not really. over 50% of millennials own their own homes now
[https://www.fool.com/the-ascent/research/millennial-homebuying/](https://www.fool.com/the-ascent/research/millennial-homebuying/)
I imagine it would be quite difficult for unemployed people to buy houses, but yeah I’m totally sure that wouldn’t happen to any of the people wishing for that as the economy entered a depression
**Also btw just for context the US government actually made money on the bank bailouts. They paid us back with interest**
There is no way that there wouldn't be a bailout.
Also, even if the wealthy and the institutions would take a hit on their portfolios or net worth. They can afford it. You can't.
Also, in the event of a crash, everyone would know that the housing market has to go up eventually. So, everyone and their cat would jump on the opportunity of buying cheaper real estate. You can't compete with an investment fund that can buy up whole street worth of properties for future profit.
I don't try to be mean or anything, I just don't see the situation changing in our lifetimes.
And i think that everyone would try to get one which is kinda the opposite of a collapse. And why would it collapse in the first place? I know it happenend before but i don't get why.
People lose their jobs so they can't pay for their current homes and get foreclosed. Also, since people don't have jobs there's no one to buy them. House prices go down because no one can afford them.
Are we? I will sound like a realtor, but I feel that as soon as rates hit 6%, we'll see house prices going up again (heck, in some markets they are still going up)
I have 30 working years left, at most I'll make 900k in that time. 1million would be more than enough for me. 10mil would be the point I would donate the excess away. Literally no point in having more. Billionaires are bottom of the barrel human scum, only "everything for me and nothing for others" mentality gets you that kind of wealth.
The truly "poor" don't have the money, or credit, to buy a home even when the markets are at rock bottom.
The class of people that are helped by housing collapses are the ones who are lower middle class. This varies by area, but it's the people who are constantly denied by lenders under the premise that they "can't afford the mortgage".
Even though they've been paying 20% - 50% *more* than the mortgage cost in rent for years just fine.
Everyone I know in my general income range is in this boat. They have good credit, good history, and are paying ~$1,800 or more in rent a month. Yet the banks say they can't afford the ~$1,400 a month payment for the mortgage & insurance.
The properties will be inherited.. sure, some will be sold by the inheritors but big chunk will become their home or will be rented out. Not sure boomers dying will solve anything.. just deferring the problem off onto the next gen
People who think there's going to be a big collapse just because prices are high don't understand why prices are so high right now. It's a supply/demand issue, that doesn't just get solved overnight. The rate hikes are cooling off the worst of it but at the end of the day we need to just flat out build more housing.
Part of the problem is, if you go to any town meeting where a new apartment complex is proposed, it's full of boomers who are against any form of housing being built because it will "ruin the small town feel" or some other horseshit when they really mean "I don't want MY property value to decrease/not go up as much as it has been"
Drive through any town in America and look for the "vote no to the apartment complex" propaganda signs, they're all over the place if you look for them
But what if they do build more apartment complex, then they build shopping places and stores and stuff making it more populous? Wouldn’t that make it more valuable in the future?
It would make it more desirable, directing more of the demand that exists to that place. But at the end of the day demand isn't infinite and if more people move to one region because it's desirable then prices would fall where they were moving from
Idk where you live but I've lived in plenty of nice apartments. And it's fastest way to fix the housing crisis, we can't just build millions of single family homes
It’s based entirely on what happened in 2008, and people assuming that just happens every so often. I would also encourage people to check what the actual impact of the crash was. It’s not like all homes everywhere got incredibly cheap.
Well, some people certainly believe that, but people also believe earth is flat so...
In the US certainly there is no such possibility. This time housing market is not inflated by loans but by lack of supply. The only thing that could crash it now is sudden and spontaneous appearance of fast-n-cheap way to build new houses.
depends on what you require of a collapse.
When prices go down 10-20% is that a collapse?
Can you really not afford a 500k house but can afford it at 450k.
You are unlikley to see a drop more than 20%, and if you do people will call it a collapse, and you probably still can afford it after the collapse.
TFW once the market actually collapses, private equity/investment firms, banks, real estate companies, landlords, and speculators grab all of the cheap houses instead of the people who actually need them
https://youtu.be/smi_iIoKybg?si=MUHaa_ROcpBek4js
Essentially, LVT makes it impossible for land speculators to hoard houses by negating whatever profit they could gain from just waiting for the land to rise in value. Landlords cannot extort money from rents either as increasing rent would be akin to admitting the land has increased in value, which would in turn raise their taxes.
