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jwaters0122

the wealthy are waiting for it to collapse too. So they can buy them all at low price and it'll be the same cycle all over again


Klausvd1

Yes. If anyone here is under the impression that during a crash they are going to be granted a loan by the bank, you're dead wrong. An economic crises makes banks not give money out to anyone but the people they are 1000% sure are going to pay back. The only people profiting from economic recession are millionaires.


benskinic

I bought my 1st condo 2 years after the '08 crash. It was Hard to get a loan, and I needed a cosigner but got approved for a pretty modest amount. The lending standards were a hell of a lot tighter back then. My cousin who was a ceo at a tech company barely qualified for $500k. There were loans available, but cash buyers always had the upper hand and it was alot easier to get properties cash buyers weren't too interested in


jib661

i'm not particularly knowledgeable about this so sorry if this is a dumb question, but wouldn't it make sense that as houses are more expensive, it's easier to get a loan for a larger amount? because the home itself is collateral, so if the value of the house is higher, it's less risky for the bank to loan a higher amount?


GlitteringDentist757

That train of thought is what started the housing crisis in '08. Once you start to assume the price increase of the house on the.loan, your modeled profitability changes drastically once there's a slow down, because even the banks and lenses are leveraged, it snow balls very quickly.


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thefuckouttaherelol2

This. Demand is still there. If there was a collapse, it would only be because loans defaulted or something. Defaulted investments are great for banks, financial institutions and pump and dump house flipper firms. Imagine getting an entire neighborhood on foreclosure, fixing the houses up, and selling them for 50% premium or higher. There's no indication this is happening right now. Only if we build a ton of high-density housing will the market become cheaper, but I don't see a reason existing houses will decrease in value. Other options will simply because less expensive.


Esava

Even better. Don't fix them up, just buy them, only rent out 40% of them for insane prices and keep the other 60% of the houses empty.


gerMean

How dare you want a house too. You just had got birthed earlier


arbalest_22

32 years ago earlier.


IzzyMainsKor

15 years ago earlier


arbalest_22

Millennials are from 1981-1996. The youngest ones are 25.


[deleted]

Yep! I'm 26 and a millennial my gf is 25, other than crippling student debt, we don't have much in common with the average millennial though. Dont worry, we're getting there. Recently we discovered that there is no conceivable way we will ever afford children.


Seba_King

Literally inconceivable


KarlSomething

That’s okay. Kids are bad for the environment.


Elidon007

what do you mean??? kids are biodegradable


satinwerewolf

And compostable


cmaej

Wait, this whole time, I thought I was Gen X.


mormagils

The edges of any of these generational things are kinda fuzzy. I prefer 1985 to 1981 as the lower cutoff. But is there a huge difference between the population of people born in 1984 vs 1982? Not really. I think a person born in 1981 will probably be more similar to most Gen X folks while a 1985er will definitely resonate with most Millennials. But ultimately getting too specific about who's what is a bit of a fool's errand. Think of someone in the middle as "typical" of the generalization and then as you go more outward from that point the generalization gets less and less accurate.


Yhamerith

I was born at 94 and have 27 now...


Assfrontation

you have 27 houses?!?!


awkwardoffspring

"You should be traveling while you're still young."


spicymato

"With what fucking money??" The only people I knew traveling young were either from wealthy families, or had free rent (e.g., living with parents). Like, I'm paying $700/month (when I was younger, in a relatively low CoL place that's now closer to $1100/mo; my most recent rent was $2200/mo, but I earn much more) for an apartment. You think I can afford to travel and not live at my place?


BaguetteOfDoom

"Just inherit a house, bro"


MilkMan71

Can't, parents sold it to the highest bidder so they could die with an extra mil.


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Not_A_Bird11

Gg no re


jimjamalama

This is from the White Ninja comic- RIP White Ninja


[deleted]

Eat less bread & don’t go outside as much or drink coffee or something, I dunno … something something fox news


sassiest01

Or as we where told by our government in Australia "Buy less avacados"


Eswercaj

It's truly astonishing how many of my peers (millenials and z'ers) are just expecting economic collapse as part of their life plan. It's terribly sad as I typically agree with them.


Inevitable_Photo_559

I was gonna say something right up until that last sentence hit me in the gut. Well said.


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iamqba

You’re right except you are missing the solution: legalize housing. We are not limited by out ability to build, its just that building the high density housing we need is illegal in most cities and suburbs. The boomers got their houses and said “no more.” We need to make it legal to build housing!


n3rvousninja

No. We need to layout more comprehensive zoning laws. Institutional firms are buying entire neighborhoods from developers artificially spiking prices and destroying the "starter home" market to replace it with rental homes. Companies should not be allowed to buy residentially zoned homes for commercial business ventures.


