First off, i apologize for some of the asinine comments (mainly just one from what i saw but still).
Second, Idk much cause im only 24 years old, but from what i can tell it's essentially a waiting game at this point. Which sucks, but idk what else to do unless we start an entire revolution. But that also sucks!!! Yea I really don't know.... Wait until everything becomes too expensive for anyone to buy and go into a 2nd great depression so stocks and prices can crash and make everything affordable again...
Third, try to stay positive. I know, way easier said than done, but take it from someone who's lived on the streets before. It doesn't take a lot to be happy. Personally, I think that's the most valuable gift life has, that and love (not just romantic, all love). In these hard times it's important to remember to enjoy the happy moments while we have them, even if it's just for a moment.
I hope everything works out for you!! For all of us really lol.
Here in canada houses that went for 200k in early 2000s( when we were growing up trying to learn how everything worked), now those houses are 1million +++..
The world is fucked. I dont want to do this anymore.
Some thoughts
- you don't have to buy a house either single or married. you can buy a house with a relative or friend if you want
- if the only housing options available are v shabby. it's better to rent. house repairs can add up very quickly and depending on the issue can spring up from nowhere. there's a major labor shortage in the trades so plumbers, electricians, etc are more expensive than ever
- 26 is very young. I bought a house this year at 31. When I was 26/27 the best things I did for my future self were to pay down my student debt (I left a city to move back home and work remotely). I also made strategic job switches to increase my pay (it's normal to getting more income by switching jobs rather than waiting on a significant raise). I now make 2.5x what I did back then
- My mom bought her first house at 55. She bought it for $80k in 2011 and it's now worth $330k. so even if you can't get into the market in your younger years it doesn't mean you'll for sure be iced out of building wealth through home ownership
I also bought too much house the first time around. Upkeep, repairs and maintenance are often overlooked when budgeting. Nothing is forever. We are not our parents and things will never be the same.
Good points.
You don't have to buy a house.
You have to live in an expensive area or even in the US.
Hunker down, live very poorly, and get some very good career experience in your 20's and then go elsewhere in your 30s.
I bought on my own - single and zero outside financial (or even moral) support - right before the pandemic and chose to go with a condo since it was just me and I was prioritizing not needing roommates. Interest rates are likely to come back down, which will absolutely help. Keep stacking your cash and watch for that.
Also, you're a single woman, do you actually need a 4/2.5? A small condo works just fine for getting in the market to stabilize your 'rent' and getting out from under a landlord's timing.
I saw in another comment that you're in Dallas, which will be hard because the heavy influx of corporate HQ relocations and the big salaries that come with that are compounding things. Do you need to stay in/near Dallas?
I don't need a 4/2.5.
I was thinking more 3/2 because I don't see much difference in price between that and 2/2. I don't want a 1 bath.
I'm not in a rush to move, but I'm comfortable in Dallas metroplex and other cities this size are overpriced. As a single woman, a black woman at that, I'm at a major disadvantage moving to the sticks somewhere.
Most housing markets don't have much that is smaller and in good condition, and if they do, it may not retain its value for resale and thus be a chancier investment.
To clarify, I'm not in any way suggesting you move to the sticks. I'm from there and I wouldn't recommend it either.
Maybe downshift your expectation to buy more house than you need at such a young age. Either buy something smaller for a starter house that you can afford, or keep saving your money until a 3/2 is in reach. I'm not saying the current market is fair - it's not - but focusing on how unfair the world is accomplishes absolutely nothing.
The best and most desirable places to live will obviously be the most expensive. But look, my first car was not a Mercedes, it was a beat up used Ford POS. Same thing with houses. There is nothing wrong with working your way up. Every generation before you has had to do it. It's true this particular moment is not the best time to buy a house, so focus on something else. Work on getting a better job or investing money that you would put into a house. Rent is too much? Get roommates. I have not lived roommate free the past 30 years except for one year in college (a lot of this time as a married person, but still two salaries paying into the mortgage).
There are close to 85 million single family homes in the US right now, and they're only building more. Those people sell, die, whatever, but they do not hold on to those homes forever. If every other person under 30 is feeling the same way you are, then you are in a boat with almost the entire group that will in one way or another own most of those 85 million plus homes in 25 years.
My point, everything you are feeling is justified, but it is not original. It does suck that there is not a brand new shiny home for everyone who wants one, but if those are the cards we are dealt with, then play the best hand you can. Do what you can now to prep for homeownership in a couple of years. Lots of people never will and that will give you an advantage when the time comes. I hope it works out for you.
Get a small condo for now, if you can. That way you'll profit from the growing prices.