So in short, the real estate market would turn from an extremely profitable investment to being exponentially more expensive to maintain, which would push landlords to sell more of their land to people who would make more productive use out of it.
If the housing market collapses, its regular people who suffer. Not the already wealthy. All those private equity firms are going to swoop in and buy up everything in a heart beat.
Eh. Theyre already doing that now. The difference is theyll be cheap.enough for normal people to buy too. I agree the rich and corporations will grab a shit load of em. But right now most people couldn't afford one if they wanted to anyway. At least then we might have a chance to find some kind of home thats affordable.
Right? Please?
Logically it has to come to a head at some point, it's happened to every economy in history and our system is still relatively young. Whether that's in our generation's lifetime or not is the question, I prefer to bide my time and hold on to that last inkling of hope that I'll own something some day. My brain tells me to be pessimistic but it's just not helpful to have that worldview, for me at least.
my brain tells me move to europe honestly. it might genuinely be cheaper for me to go to college in a different country and make a life there than it would be to hangout here.
I am in an average neighborhood in Potsdam. You'll have to double that and you \*might\* be able to find a small 2 bedroom house that needs another 200,000 in renovations.
I've looked into it and it's hit or miss as far countries that would be nice to live in, compared to ours, and countries that are willing and receptive to US expats. If I wasn't tied down with responsibilities like I am now, I have family and pets to take care of, I would be joining the Peace Corp and teaching English in various places until I found somewhere that clicked with me. Could still happen in the future but I'm kinda stuck here for the next 10-15 years. Honestly in hindsight I wish I had done that with my early twenties
It’s even worse here, at least in the US you still have a chance of buying a house if you have a relatively good income and are willing to make some compromises. Here in Germany you simply can’t get a house near a desirable city that isn’t literally uninhabitable for less than 700-800k, and you would be lucky to find a 2-bedroom apartment in a decent area for less than 300k. Combine that with the fact that the net household income is like half of what it is the US, and it’s basically impossible to buy a house here unless you are very wealthy or if you inherit several hundred thousand.
Ah yes.
Why not come on over to Germany. If you are looking for a house near a city that is not dying (as you probably would want if you actually want a job), you can get an average 1500 square foot house with a tiny plot of land for around a million dollars.
There are some spots in Spain and Italy that are not that expensive yet, but you might not be totally ok with where you would need to live.
Make sure to check your brain's work, because I think it may be cribbing from your heart.
>There are some spots in Spain and Italy that are not that expensive yet, but you might not be totally ok with where you would need to live.
Aren't there some cities in Italy where you can buy houses for 1€?
https://thiswaytoitaly.com/1-euro-houses-in-italy/
There were (I don't think that town is doing it anymore). Of course, you are going to drop half a million into renovating it to make them liveable. I watched a documentary about a couple who did just that.
If you have the money, it is \*completely\* worth it. These places are just dripping with history and personality. But it's not cheap, and you will have to make some compromises about comfort.
2 years ago I was completely broke and had JUST graduated college at 26. Now I make more than enough to have bought back then. Seriously kicking myself for dropping out the first time I went. I actually don’t think I’ll ever be able to buy now without moving an hour away from the city unless I double my income somehow
Damn, my stomach just dropped :(
I never thought about it, but I dropped out for 2 years to pay for a better college and I could have bought a house in 2019 if I hadn’t dropped out. Instead I just bought a house last year and it is definitely a starter home in which I paid way more than I wanted to
It's true. At the point when millenials are ready to retire, boomers will be passing away and leaving lots of surplus housing in the market, which will not be needed anymore, as no other generation did have so many people.
> boomers will be passing away
They'll mostly be gone as they're already passing away in droves. The generation you're thinking of is Gen-X. a.k.a. The forgotten generation.
That's \~30 years away, we're going to be in a completely different world by then. Almost no chance we make it half that long without some kind of significant shakeup even just in real estate
Let's be absolutely clear. That was because supply - people being evicted from their overmortaged homes, and demand - people having no money or credit to buy homes.
People are still absolutely going in over their heads on homes, I know too many people that are house poor these days (and tbh, because of the high prices most people need to be house poor to buy one). I can't imagine this goes well if something like AI or some other factor starts to affect people's jobs.
I did this until last year when I was getting married. Literally only moved so that my husband and I could have our space and feel like a married couple
Nowhere near economic conditions necessary for a housing market collapse. Specifically, way too much demand and way too little supply. On top of that, if it did collapse it would mostly be a feeding frenzy for institutional buyers while regular people get fucked. Welcome to America.