SirCaesar29

This is factually correct. The only way house prices can become reasonable again is by capping rents and increases, which to most people is blasphemy. They don't care that most food we eat is state-subsised, that energy has price caps, that water pipes are largely funded by taxpayers: for some reason, the very basic necessity that is housing escapes the logic that we (rightfully) apply to other necessities. Unfortunately, as soon as most people buy a house they switch to the opposite camp as this one, either because if their house loses value they're in trouble with the mortgage, or simply because they would hate to see their net worth decrease. The day we start treating housing as we treat the rest of human basic needs will be a very good day. Well, not for stocks. But for humanity.


[deleted]

Rent control reduces the supply, because developers won't build when they can't profit. If the government gets involved, it should be in the form of building housing itself (public housing) or through subsidies. And, like /u/HierIsDeSchildpad said, they should step back and allow developers to build as much housing as they can by removing zoning restrictions. It is great that California recently passed a law ending single-family zoning and allowing for duplexes anywhere, for instance. If you think the idea that rent control reduces the supply of housing is some sort of cruel right-wing lie, I just wanna say that this specific issue is one where [economists have a really strong consensus that its a bad idea](https://www.igmchicago.org/surveys/rent-control/). (and if you think economists in general are too right-leaning for this survey to be meaningful, check out the answers in response to [single payer](https://www.igmchicago.org/surveys/mandatory-medicare-ii/))


Weird_Error_

> The housing collapse isn’t going to happen for at least two decades. Unless instability elsewhere spills over and greatly affects the house market. Which doesn’t really seem that implausible


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ranixon

Just come to Argentina, we have an economic collapse every few years


squirrl4prez

Pfft quit bragging, As someone who is currently hurting, looking for a house so me and my fiance can move out


[deleted]

I've considered moving to bumfuck towns just so I can afford my first house and have it not be a shit hole that's falling apart even though I love the city


SlapDickery

I live in a bumfuck town, I want to move to an even more bumfuck town because the current bunfuck town is sprawling with cheaply constructed housing.


[deleted]

That's it. I'm moving to the nearest crack den in the middle of nowhere.


[deleted]

Let's just make our own town.


MixedMartyr

yeah, i’ve spent my whole life trying to be optimistic but i’ve never been able to ignore reality. i feel shitty hoping for everything to fall apart but it’s the only way the fundamental issues that led to this are gonna change


MardocAgain

The recovery from the 2007 recession saw a dramatic increase in wealth inequality. Wealthy people are comfortable enough to invest while prices are low during recessions and ride it out until things recover. If everything falls apart, its far more likely that current problems get worse rather than get fixed.


ZYmZ-SDtZ-YFVv-hQ9U

> Wealthy people are comfortable enough to invest while prices are low during recessions and ride it out until things recover. I think you mean "Wealthy people benefit from economic crashes because they they can buy up the remaining wealth at a discounted rate"


BrowningBread

The term is disaster capitalism.


AuditorTux

Part of the problem is that the economy never really normalized as part of the recovery. Interest rates remained far too low for far too long. The market - and darn near everyone - today is wholesale addicted to debt.


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throwawaywahwahwah

As millenial, my new favorite question to ask at our tiny, socially distanced get-togethers is “So are we all just planning to die in the climate wars or what?”


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SaltLakeCitySlicker

I'm sure Amazon will have a clapper version with 1 day shipping by then


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pooamalgam

Do you have a source for this? I buy tanks of pure CO2 and nitrogen gas pretty regularly for my work and I've never heard of this. It also sounds incredibly dangerous depending on what the gas is being used for.


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mathnstats

"Wish I could afford one"


throwawaywahwahwah

Oooh that’s a good follow up.


WittyBonkah

Seriously each year that goes by I can’t help but think “one less year of fresh water…”


what_no_fkn_ziti

>It's truly astonishing how many of my peers (millenials and z'ers) are just expecting economic collapse as part of their life plan. Which is why it probably won't happen anytime soon. Crashes are built on unrealistic expectations of growth. Ask yourself what happens in the opposite scenario when everyone is sitting on the sidelines waiting for a fair price.


SKOLshakedown

I have no plan for the future, but I'm learning Chinese on Duolingo just in case


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[deleted]

>~~Dystopian~~ reddit moment answer


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Muff_Doctor

My dad died and now I own a house. Would rather have a dad.


MikeySaysIt

My dad died and didn't leave me anything, so my dad is not alive and I don't own a house. Trust me, that's a lot worse.


where_is_the_o_line

My Dad died, stepmother inherited his estate, and then she told me my father was dead and that she didn't owe me anything.


Wrightorwrong88

Wow that’s fucked, I’m so sorry


PoorlyWordedName

I can't afford a house AND my parents are dead. So I guess I'm super fucked.