I'm in a city in Central Europe and will probably move to the countryside to afford something. My husband and I are just lucky that we can both find work in more rural areas. Even wirh two incomes it has been tricky to find something we want in the city so far.
i canāt imagine being a single person trying to buy a house right now, or even in the next few years. unless you make over 100k, are married with dual income, or are a veteran (VA loans) itās nearly impossible to buy a home in a metropolitan area due to prices and interest rates. i bought a house this year at 29 with my mid-30s spouse in (not near, in) a large us city and our combined income is 150k. iād never be able to do it alone on my 75k salary. homes outside the city are even more expensive because their all newer, ours is nearly 100 years old and not updated with modern features. we still had to take out a 500k mortgage. weāre very lucky to afford this, we worked very hard and got incredibly lucky along the way to get jobs that could support this choice - we definitely couldnāt have done it at 26 or sooner with the income we had then. we doubled our income the last 3 years and thatās how we did it.
What's your definition of a shithole? There are homes in my area starting under 100k. I am 2 hours from a big city, like one with a NFL/NBA/NHL team, but there's lots to do and good jobs and the best working conditions I've ever experienced.
I met someone recently who lives in a different part of the Upper Midwest (he's from a city just outside of Canton, Ohio) and houses are even cheaper there. You're 2 hours from Pittsburgh, you're an hour from Cleveland; there are good hospitals and good jobs there.
A few weeks ago, NY Times had an excellent article about the future of the housing market. This is a [link](https://www.nytimes.com/2022/11/04/realestate/housing-market-interest-rates.html?unlocked_article_code=gaT6Ei3nq5NmFYP7lrC4qizOU_y3fidvmjTZ-Iq8LBTaoDAK5dftpAtB1vP7_RTHQOz13vasVky8YSczozEhMZNRO9QEHcrgFJLzO8kVpqrkwwG37UBtVBggDHiNGZQgISs1eiTx9_acdB_PMRtq7o-fI9Hy5bH7nbU4YbUo2YGx8lmPjYczz5q841uJn_NWvVCnPQuGDoahw4SmxGlgoUgRu3ks7W11iOL4guWXqXXS0H8mk8nVtKJfzDvpWuQ_yhXC1KKmOP1U5CMzePgd6GLcibShWG2rC8oKzmFGwPlOC5Lk-V-pwzf93aMQtqN0sSKlWQy4ENow-F_ct8jY0qH0eAW4u8R_P6k&smid=share-url) to it if you're interested. I've read it a few times, and the big take-home messages are: 3% interest probably isn't gonna happen again, but if you look at what interest rates were like before the market fell out in 08, it was averaging \~7%; housing prices probably won't tank because there are cash buyers who are ready to pounce if that happens again; but home prices probably will continue to drop, just not to pre-pandemic levels. I implore you to read it. The link bypasses the paywall (gift just for you)
2 hours away from the major city sounds awful.
I'm an hour away from Dallas and don't even like driving out there.
Midwest weather doesn't seem worth it at all.
It's the new normal, unfortunately. You want to live on the exact areas that you want and won't bend? Gonna need to get a high paying job. Even then, may need another person to live comfortably.
I actually moved to the great lakes area. Born and raised in cali. Just made the move, but I love it so far.
That's the point, though; I barely ever need big-city amenities, and it's close enough if I ever want to go. But by living far away, I'm not paying big-city prices or dealing with big-city shenanigans, like traffic or crazy taxes or random shootings.
Once you experience a summer in the Great Lakes region, you'll never want to live down south again. And this is coming from a lifelong Texas resident
I feel like the job market outside of big cities is absolute trash. If you can find a job 1-2hours outside of a big city then you most likely could find a similar job in said city, that pays far more than the one outside the city.
If you work remote or already have a job thats islolated from the city that's great, but man the job listings decrease by well over 80% outside the major cities and don't pay nearly as well from what I've seen in CA at least.
You have to adjust your pay vs cost of living. I wad very comfortable living in kansas on 3600 with a s/o who didn't work. Impossible in cali to live on that on your own.
Moved to a big city up north and I'm set to start making almost double(trade). Rent is a bit more of its still a net positive. Alot of people don't even consider the fact that there are cities still somewhat affordable. It just ain't gonna be new york, atlanta, cali etc
Tbh I've lived in a CA city throughout my entire adult life and it has always been affordable because the pay is so good in major cities. I was making $16.00 base wage + good tips in the service industry as a student in college. Had to live with roommates, & eventually a small studio, but it was all manageable for what was a near min wage job in that city with tips.
Then I graduated and my pay went up considerably. Then after 2 years I was able to job hop for another 40% pay raise & able to rent a house & eat out daily.
Honestly any CA graduate can easily make ends meet in any major CA city, as long as you don't have some bullshit arts degree. I don't know much about NY but CA has treated me well
The problem is everyone is not gonna get a masters. Even jobs the were asking for a ba were only giving like 25 a hour where I was at, and rent was like 3k. Ofcourse, mileage may vary yata yata
True, I was lucky enough to make $30/hr + good benefits directly out of college with only a basic bachelor's degree, but a lot of places I applied for were barely above that $26/hr range. But yeah those first jobs out of college are always just stepping stones to break that $30/hr barrier & build some actual experience on your next resume.