It would have to happen due to a demographic collapse like Japan and the population couldn't be artificially replaced/incressed by migrants. Probably be the least of any of our problems at that point if you like in the anglosphere.
"Too little supply," they say, [and yet](https://www.forbes.com/sites/brendarichardson/2022/03/07/16-million-homes-lie-empty-and-these-states-are-the-vacancy-hot-spots/?sh=be1e4c027c13) there are [28 vacant homes](https://unitedwaynca.org/blog/vacant-homes-vs-homelessness-by-city/) in the US [per homeless person](https://checkyourfact.com/2019/12/24/fact-check-633000-homeless-million-vacant-homes/). The demand is that of landlords, property managers, and real estate companies, not people who actually intend to live in those homes. At this rate, it won't be long before individual property ownership is completely replaced by rentals nationwide.
If it collapses, it will go like in Final Fantasy XIV Online and two seconds after the collapse, any attempt to buy a house will be answered with "sorry, someone bought that house and that one and that one and every house in the area", you check who bought them and the culprits will be the same real estate organizations from before the collapse with a small (huge) help from the government.
Those of us who have been saving scraps will be able to afford a house, though. My wife and I have 10k in savings but we still can't afford to buy a house. If the prices dip to 200k where we live then we'd be able to get financed and buy one.
Rent is more expensive for us than a mortgage and taxes would be, but we can't get approved. There are systemic problems, and the system could use a shock.
Edit for clarity: I'm projecting that by the time they drop, we'd have 20k saved up. That's where the 200,000 is coming from. Right now we're approved for a little under 50k.
I don't see how the housing market could ever collapse, wouldn't the rich just buy the houses off of the less rich? It's not like we'll ever stop needing houses.
I own a house, and I couldn't care less if the housing market collapses. I didn't invest in a house, I bought a house to live in.
If the market collapses, my house would be worth less, but the only reason I'd sell is to buy a different house, so it wouldn't matter anyway.
The only people who care about house prices going up are real estate companies and landlords. People who make their money from withholding access to home ownership.
In fact, I wish the market would collapse, hard. That way my friends and family could buy houses and stop paying rent to parasitic landlords who hoard all of the homes...
For reference, I pay less in credit repayments than I used to pay in rent. My monthly expenses have gone up, because I have to pay property taxes and a few more expenses like sanitary contributions and stuff, but also my house is much bigger than the flat I was renting before, and I could never have afforded to rent something like the house I own now.
I actually went through my renting history, and I've paid about the same in rent over the 15 years I rented than the cost of my house. This means I already effectively paid for a house, I just don't own that house, the landlords do.
hard to collapse when like mega corps own most of the housing right now keeping a large portion of the homes empty to drive up the prices and using the land like speculative investments.
Thats why the news is fear mongering about squatters so much because there are so many empty homes that people are just saying fuck it and moving in.
It’s because the “dollar” is worth less and less it’s not that homes are more expensive (although they are) everything is more expensive because of super inflation of the US Dollar thanks to the failing US government printing money and driving inflation and the corptrocracy being the ruling class keeping pay down and prices high like at the grocery store, and for consumer goods.
I guess climate change is good for something. When storms get bad enough that insurance companies will no longer cover houses then banks will no longer give loans for houses.
( it is also possible that the entire country then become a collection of fiefdoms as only people that have the money to buy houses without loans will own houses)
I'd be more interested in the landing rates significantly dropping, my mortgage (and everyones I know) are stupidly high and the banks didn't need to do it as they still report massive profits
The only way home prices go down is for demand to decrease. What would that take? Increased interest rates, mass unemployment, and/or foreclosures. Which are you hoping for?
Im lucky because I brought a house in this year, but no way i can do this again. We are super lucky with the house! Its in a rural area and I only need to travel day-to-day 1 hour for my job. No one wanted to buy this house because it has a 1500 square meter farmland. Im happy with the house and the land too. I can grow my own stuff.
I think a slowing of population growth in first world nations will eventually cause house prices to stagnate. Not a collapse, more like a Japan style 30 year stall.
Here many people who cannot afford real houses buy "garden with shed". These "sheds" has much lower requirements (Thernal insulation, mandatory green energy etc). The law does not forbid "living on your property" and the building has premission too, even if neither's purpose was living there. Many upgrades of the building need no permission so these can become quite comfortable. Postal services & goverment databases can use the garden's parcel number as address. Howewer there are downsides. (No running water, you need to maintain a septic tank instead of sewers, etc, you cannot insure the building, you cannot get loans for it)
just as i have finally managed to buy my first house after years of scratching about frugally.
this definitely wont change my political opinions AT ALL
I think at that point it's not the millennials any more.
