payment) from a family member; or they married a Gen-X doctor in 2007 and bought right after the market crashed in 2008 and they've watched their home value quadruple since then.
That's it. Have family that's well-off enough, or marry someone that had money at the right time to exploit a financial disaster.
I'm a millennial homeowner that had no assistance from my family and bought in 2022.
Honestly though, I think luck is the only reason we got our house. We met the previous owners and they wanted to make sure the house was going to another couple or family that would actually live in it and call it home, not someone planning to rent it out. We put our bid at asking price (even though our realtor was pushing for us to go higher) and they accepted it the next day.
I know no one really asked this question.
How many people can say they will have a job that pays that well for 30 yrs?
$100k down
Fucking LMAO
"Yeah, before you buy, we want an amount of money you will never have at any one point in your entire life before we consider thinking about suggesting a mortgage to you"
Oh....you poor bastard. Now you can pay the PMI and your morrgage will be around $4400 a month. You can save up $15-20k and refi when rates go down.
Welcome to renting for ever.
Unless you live near a major city. Then you double the price of housing.
Because those who make the rules don't want you to own shit.
Probably the same reason megacorporatins are turning in record profit, year over year, and a very few people have increased their income by several billions of dollars, but that's just a guess. 💁
Don't forget about the corporations that are buying as many houses a quick as possible (faster than a person who will have a mortgage can) and at a higher price than what a person can/will pay becaue they are using them as investments.
Absolutely!
House expensive and job no pay enough.
People aren't paid enough. The rich have too large a portion of the resources.
Eat the rich. Bury their collaborators.
Stop the food waste. Collaborators can be eaten too.
Bury them where? I can't afford a plot of land :(
Ocean it is
The worst part is that I am getting paid a salary I could have only dreamed about years ago, and yet I still can't afford anything with how drastically everything went up in price.
Wages in general have gone up a little bit, but it's crazy to me that I'm earning more than 5x as much as I used to 15 years ago and feel like my buying power has not noticeably improved at all. I'm still stuck living in crappy apartments because that is all I can afford.
Exactly! My partner and I together make over $100,000 a year and finally we are just barely comfortable. All of our bills get paid and even though the budget is tight, we still have a little money and decent credit. I could put a $1,000 guitar on credit and pay that off no problem, but there's no way we could get a house.
Maybe if our wages doubled then we could find something further out in the sticks. Hopefully by that time more companies allow full remote work because I already lose an hour or more a day traveling.
Companies demanding return to office is such a twist of the knife. It's a pay cut, making someone spend an hour or two commuting without paying them for it. But the boss doesn't care
Maintenance, gas, car insurance, more expensive food, tolls, parking, and time. It's a massive paycut for many people when you really think about it.
Because the common citizens will have more problems than buying a house after the Orange Goblin and his fellow criminals started to irrevocably dismantle the nation forever? 🤔
oh we know why, it’s not a mystery to anyone who talks to the average american worker. we are criminally underpaid for our labor and it gets worse the younger the generation is. millennials are more poor than their parents’ generation, and gen z will likely end up poorer than millennials.
Homes are fucking expensive. I couldn't afford to buy a house in most markets at current prices. I have no idea how people are able to buy homes today.
Even my neighbor down the street...1st home for him, wife, and 2 year old kid. He tried to sell because he didn't understand how property taxes worked. The previous owner of 30 years payed 1.5K a year. He bought the home and was hit with a 15K tax bill. He couldn't afford it and thought his bill would also be 1.5K. The closing agent and real estate agent didn't explain anything to him. They were just happy to collect commission and fees on a very expensive house.
This doesn't make sense to me.
In my state the bank pays the property taxes. Its included in the monthly mortgage and goes into an escrow account for taxes.
I guess the rules vary by state.
The bank usually pays taxes and Insurance from the escrow account. You pay into escrow every month. If insurance goes up, so does the amount you pay into escrow
That is only if your mortgage was written that way. I don't know if mortgages are "usually" written that way, but only my first mortgage had an escrow account.
Escrow isn't a requirement. The only requirement is that you pay your taxes and insurance whether you have someone else doing it or do it yourself.
What varies from place to place is how property taxes are calculated. Many places "lock you in" to a rate when you buy and only reassess when the property changes hands. In my state, the rate just increases by 3% every year regardless of whether you sell or not so nobody is hit with a big surprise bill.
Some places cap property tax increases per year, or even have a flat rate based on purchase price (or appraisal?) that never goes up… until you sell the house to someone new. Then the tax gets recalculated based on the current value of the house. So if the price of the house went up 10x in those 30 years, the tax is going to be 10x higher. It’s actually beneficial to the taxpayer IMO to have a consistent predictable tax that doesn’t go up over time if your neighborhood gets gentrified or whatever and home prices skyrocket.
A house is a huge liability. If i lose my job, what do i do about the debt? It's the job market uncertainty that i fear more than the current pay levels, tbh.
House is an asset. Mortgage is a liability. Having one without the other is now a dream.
Because the only part of the economy doing well is home values
I fucking wonder. Maybe I can ask Grok.
Grok: "It's the Joos. Heil Hitler!"
A 7% interest rate doesn’t help
We bought in 2020 and have a 2.875% rate on our mortgage. We only put 10% down and had PMI but the broker was all, "you can refinance to get rid of that".
I asked him when in the world we'd ever be able to refinance at or below that rate? He had nothing to say to that.
We bought ours in 2022 at a 4.15% rate with only 5% down and since I dealt with a local lender, got a conventional loan with no PMI. Thank God. The PMI was my biggest worry, but we were very fortunate.
Also found a house for under $300k, but it was built in 1952 and we're a little in the boonies. We have a Walmart nearby and some fast food, but that's it. We both work 20 miles away in the much larger town. And then we're about an hour or so (depending on traffic) from a major city. So we had to make some concessions in order to even get a house. Though I love being in a small quiet neighborhood and being able to live away from the bustle of a larger town, but it does have drawbacks.
$$$$?!?
Because of the increasing gap between wages and property values?
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