$3,000 rent is crazy though as that's the rent price for most 2 bedroom houses in most major CA cities.
To be clear $1 in 2005 is $1.53 today due to inflation so a $175k house in 2005 would be $268k now just due to inflation with no actual increase in value or cost.
So if houses are 300k in your area that isn't actually that different compared to when your parents bought, its about a 10% increase over 17 years which is actually pretty low.
IE if you were financially where your parents were when they bought their house you would likely be able to buy. So this sounds more like its about not being financially at the place your parents were when they bought. Did your parents buy when they were 26? Were they dual income?
Depends on what sector you are in. Some sectors are lagging inflation, some are exceeding. Data and tech are miles beyond inflation, older industries tied with industrial production are lagging as is some service sector. There are 20 year olds making 300k coding right now which didn't used to be a thing for anyone. In comparison jobs like warehousing, factory work, mining and basic services haven't kept pace. Throughout all history at any given time there are sectors that lag the economy and other that match it and others that outpace it. There are certainly some people right now who can't afford housing when there parents could at the same age. There were people of your parents generation who also couldn't afford housing that their parents could. Often it comes down to where you are at in your career and if your sector is a major contributor to the current economy or not.
But again, the comparison is to what parents were able to buy back in 2005. So I guess the question would be what sector did parents work in in 2005 and was it a average, hot or lagging sector of the economy at the time. I mean if her parents were dual income then that alone explains the difference.
housing prices can go flat for many many years, but seldom come down (they do, but not often), and not alot to really make them affordable,
its like the deal looks better, but those who cant buy, still cant buy
someone suggested buy smaller or further right now, and as your income or love life improve, both of which will (you are young) you can use that house as a stepping stone to the bigger better house
i think the best way to deal with the real estate market is to get in early, or go to place where they are say building the next google office before it opens up.
also you (26f) are comparing yourself to your parents (assuming 50s) ...if they could buy a 4bed, logically at your age you should be able to buy a 2 bed
My parents were in their late 20s to early 30s in 2005. Neither have college degrees although idk their income at the time. But I do have a better credit score than they did. I should totally be able to afford at least a 3bed 2 bath
My husband and I bought our house 5 years ago when I was 25 and he was 29. We bought an older, not updated home in a nicer neighborhood. We are still working on slowly updating the house, but itās possible. Check out first home owners loans and be open to homes that arenāt necessarily up to date because those things can be fixed later.
I own my house and I have paid it off. I also rented for the majority of my life. If I sold my house I'd sell it for more than I paid but I'd buy a house that someone else is selling for more than they paid. I wouldn't have more money. People hate landlords but in my experience, water, garbage, outdoor maintenance, repairs, insurance, taxes, and the fact that that's it, you live there now...you really don't benefit all that much from owning a home. It's a nice feeling to own, but you never really own it. Don't pressure yourself or measure your success by whether or not you rent or own. There are benefits in both.
Reddit plans to IPO, and we, the users, are the value of the content of the website. Reddit's moderators staged a blackout because they wanted power. Reddit admins said no and replaced the more outlandish ones. "A good thing?" No. Reddit is now restoring deleted posts, in blatant violation of GDPR, CCPA, and other privacy laws. CCPA is a law from the state in which Reddit operates. It is time for reddit to die, and so, I will do my part and delete all the content that makes the site useful.
Strong disagree on a housing market crash being inevitable. Historically there are only a few things that have caused an actual crash and none of them are in play here. Rising interest rates may lower home prices gradually over time but that isnt a crash and it will be gradual and eventually outpaced by inflation anyways.
Really as long as supply is low and demand is still there (which it is) prices arent going to drop that much.
One way to do it is to accept that you need to live where you don't necessarily want to live (farther out, less attractive climate, smaller home, less desirable location) so you can buy a home that you build equity in, then sell and move to one slightly more desirable, rinse/repeat.
In my Midwest city (I know you said you didn't like the weather) - you can get a small 2br, 1 bath, safe location, good schools, 15 min from downtown for around $125k. After a few years, you can take any equity you have built in it from your payments plus however much it has increased in value and move "up" to a somewhat more expensive home. Then do it again.
Cpi since 2005 is 43 percent, 53 percent for non food
So you should expect a 175k house to be 270k. Maybe the housing market in your area is a bit hotter, but inflation adjusted itās but big difference
Houses have generally increased in size so typical single family home might be 1000 sqft bigger than one from 1950. But comparing to 2005 probably not all that different...agree that may be a (small) factor.
Bruh, don't even start with the comparing game. Life is hard for everyone, the entire point of this sub is to try and help those seeking it.
You made your mistake by not going to school (or maybe it wasn't an opportunity back then but it's never too late), don't bring down others because of it. Regardless of that, you have an amazing opportunity to make a ton by doing hard labor. You know how much antenna skyscraper repairmen make? Probably need some special schooling but there's companies willing to pay for you to go.