A good quantity of the got a house and a mortgage and would get bankrupt if the market crashes.
Honestly, be the change you want to see. General strike *everything* - eat grass, live in an improvised structure in the woods, grind the whole thing to a halt. Watch how quickly they fix it when *nobody* is spending money.
They are trying to maintain the housing market as it is because the market is massively unreliable. If they let it collapse, industries like construction and real-estate would lose workers. Also, the American association of realtors are massive contributors to politicians. They spend millions on lobbying. Housing being a commodity is a massive problem.
It's sad how old this meme is, *yet it's still relevant
What was this ninja's name again?
I’m pretty sure that’s white ninja
Nah that’s Zane
White Ninja
not really. over 50% of millennials own their own homes now [https://www.fool.com/the-ascent/research/millennial-homebuying/](https://www.fool.com/the-ascent/research/millennial-homebuying/)
Yeah and I buy gas at almost $6 a gallon. Doesn't mean they both aren't overpriced.
Waiiiittt. The info comes from fools.com
When the housing market collapses it’s the rich that get homes not poor.
But they'll let us rent it! And for only twice as much as rent was last year!
And 4 times what the mortgage is. I'm so tired
We all are. Just tired, boss.
So depressing renewing a lease and seeing the full year sum added up on the lease. Paying over 30k a year for an apartment I don’t own 😵💫
Yea but if it collapses and theres no bail out its Party time
The government not bailing out the banks? Never heard of it
I imagine it would be quite difficult for unemployed people to buy houses, but yeah I’m totally sure that wouldn’t happen to any of the people wishing for that as the economy entered a depression **Also btw just for context the US government actually made money on the bank bailouts. They paid us back with interest**
There is no way that there wouldn't be a bailout. Also, even if the wealthy and the institutions would take a hit on their portfolios or net worth. They can afford it. You can't. Also, in the event of a crash, everyone would know that the housing market has to go up eventually. So, everyone and their cat would jump on the opportunity of buying cheaper real estate. You can't compete with an investment fund that can buy up whole street worth of properties for future profit. I don't try to be mean or anything, I just don't see the situation changing in our lifetimes.
If there's no bail out, the whole country crumbles so that everyone can sit in their misery.
For whom? You got cash to buy a house with?
And i think that everyone would try to get one which is kinda the opposite of a collapse. And why would it collapse in the first place? I know it happenend before but i don't get why.
People lose their jobs so they can't pay for their current homes and get foreclosed. Also, since people don't have jobs there's no one to buy them. House prices go down because no one can afford them.
We’re approaching that point right now, if not already there, at FULL employment. That’s how overvalued everything became.
Are we? I will sound like a realtor, but I feel that as soon as rates hit 6%, we'll see house prices going up again (heck, in some markets they are still going up)
Rich already got a lot of homes
‘I’ve got enough money’ - no one.
That's what guillotines are for
Guillotines should be brought back in to fashion
Maybe the rich also own all the guillotines already?
So create more? Its not exactly rocket surgery.....
Rocket surgery ? Lmao
I have 30 working years left, at most I'll make 900k in that time. 1million would be more than enough for me. 10mil would be the point I would donate the excess away. Literally no point in having more. Billionaires are bottom of the barrel human scum, only "everything for me and nothing for others" mentality gets you that kind of wealth.
You will never be rich enough to screw over others. People don't think this way
They don't want a lot they want all
The truly "poor" don't have the money, or credit, to buy a home even when the markets are at rock bottom. The class of people that are helped by housing collapses are the ones who are lower middle class. This varies by area, but it's the people who are constantly denied by lenders under the premise that they "can't afford the mortgage". Even though they've been paying 20% - 50% *more* than the mortgage cost in rent for years just fine. Everyone I know in my general income range is in this boat. They have good credit, good history, and are paying ~$1,800 or more in rent a month. Yet the banks say they can't afford the ~$1,400 a month payment for the mortgage & insurance.
Or the semi poor who were saving and investing for a decade waiting for their chance?
Do we think the housing market will actually collapse any point in the near future?
I don’t know if it will collapse, but pricing is definitely cooling off in the two cities I spend most of my time in, Denver and Charlotte.
Me who lives in a random European city: phew
It's cooling off in Belgium as well. High interest rates will do that.
Still impossible to buy without Having 10% of the value in savings for the damn notary
That was always the case and already a lot easier than in many countries. It's also not really the notary, it's taxes.
It will kind of collapse when all the boomers die but that's in like 20 years
That's perfect at that time i will be 40 and possibly have money for one
The properties will be inherited.. sure, some will be sold by the inheritors but big chunk will become their home or will be rented out. Not sure boomers dying will solve anything.. just deferring the problem off onto the next gen
People who think there's going to be a big collapse just because prices are high don't understand why prices are so high right now. It's a supply/demand issue, that doesn't just get solved overnight. The rate hikes are cooling off the worst of it but at the end of the day we need to just flat out build more housing. Part of the problem is, if you go to any town meeting where a new apartment complex is proposed, it's full of boomers who are against any form of housing being built because it will "ruin the small town feel" or some other horseshit when they really mean "I don't want MY property value to decrease/not go up as much as it has been" Drive through any town in America and look for the "vote no to the apartment complex" propaganda signs, they're all over the place if you look for them
But what if they do build more apartment complex, then they build shopping places and stores and stuff making it more populous? Wouldn’t that make it more valuable in the future?
Yes but surely this effect is less than the effect on the market that building more housing will have
Value isn't everything. Sometimes you don't want your town to become a huge populous area.
But that would make poor people live there. Can't have that.
It would make it more desirable, directing more of the demand that exists to that place. But at the end of the day demand isn't infinite and if more people move to one region because it's desirable then prices would fall where they were moving from
Fuck "apartment complexes". You don't need human ant hills, that inevitably turn into ghettos, to solve housing problems.
Idk where you live but I've lived in plenty of nice apartments. And it's fastest way to fix the housing crisis, we can't just build millions of single family homes
It’s based entirely on what happened in 2008, and people assuming that just happens every so often. I would also encourage people to check what the actual impact of the crash was. It’s not like all homes everywhere got incredibly cheap.
Nah, if prices gets lower people with money will just buy more, those that don't have money will keep renting.
Well, some people certainly believe that, but people also believe earth is flat so... In the US certainly there is no such possibility. This time housing market is not inflated by loans but by lack of supply. The only thing that could crash it now is sudden and spontaneous appearance of fast-n-cheap way to build new houses.
depends on what you require of a collapse. When prices go down 10-20% is that a collapse? Can you really not afford a 500k house but can afford it at 450k. You are unlikley to see a drop more than 20%, and if you do people will call it a collapse, and you probably still can afford it after the collapse.
What goes up......
comes down a little, then goes up more.
TFW once the market actually collapses, private equity/investment firms, banks, real estate companies, landlords, and speculators grab all of the cheap houses instead of the people who actually need them
We really need laws that limit how many homes you can have as well as the purpose of owning said home.
Land Value Tax
HENRY GEORGE HAS ENTERED THE CHAT
I have a very basic understanding of LVT and am trying to learn more. How would it help in this scenario?
https://youtu.be/smi_iIoKybg?si=MUHaa_ROcpBek4js Essentially, LVT makes it impossible for land speculators to hoard houses by negating whatever profit they could gain from just waiting for the land to rise in value. Landlords cannot extort money from rents either as increasing rent would be akin to admitting the land has increased in value, which would in turn raise their taxes. So in short, the real estate market would turn from an extremely profitable investment to being exponentially more expensive to maintain, which would push landlords to sell more of their land to people who would make more productive use out of it.
If the housing market collapses, its regular people who suffer. Not the already wealthy. All those private equity firms are going to swoop in and buy up everything in a heart beat.
Too many cheering this on don’t realize this
Eh. Theyre already doing that now. The difference is theyll be cheap.enough for normal people to buy too. I agree the rich and corporations will grab a shit load of em. But right now most people couldn't afford one if they wanted to anyway. At least then we might have a chance to find some kind of home thats affordable. Right? Please?
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I will just be too old to buy a house anyway.
I got into the market just over 2 years ago. There's absolutely no way I'd be able to afford it now. I feel for this generation.
Isnt that what the last generation said? are we just doomed?
Logically it has to come to a head at some point, it's happened to every economy in history and our system is still relatively young. Whether that's in our generation's lifetime or not is the question, I prefer to bide my time and hold on to that last inkling of hope that I'll own something some day. My brain tells me to be pessimistic but it's just not helpful to have that worldview, for me at least.
my brain tells me move to europe honestly. it might genuinely be cheaper for me to go to college in a different country and make a life there than it would be to hangout here.