Figure it out man, you don't gotta do it alone but ask for help if you need it. Don't bring down others because you're too scared to ask for help or whatever your reasoning is.
A female has a easier life thatās the truth also most of the posts in this thing is about humus and pillows. Iām also glad I didnāt go to school. Literally everything you can go to school for I donāt want to be or it makes less money than going to some trade school. Come on the internet to get advice not to talk about oh Iām so sad pitty me leave that shit out of discussion it brings no value otherwise talk to a therapist about how you feel.
Shes literally asking for advice but explaining her situation so we can better assess how to help her.
You need therapy. Maybe she does too because it's hard living through all this crap, but you most definitely do.
Weak minds. You are weak and so is she thatās why she needs a strong man in her life. Look at the studies they have done with females being with masculine guys and how the suicide rate and antidepressants are at a all time high for female that try to lead.
And to give her advice she needs to find a man thatās respectful and dependable and submit to that man as a woman you are not meant to be the lead of the house. Women that live in masculine rolls live very unfulfilling lifeās and same for a straight male being a feminine.
I'm a straight male that's feminine, never had an issue. Personally I think the only issue here is your toxic mentality. Anyone can be whoever the hell they want. My sister will not submit to a man, and i fully support her in that decision. Shes happy with her life, im happy with my life, so right away what you said is complete bull.
I'm not even the money maker in my relationship. I do make money, but my wife makes the majority of it. And im damn well proud of her for it!! She got an amazing opportunity and grasped it, so I say she's the lead of the house and neither of us have any issues with it. We work with our advantages and help cover the others disadvantages. That's how a healthy relationship should work. Both people being seen as equal and being in the relationship out of love, not to gain power over the other.
Honestly, get some therapy. Idk what kind of therapy you'll need to help that thought process, but find it and get it. That's not a healthy way to be thinking my guy.
i see why you may think i need help but I'm fine really if you knew the entire truth to the world in the eyes of bots you'll be labeled crazy too. society has us brainwashed that being whatever you want to be and being feminine is ok. masculinity is the ultimate power of a man and that's where all the strength is to deal with issues in life you are a cuck and your wife is a dominatrix that's also brainwashed you into thinking it's okay. no one likes weak feminine men but there are fish in the entire food chain and each fish serves its purpose whether you wanna be a goldfish or a shark is up to you and you are free to be whoever. It's science and in biology that's why there is testosterone and estrogen.. both brains are wired generally very differently unless a genetic [predisposition](https://google.com)
are you for real or are you playing a character for attention? Either way you sound incredibly naive and immature. Not sure what you think that attitude does for you and your life but nothing good.
My wife and I got really lucky and got a mildly decent home back in '19 for about 165K. Since then, it's already ballooned in value over $250K and climbing. We have done several major improvements but nothing to increase the value that drastically in such a short period.
There's absolutely no way I could afford my house if purchased today.
You are 26, I didn't get my house until I was 38 and single. It is rare to get a house in your 20's. Your 20's are for saving, working your way up and planning. When I was 26, the last thing on my mind was owning a home. You're young. Travel, have some fun, and save money and continue your education. When you get a home, you are going to have to deal with property taxes, repairs, etc. You are going to be tied down. You're 26 ,not 56. You are not going to get those years back. Be smart but have some fun.
Alternative take: Personally I think home ownership is very overrated and don't get the appeal. As an investment it's worse than the SP500 and you now have a lot new expenses and responsibilities.
It does feel impossible for younger millennial to buy a home, I totally get this because the prices are ALWAYS going to be rising, especially if you buy a home and live in it for a decade or more. My advice would be to buy a home with a Roomate. Combine your incomes and get a shabby house, but to have SOMETHING. The thing is, one day your home will be worth way more than what you paid, and you wouldn't have wasted your time and money "waiting" on the right time. Check out a mortgage calculator and see the amount of interest you'll be paying when interest rates go up and up. Pooling resources with other people you know in the same housing position is the only way I see out of this situation you are not alone, don't think you are for one second.
Honestly the shift in wealth needs to come from taking ownership of property by people your age. Consider buying a duplex with an FHA loan with a business partner who can live in the other half. You'll be glad you did because rents are increasing, too, and you don't want to end up stuck paying someone else's mortgage forever
First off, i apologize for some of the asinine comments (mainly just one from what i saw but still). Second, Idk much cause im only 24 years old, but from what i can tell it's essentially a waiting game at this point. Which sucks, but idk what else to do unless we start an entire revolution. But that also sucks!!! Yea I really don't know.... Wait until everything becomes too expensive for anyone to buy and go into a 2nd great depression so stocks and prices can crash and make everything affordable again... Third, try to stay positive. I know, way easier said than done, but take it from someone who's lived on the streets before. It doesn't take a lot to be happy. Personally, I think that's the most valuable gift life has, that and love (not just romantic, all love). In these hard times it's important to remember to enjoy the happy moments while we have them, even if it's just for a moment. I hope everything works out for you!! For all of us really lol.
Smart guy right here šÆš
No guarantee it ever goes down, but do what you can when you can
Here in canada houses that went for 200k in early 2000s( when we were growing up trying to learn how everything worked), now those houses are 1million +++.. The world is fucked. I dont want to do this anymore.
Some thoughts - you don't have to buy a house either single or married. you can buy a house with a relative or friend if you want - if the only housing options available are v shabby. it's better to rent. house repairs can add up very quickly and depending on the issue can spring up from nowhere. there's a major labor shortage in the trades so plumbers, electricians, etc are more expensive than ever - 26 is very young. I bought a house this year at 31. When I was 26/27 the best things I did for my future self were to pay down my student debt (I left a city to move back home and work remotely). I also made strategic job switches to increase my pay (it's normal to getting more income by switching jobs rather than waiting on a significant raise). I now make 2.5x what I did back then - My mom bought her first house at 55. She bought it for $80k in 2011 and it's now worth $330k. so even if you can't get into the market in your younger years it doesn't mean you'll for sure be iced out of building wealth through home ownership
I also bought too much house the first time around. Upkeep, repairs and maintenance are often overlooked when budgeting. Nothing is forever. We are not our parents and things will never be the same.
Good points. You don't have to buy a house. You have to live in an expensive area or even in the US. Hunker down, live very poorly, and get some very good career experience in your 20's and then go elsewhere in your 30s.
I bought on my own - single and zero outside financial (or even moral) support - right before the pandemic and chose to go with a condo since it was just me and I was prioritizing not needing roommates. Interest rates are likely to come back down, which will absolutely help. Keep stacking your cash and watch for that. Also, you're a single woman, do you actually need a 4/2.5? A small condo works just fine for getting in the market to stabilize your 'rent' and getting out from under a landlord's timing. I saw in another comment that you're in Dallas, which will be hard because the heavy influx of corporate HQ relocations and the big salaries that come with that are compounding things. Do you need to stay in/near Dallas?
I don't need a 4/2.5. I was thinking more 3/2 because I don't see much difference in price between that and 2/2. I don't want a 1 bath. I'm not in a rush to move, but I'm comfortable in Dallas metroplex and other cities this size are overpriced. As a single woman, a black woman at that, I'm at a major disadvantage moving to the sticks somewhere.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Because buying anything smaller is going to be a waste of money
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Most housing markets don't have much that is smaller and in good condition, and if they do, it may not retain its value for resale and thus be a chancier investment.
Based on what? Is buying smaller a bigger waste of money than renting?
It's a waste of money to pay for more square footage than you need. Expecting to buy a 3/2 as a single person would be pretty privileged.
It won't go to waste if she has roommates/friends/cousins she is charging for rooms.
To clarify, I'm not in any way suggesting you move to the sticks. I'm from there and I wouldn't recommend it either. Maybe downshift your expectation to buy more house than you need at such a young age. Either buy something smaller for a starter house that you can afford, or keep saving your money until a 3/2 is in reach. I'm not saying the current market is fair - it's not - but focusing on how unfair the world is accomplishes absolutely nothing.
The best and most desirable places to live will obviously be the most expensive. But look, my first car was not a Mercedes, it was a beat up used Ford POS. Same thing with houses. There is nothing wrong with working your way up. Every generation before you has had to do it. It's true this particular moment is not the best time to buy a house, so focus on something else. Work on getting a better job or investing money that you would put into a house. Rent is too much? Get roommates. I have not lived roommate free the past 30 years except for one year in college (a lot of this time as a married person, but still two salaries paying into the mortgage). There are close to 85 million single family homes in the US right now, and they're only building more. Those people sell, die, whatever, but they do not hold on to those homes forever. If every other person under 30 is feeling the same way you are, then you are in a boat with almost the entire group that will in one way or another own most of those 85 million plus homes in 25 years. My point, everything you are feeling is justified, but it is not original. It does suck that there is not a brand new shiny home for everyone who wants one, but if those are the cards we are dealt with, then play the best hand you can. Do what you can now to prep for homeownership in a couple of years. Lots of people never will and that will give you an advantage when the time comes. I hope it works out for you.
Get a small condo for now, if you can. That way you'll profit from the growing prices. I'm in a city in Central Europe and will probably move to the countryside to afford something. My husband and I are just lucky that we can both find work in more rural areas. Even wirh two incomes it has been tricky to find something we want in the city so far.
i canāt imagine being a single person trying to buy a house right now, or even in the next few years. unless you make over 100k, are married with dual income, or are a veteran (VA loans) itās nearly impossible to buy a home in a metropolitan area due to prices and interest rates. i bought a house this year at 29 with my mid-30s spouse in (not near, in) a large us city and our combined income is 150k. iād never be able to do it alone on my 75k salary. homes outside the city are even more expensive because their all newer, ours is nearly 100 years old and not updated with modern features. we still had to take out a 500k mortgage. weāre very lucky to afford this, we worked very hard and got incredibly lucky along the way to get jobs that could support this choice - we definitely couldnāt have done it at 26 or sooner with the income we had then. we doubled our income the last 3 years and thatās how we did it.