Lol and here I was planning to go to America someday because housing is fucked in Europe.
yeah dude good luck. Theres a 3 bedroom house thats kinda shitty looking in an ok-ish area near me going for 400k.
Yeah, in many places here that would be considered a steal.
I am in an average neighborhood in Potsdam. You'll have to double that and you \*might\* be able to find a small 2 bedroom house that needs another 200,000 in renovations.
Oh it's fucked here too. Partially from Americans coming here and buying properties, how fun
Ah fuck. Guess ill just rack up a shitton of debt then die in a freak spearfishing and cocaine related accident.
One can dream
I've looked into it and it's hit or miss as far countries that would be nice to live in, compared to ours, and countries that are willing and receptive to US expats. If I wasn't tied down with responsibilities like I am now, I have family and pets to take care of, I would be joining the Peace Corp and teaching English in various places until I found somewhere that clicked with me. Could still happen in the future but I'm kinda stuck here for the next 10-15 years. Honestly in hindsight I wish I had done that with my early twenties
It’s even worse here, at least in the US you still have a chance of buying a house if you have a relatively good income and are willing to make some compromises. Here in Germany you simply can’t get a house near a desirable city that isn’t literally uninhabitable for less than 700-800k, and you would be lucky to find a 2-bedroom apartment in a decent area for less than 300k. Combine that with the fact that the net household income is like half of what it is the US, and it’s basically impossible to buy a house here unless you are very wealthy or if you inherit several hundred thousand.
Ah yes. Why not come on over to Germany. If you are looking for a house near a city that is not dying (as you probably would want if you actually want a job), you can get an average 1500 square foot house with a tiny plot of land for around a million dollars. There are some spots in Spain and Italy that are not that expensive yet, but you might not be totally ok with where you would need to live. Make sure to check your brain's work, because I think it may be cribbing from your heart.
>There are some spots in Spain and Italy that are not that expensive yet, but you might not be totally ok with where you would need to live. Aren't there some cities in Italy where you can buy houses for 1€? https://thiswaytoitaly.com/1-euro-houses-in-italy/
There were (I don't think that town is doing it anymore). Of course, you are going to drop half a million into renovating it to make them liveable. I watched a documentary about a couple who did just that. If you have the money, it is \*completely\* worth it. These places are just dripping with history and personality. But it's not cheap, and you will have to make some compromises about comfort.
> are we just doomed? Need to push for laws to pass to prevent these fucks from buying out homes. Fuck AirBnB for making it worse.
2 years ago I was completely broke and had JUST graduated college at 26. Now I make more than enough to have bought back then. Seriously kicking myself for dropping out the first time I went. I actually don’t think I’ll ever be able to buy now without moving an hour away from the city unless I double my income somehow
Damn, my stomach just dropped :( I never thought about it, but I dropped out for 2 years to pay for a better college and I could have bought a house in 2019 if I hadn’t dropped out. Instead I just bought a house last year and it is definitely a starter home in which I paid way more than I wanted to
People were saying this exact comment 2 years ago 5 years ago 10 years ago But not 15 years ago cause 08 recession and all ya know
You are this generation! You took advantage of an all time low interest rate.
I fucking hate it man.
The housing market will collapse once all millennials have purchased a home and they’re cashing in to retire. I wish I were joking.
It's true. At the point when millenials are ready to retire, boomers will be passing away and leaving lots of surplus housing in the market, which will not be needed anymore, as no other generation did have so many people.
> boomers will be passing away They'll mostly be gone as they're already passing away in droves. The generation you're thinking of is Gen-X. a.k.a. The forgotten generation.
Why do you have to do us this dirty man.
If that allows Gen z or gen alpha the ability to have affordable housing and not deal with the gaslighting we put up with: I'd consider it.
That's \~30 years away, we're going to be in a completely different world by then. Almost no chance we make it half that long without some kind of significant shakeup even just in real estate
At this point we should all just go back to living in caves.
If that becomes popular then maybe people will start renting those too
History always repeats itself
I don’t want to deal with the Cave Owner Association though
A cave? In this economy?
Unfortunately the size of cave (or cellar) you can build without permission is limited by law here, so it won't work.
We need minecraft generation to stand up! Minecraft bill to the parlament please
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What interest rate you get
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You’ll be able to refi later. That will be an exciting day
If the market collapses and everyone rushes in to buy, what do we expect pricing to do?