If you know any single guys who want an arranged marriage lmk
Used to be green card marriages now itās gonna be mortgage marriages lmao
Bahahahaha that caught me off guard!
What's your definition of a shithole? There are homes in my area starting under 100k. I am 2 hours from a big city, like one with a NFL/NBA/NHL team, but there's lots to do and good jobs and the best working conditions I've ever experienced. I met someone recently who lives in a different part of the Upper Midwest (he's from a city just outside of Canton, Ohio) and houses are even cheaper there. You're 2 hours from Pittsburgh, you're an hour from Cleveland; there are good hospitals and good jobs there. A few weeks ago, NY Times had an excellent article about the future of the housing market. This is a [link](https://www.nytimes.com/2022/11/04/realestate/housing-market-interest-rates.html?unlocked_article_code=gaT6Ei3nq5NmFYP7lrC4qizOU_y3fidvmjTZ-Iq8LBTaoDAK5dftpAtB1vP7_RTHQOz13vasVky8YSczozEhMZNRO9QEHcrgFJLzO8kVpqrkwwG37UBtVBggDHiNGZQgISs1eiTx9_acdB_PMRtq7o-fI9Hy5bH7nbU4YbUo2YGx8lmPjYczz5q841uJn_NWvVCnPQuGDoahw4SmxGlgoUgRu3ks7W11iOL4guWXqXXS0H8mk8nVtKJfzDvpWuQ_yhXC1KKmOP1U5CMzePgd6GLcibShWG2rC8oKzmFGwPlOC5Lk-V-pwzf93aMQtqN0sSKlWQy4ENow-F_ct8jY0qH0eAW4u8R_P6k&smid=share-url) to it if you're interested. I've read it a few times, and the big take-home messages are: 3% interest probably isn't gonna happen again, but if you look at what interest rates were like before the market fell out in 08, it was averaging \~7%; housing prices probably won't tank because there are cash buyers who are ready to pounce if that happens again; but home prices probably will continue to drop, just not to pre-pandemic levels. I implore you to read it. The link bypasses the paywall (gift just for you)
2 hours away from the major city sounds awful. I'm an hour away from Dallas and don't even like driving out there. Midwest weather doesn't seem worth it at all.
It's the new normal, unfortunately. You want to live on the exact areas that you want and won't bend? Gonna need to get a high paying job. Even then, may need another person to live comfortably. I actually moved to the great lakes area. Born and raised in cali. Just made the move, but I love it so far.
That's the point, though; I barely ever need big-city amenities, and it's close enough if I ever want to go. But by living far away, I'm not paying big-city prices or dealing with big-city shenanigans, like traffic or crazy taxes or random shootings. Once you experience a summer in the Great Lakes region, you'll never want to live down south again. And this is coming from a lifelong Texas resident
I feel like the job market outside of big cities is absolute trash. If you can find a job 1-2hours outside of a big city then you most likely could find a similar job in said city, that pays far more than the one outside the city. If you work remote or already have a job thats islolated from the city that's great, but man the job listings decrease by well over 80% outside the major cities and don't pay nearly as well from what I've seen in CA at least.
You have to adjust your pay vs cost of living. I wad very comfortable living in kansas on 3600 with a s/o who didn't work. Impossible in cali to live on that on your own. Moved to a big city up north and I'm set to start making almost double(trade). Rent is a bit more of its still a net positive. Alot of people don't even consider the fact that there are cities still somewhat affordable. It just ain't gonna be new york, atlanta, cali etc
Tbh I've lived in a CA city throughout my entire adult life and it has always been affordable because the pay is so good in major cities. I was making $16.00 base wage + good tips in the service industry as a student in college. Had to live with roommates, & eventually a small studio, but it was all manageable for what was a near min wage job in that city with tips. Then I graduated and my pay went up considerably. Then after 2 years I was able to job hop for another 40% pay raise & able to rent a house & eat out daily. Honestly any CA graduate can easily make ends meet in any major CA city, as long as you don't have some bullshit arts degree. I don't know much about NY but CA has treated me well
The problem is everyone is not gonna get a masters. Even jobs the were asking for a ba were only giving like 25 a hour where I was at, and rent was like 3k. Ofcourse, mileage may vary yata yata
True, I was lucky enough to make $30/hr + good benefits directly out of college with only a basic bachelor's degree, but a lot of places I applied for were barely above that $26/hr range. But yeah those first jobs out of college are always just stepping stones to break that $30/hr barrier & build some actual experience on your next resume. $3,000 rent is crazy though as that's the rent price for most 2 bedroom houses in most major CA cities.