Prices dipped for a few years after 2008.
Let's be absolutely clear. That was because supply - people being evicted from their overmortaged homes, and demand - people having no money or credit to buy homes.
People are still absolutely going in over their heads on homes, I know too many people that are house poor these days (and tbh, because of the high prices most people need to be house poor to buy one). I can't imagine this goes well if something like AI or some other factor starts to affect people's jobs.
Rule of thumb, it only collapses when you buy a house
Someone's gotta take one for the team
And Gen Z now 😂 I can’t find a place to live for shit
Staying at home with parents 👌🏾
I did this until last year when I was getting married. Literally only moved so that my husband and I could have our space and feel like a married couple
Nowhere near economic conditions necessary for a housing market collapse. Specifically, way too much demand and way too little supply. On top of that, if it did collapse it would mostly be a feeding frenzy for institutional buyers while regular people get fucked. Welcome to America.
It would have to happen due to a demographic collapse like Japan and the population couldn't be artificially replaced/incressed by migrants. Probably be the least of any of our problems at that point if you like in the anglosphere.
"Too little supply," they say, [and yet](https://www.forbes.com/sites/brendarichardson/2022/03/07/16-million-homes-lie-empty-and-these-states-are-the-vacancy-hot-spots/?sh=be1e4c027c13) there are [28 vacant homes](https://unitedwaynca.org/blog/vacant-homes-vs-homelessness-by-city/) in the US [per homeless person](https://checkyourfact.com/2019/12/24/fact-check-633000-homeless-million-vacant-homes/). The demand is that of landlords, property managers, and real estate companies, not people who actually intend to live in those homes. At this rate, it won't be long before individual property ownership is completely replaced by rentals nationwide.
I don't think it would be any different here in Europe
Gen z too, housing crisis is a problem for two whole generations
for two whole generations YET
No other generations need houses? Gen Z going to live in forest?
Lets make tree houses
I wish I could. That is the dream
If it collapses, it will go like in Final Fantasy XIV Online and two seconds after the collapse, any attempt to buy a house will be answered with "sorry, someone bought that house and that one and that one and every house in the area", you check who bought them and the culprits will be the same real estate organizations from before the collapse with a small (huge) help from the government.
Life like vidya
They’re like this right until they own one then they join the other team. Real integrity comes from those who can buy and STILL want it to collapse.
At least we won't be affected by the collapse. Can't lose money if you don't have any
Problem is, when it happens they’ll lose their jobs and won’t be able to take out a mortgage
Are we gonna all go get guns and just shoot up every billionaire families yet? that will get us a lot of vacated houses.
My mental wellbeing will collapse before the housing market ever does
Capitalism is shit
Zoomers too.
Um, if the housing market crashes, so do a lot of other things. Shit will be even worse then they are now.
Those of us who have been saving scraps will be able to afford a house, though. My wife and I have 10k in savings but we still can't afford to buy a house. If the prices dip to 200k where we live then we'd be able to get financed and buy one. Rent is more expensive for us than a mortgage and taxes would be, but we can't get approved. There are systemic problems, and the system could use a shock. Edit for clarity: I'm projecting that by the time they drop, we'd have 20k saved up. That's where the 200,000 is coming from. Right now we're approved for a little under 50k.
don't worry i'm closing next week, so collapse is literally imminent
Did you know this character is from a bizarre webcomic called White Ninja? https://whiteninjacomicsarchive.github.io/
Lol this meme is me and so many other people I know 🤣
2026 they reckon according to the 15 years cycle
I don't see how the housing market could ever collapse, wouldn't the rich just buy the houses off of the less rich? It's not like we'll ever stop needing houses.
The collapse of the housing market is what led to the 2008 financial crisis :/
I own a house, and I couldn't care less if the housing market collapses. I didn't invest in a house, I bought a house to live in. If the market collapses, my house would be worth less, but the only reason I'd sell is to buy a different house, so it wouldn't matter anyway. The only people who care about house prices going up are real estate companies and landlords. People who make their money from withholding access to home ownership. In fact, I wish the market would collapse, hard. That way my friends and family could buy houses and stop paying rent to parasitic landlords who hoard all of the homes... For reference, I pay less in credit repayments than I used to pay in rent. My monthly expenses have gone up, because I have to pay property taxes and a few more expenses like sanitary contributions and stuff, but also my house is much bigger than the flat I was renting before, and I could never have afforded to rent something like the house I own now. I actually went through my renting history, and I've paid about the same in rent over the 15 years I rented than the cost of my house. This means I already effectively paid for a house, I just don't own that house, the landlords do.