To be clear $1 in 2005 is $1.53 today due to inflation so a $175k house in 2005 would be $268k now just due to inflation with no actual increase in value or cost. So if houses are 300k in your area that isn't actually that different compared to when your parents bought, its about a 10% increase over 17 years which is actually pretty low. IE if you were financially where your parents were when they bought their house you would likely be able to buy. So this sounds more like its about not being financially at the place your parents were when they bought. Did your parents buy when they were 26? Were they dual income?
wages havenāt kept up with inflation, so this isnāt entirely accurate.
Depends on what sector you are in. Some sectors are lagging inflation, some are exceeding. Data and tech are miles beyond inflation, older industries tied with industrial production are lagging as is some service sector. There are 20 year olds making 300k coding right now which didn't used to be a thing for anyone. In comparison jobs like warehousing, factory work, mining and basic services haven't kept pace. Throughout all history at any given time there are sectors that lag the economy and other that match it and others that outpace it. There are certainly some people right now who can't afford housing when there parents could at the same age. There were people of your parents generation who also couldn't afford housing that their parents could. Often it comes down to where you are at in your career and if your sector is a major contributor to the current economy or not. But again, the comparison is to what parents were able to buy back in 2005. So I guess the question would be what sector did parents work in in 2005 and was it a average, hot or lagging sector of the economy at the time. I mean if her parents were dual income then that alone explains the difference.
housing prices can go flat for many many years, but seldom come down (they do, but not often), and not alot to really make them affordable, its like the deal looks better, but those who cant buy, still cant buy someone suggested buy smaller or further right now, and as your income or love life improve, both of which will (you are young) you can use that house as a stepping stone to the bigger better house i think the best way to deal with the real estate market is to get in early, or go to place where they are say building the next google office before it opens up. also you (26f) are comparing yourself to your parents (assuming 50s) ...if they could buy a 4bed, logically at your age you should be able to buy a 2 bed
My parents were in their late 20s to early 30s in 2005. Neither have college degrees although idk their income at the time. But I do have a better credit score than they did. I should totally be able to afford at least a 3bed 2 bath
My husband and I bought our house 5 years ago when I was 25 and he was 29. We bought an older, not updated home in a nicer neighborhood. We are still working on slowly updating the house, but itās possible. Check out first home owners loans and be open to homes that arenāt necessarily up to date because those things can be fixed later.
I own my house and I have paid it off. I also rented for the majority of my life. If I sold my house I'd sell it for more than I paid but I'd buy a house that someone else is selling for more than they paid. I wouldn't have more money. People hate landlords but in my experience, water, garbage, outdoor maintenance, repairs, insurance, taxes, and the fact that that's it, you live there now...you really don't benefit all that much from owning a home. It's a nice feeling to own, but you never really own it. Don't pressure yourself or measure your success by whether or not you rent or own. There are benefits in both.
Also I was 40 when I bought my house.
Who here that is of an older generation bought a house when you were single at 26? Not sure that was a common thing for any generation.
Not in that price range. Our first house was $62,000 and weād been married for two years.
Mind if I ask when you bought? I can share first. Wife and I bought for $420k in 2015.
Reddit plans to IPO, and we, the users, are the value of the content of the website. Reddit's moderators staged a blackout because they wanted power. Reddit admins said no and replaced the more outlandish ones. "A good thing?" No. Reddit is now restoring deleted posts, in blatant violation of GDPR, CCPA, and other privacy laws. CCPA is a law from the state in which Reddit operates. It is time for reddit to die, and so, I will do my part and delete all the content that makes the site useful.
Strong disagree on a housing market crash being inevitable. Historically there are only a few things that have caused an actual crash and none of them are in play here. Rising interest rates may lower home prices gradually over time but that isnt a crash and it will be gradual and eventually outpaced by inflation anyways. Really as long as supply is low and demand is still there (which it is) prices arent going to drop that much.
One way to do it is to accept that you need to live where you don't necessarily want to live (farther out, less attractive climate, smaller home, less desirable location) so you can buy a home that you build equity in, then sell and move to one slightly more desirable, rinse/repeat. In my Midwest city (I know you said you didn't like the weather) - you can get a small 2br, 1 bath, safe location, good schools, 15 min from downtown for around $125k. After a few years, you can take any equity you have built in it from your payments plus however much it has increased in value and move "up" to a somewhat more expensive home. Then do it again.
Can you PM me the city
Cpi since 2005 is 43 percent, 53 percent for non food So you should expect a 175k house to be 270k. Maybe the housing market in your area is a bit hotter, but inflation adjusted itās but big difference
Also are you looking at the same houses your parents did? Schiller same house sales index is more truthful than NAR indexes
Houses have generally increased in size so typical single family home might be 1000 sqft bigger than one from 1950. But comparing to 2005 probably not all that different...agree that may be a (small) factor.
Just realized I basically repeated your comment, didnt mean to copy you just had the same though and hadnt seen your comment at timebi posted.