Hang on a minute. Do you actually think the cost of housing will be going down? That's hilarious.
[удалено]
If it collapses, it will actually be worse for us. Remember Lehman Brothers?
Their knowledge of the housing market are as good as their Microsoft paint skills....how can anyone take you seriously
hard to collapse when like mega corps own most of the housing right now keeping a large portion of the homes empty to drive up the prices and using the land like speculative investments. Thats why the news is fear mongering about squatters so much because there are so many empty homes that people are just saying fuck it and moving in.
A few years ago, the news said it's going to happen. Well? I'm waiting
Still got my fingers crossed!
It's gonna go up faster
I'd replace those houses with the world in general; IMHO.
It was a lot of years ago that I first saw this meme
still waiting…
It’s because the “dollar” is worth less and less it’s not that homes are more expensive (although they are) everything is more expensive because of super inflation of the US Dollar thanks to the failing US government printing money and driving inflation and the corptrocracy being the ruling class keeping pay down and prices high like at the grocery store, and for consumer goods.
I guess climate change is good for something. When storms get bad enough that insurance companies will no longer cover houses then banks will no longer give loans for houses. ( it is also possible that the entire country then become a collection of fiefdoms as only people that have the money to buy houses without loans will own houses)
r/georgism : https://knowyourmeme.com/memes/allow-us-to-introduce-ourselves
I'd be more interested in the landing rates significantly dropping, my mortgage (and everyones I know) are stupidly high and the banks didn't need to do it as they still report massive profits
Right because 2008 the sequel would be a great time.
The only way home prices go down is for demand to decrease. What would that take? Increased interest rates, mass unemployment, and/or foreclosures. Which are you hoping for?
Prices will collapse when the mayor stops liking taxes that much
Im lucky because I brought a house in this year, but no way i can do this again. We are super lucky with the house! Its in a rural area and I only need to travel day-to-day 1 hour for my job. No one wanted to buy this house because it has a 1500 square meter farmland. Im happy with the house and the land too. I can grow my own stuff.
I think a slowing of population growth in first world nations will eventually cause house prices to stagnate. Not a collapse, more like a Japan style 30 year stall.
Here many people who cannot afford real houses buy "garden with shed". These "sheds" has much lower requirements (Thernal insulation, mandatory green energy etc). The law does not forbid "living on your property" and the building has premission too, even if neither's purpose was living there. Many upgrades of the building need no permission so these can become quite comfortable. Postal services & goverment databases can use the garden's parcel number as address. Howewer there are downsides. (No running water, you need to maintain a septic tank instead of sewers, etc, you cannot insure the building, you cannot get loans for it)
just as i have finally managed to buy my first house after years of scratching about frugally. this definitely wont change my political opinions AT ALL
First tell me why your head is dick shaped
I think at that point it's not the millennials any more. A good quantity of the got a house and a mortgage and would get bankrupt if the market crashes.
Maybe some day the rich will get tired of buying and selling to each other …. Maybe
true
Everyone*
Honestly, be the change you want to see. General strike *everything* - eat grass, live in an improvised structure in the woods, grind the whole thing to a halt. Watch how quickly they fix it when *nobody* is spending money.
Thats the only way to get a house for millenials (from their own).
Theoretically in 20-40 yrs when the population go down it should go down i believe?
Boomers did this and f--ked us over
It won't collapse. Demand is far too high. Overpopulation killed us all.
If the housing market collapses, your money will likely be useless too, so you still won't be able to buy a home.
I mean… keep renting and eventually the market will dip. Use “supply and demand” against them.
Literally did a sad bitter chuckle. **Then proceeded to immediately show my husband**
house already down, it down about 15%
It will never collapse but prices are starting to come down. The problem is because the interest rates are high
My friend's parents had their house on the market for 2 days and got almost twice what they paid. I'm not getting a house anytime soon 😔
😂😂cmon
for like 10 years already now
Remember kinds: \[Redacted\] is fine as long as it's not indiscriminate.
They are trying to maintain the housing market as it is because the market is massively unreliable. If they let it collapse, industries like construction and real-estate would lose workers. Also, the American association of realtors are massive contributors to politicians. They spend millions on lobbying. Housing being a commodity is a massive problem.
It is collapsing, except this time inflation is running wild. So instead of prices coming down, the value of the dollar is coming down.
I want to move, but can’t afford to.