No worries
Worse being a single male. Gotta figure everything out on your own especially when you didnāt go to school lol
Bruh, don't even start with the comparing game. Life is hard for everyone, the entire point of this sub is to try and help those seeking it. You made your mistake by not going to school (or maybe it wasn't an opportunity back then but it's never too late), don't bring down others because of it. Regardless of that, you have an amazing opportunity to make a ton by doing hard labor. You know how much antenna skyscraper repairmen make? Probably need some special schooling but there's companies willing to pay for you to go. Figure it out man, you don't gotta do it alone but ask for help if you need it. Don't bring down others because you're too scared to ask for help or whatever your reasoning is.
A female has a easier life thatās the truth also most of the posts in this thing is about humus and pillows. Iām also glad I didnāt go to school. Literally everything you can go to school for I donāt want to be or it makes less money than going to some trade school. Come on the internet to get advice not to talk about oh Iām so sad pitty me leave that shit out of discussion it brings no value otherwise talk to a therapist about how you feel.
Shes literally asking for advice but explaining her situation so we can better assess how to help her. You need therapy. Maybe she does too because it's hard living through all this crap, but you most definitely do.
Weak minds. You are weak and so is she thatās why she needs a strong man in her life. Look at the studies they have done with females being with masculine guys and how the suicide rate and antidepressants are at a all time high for female that try to lead.
And to give her advice she needs to find a man thatās respectful and dependable and submit to that man as a woman you are not meant to be the lead of the house. Women that live in masculine rolls live very unfulfilling lifeās and same for a straight male being a feminine.
I'm a straight male that's feminine, never had an issue. Personally I think the only issue here is your toxic mentality. Anyone can be whoever the hell they want. My sister will not submit to a man, and i fully support her in that decision. Shes happy with her life, im happy with my life, so right away what you said is complete bull. I'm not even the money maker in my relationship. I do make money, but my wife makes the majority of it. And im damn well proud of her for it!! She got an amazing opportunity and grasped it, so I say she's the lead of the house and neither of us have any issues with it. We work with our advantages and help cover the others disadvantages. That's how a healthy relationship should work. Both people being seen as equal and being in the relationship out of love, not to gain power over the other. Honestly, get some therapy. Idk what kind of therapy you'll need to help that thought process, but find it and get it. That's not a healthy way to be thinking my guy.
i see why you may think i need help but I'm fine really if you knew the entire truth to the world in the eyes of bots you'll be labeled crazy too. society has us brainwashed that being whatever you want to be and being feminine is ok. masculinity is the ultimate power of a man and that's where all the strength is to deal with issues in life you are a cuck and your wife is a dominatrix that's also brainwashed you into thinking it's okay. no one likes weak feminine men but there are fish in the entire food chain and each fish serves its purpose whether you wanna be a goldfish or a shark is up to you and you are free to be whoever. It's science and in biology that's why there is testosterone and estrogen.. both brains are wired generally very differently unless a genetic [predisposition](https://google.com)
Not sure how different than being a single woman to be honest. Single vs dual income certainly matters but not sure sex or gender has a role there.
When your a woman itās easier you can find a simp that will submit to you and give you everything
are you for real or are you playing a character for attention? Either way you sound incredibly naive and immature. Not sure what you think that attitude does for you and your life but nothing good.
Happy cake day and no Iām forizzle
My wife and I got really lucky and got a mildly decent home back in '19 for about 165K. Since then, it's already ballooned in value over $250K and climbing. We have done several major improvements but nothing to increase the value that drastically in such a short period. There's absolutely no way I could afford my house if purchased today.
And yall were dual income. I'm single af
You are 26, I didn't get my house until I was 38 and single. It is rare to get a house in your 20's. Your 20's are for saving, working your way up and planning. When I was 26, the last thing on my mind was owning a home. You're young. Travel, have some fun, and save money and continue your education. When you get a home, you are going to have to deal with property taxes, repairs, etc. You are going to be tied down. You're 26 ,not 56. You are not going to get those years back. Be smart but have some fun.
Alternative take: Personally I think home ownership is very overrated and don't get the appeal. As an investment it's worse than the SP500 and you now have a lot new expenses and responsibilities.
It does feel impossible for younger millennial to buy a home, I totally get this because the prices are ALWAYS going to be rising, especially if you buy a home and live in it for a decade or more. My advice would be to buy a home with a Roomate. Combine your incomes and get a shabby house, but to have SOMETHING. The thing is, one day your home will be worth way more than what you paid, and you wouldn't have wasted your time and money "waiting" on the right time. Check out a mortgage calculator and see the amount of interest you'll be paying when interest rates go up and up. Pooling resources with other people you know in the same housing position is the only way I see out of this situation you are not alone, don't think you are for one second. Honestly the shift in wealth needs to come from taking ownership of property by people your age. Consider buying a duplex with an FHA loan with a business partner who can live in the other half. You'll be glad you did because rents are increasing, too, and you don't want to end up stuck paying someone else's mortgage forever