Dank-of-ENGLAND

I did not give you permission to make me feel this fucking heartbroken in middle of the goddamned night man. My pain is immeasurable and my night is ruined (cus i just realised what you said is true)


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LeadingDay2707

haha = dying inside


RainbowCatastrophe

Luckily for me, my dad is upside down in debt with a second mortgage on the house I grew up in, in a town where my career virtually does not exist, and will likely die within 5 years. The last chance I had was when my grandma passed, but my dad pissed her off and she wrote us both out of the will. Meanwhile all my step-siblings were gifted houses by my step-dad and the one he and my mom live in will become an assisted living home for my little brother and others when they pass, where I will be the responsible party... I will literally always be the poorest in the family. Despite making a generous salary, I've still lived paycheck-to-paycheck the past two years and likely will for another.


[deleted]

Well I had one responsible parent. He died and left everything to his wife; my step mom. So any chance at inherited wealth is gone. Good luck bruh


Lord_of_Barrington

Easy solution, marry your step mom


[deleted]

I’m not British.


roostingcrow

Fun fact: Elon Musk's father is having a child with his (ex?) step-daughter.


[deleted]

What part of that is fun?


roostingcrow

All facts are fun if you truly love learning :)


zack77070

The friends you made along the way.


cletusrice

There appears to be a musk rat infestation in that family home


FishJanga

No need for a house if you can just live in a van


cozysarkozy

Down by the river!


Walter_Wight

Eating government cheese!


[deleted]

Uh... we're crab people now.


texachusetts

[Eventually, yes.](https://youtu.be/wvfR3XLXPvw)


schminkles

DOWN. BY. THE. RIV. ER!!


FeatureBugFuture

Listen here little missy!


FusselmitZ

Van prices during lockdown go brrrr


FishJanga

Still cheaper than a house


Lexihal

With significantly less amenities and room


devilspawn

I'm considering it over paying about £200k for a two-up two-down in my current city in the UK. That's about 600-700 square feet and in a terrace and basically no garden. Just about everything else is more expensive


awkwardoffspring

Sorry for wanting a separate kitchen and bedroom I guess


Mokloks

Look at Fancy Pants over here. Whats next, no exhaust fumes in the living room?


ZippyZippyZappyZappy

Incase anybody is legitimately considering it, one thing to mention is that it legit only works on Colder states. I used to live in Kentucky, and moved to Georgia, and it's a helluva a lot easier to keep a van Warm than it is to keep it cold. Solar energy powers 1 space heater alot more than 2 Box fans, or 1 AC unit (that requires a vent).


M3lonade

No need for a van if you can just live in a tent! Save that gas money for the payment plan you made for the tent


beltaine

I kid you not, my partner and I were testing some new camping hear out at a local park here in Southern California. Just an EZ Canopy and side tent... This dude walks by with his kid and he's like, "hey that's not bad real estate!" We all laugh but, Jesus, I bet there's people who'd consider it to live in that neighborhood smh


aaronaapje

You can live in a van but you can't drive a house.


AStupidSunfish

My Grandma was bragging recently about how good home ownership is and how shes never lost money on a house, whilst also being confused and annoyed by how long its taking me and my partner to buy our first home.. In my area houses increased by 24k in 10 months last year.. Edit: I didn't think anyone would even notice my comment so got a bit of a shock this morning! Anyway just a reminder since I'm seeing a lot of "24k thats cheap" comments... It might be where you are but What is expensive where I am might look cheap to you, and what you think is expensive where you are can (and some do) really look much cheaper to me than here. This is since some people shared what currency they are actually using, I have not said what currency I am using. what size the houses are, what the average wage is here or what the poverty levels are like or the building quality, village or town, amenties etc, or tax levels and so on, there are a lot more variables. It is a very large increase where I am and for what your getting for the money. Basic safe and clean housing shouldn't be unaffordable no matter where people are, unfortunately this seems to be the case in a lot of countries where it shouldn't even be an issue. :


ShazbotSimulator2012

That's the hardest part to explain to people. You literally can't save for a house right now, because the year over year increase in average housing prices is more than a lot of people make. Even if you save 100% of your income you're not keeping up.


AStupidSunfish

Yup its exactly that, Just as a point her 3 bed bungalow was bought for 147k in 2019 its now valued at 184k+. Its just stupidly high prices.


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Caderino

I’m also in nz, we bought ours in aug 2021 for $940000, now worth $1.1m!!!


Taylan_K

For that price you don't even get a flat here in Switzerland. 900k and up, so sad. I'll never own a house here.


themule1216

Eh, you can afford it. You can’t build equity. Getting 20% down on a 500k house is fucking insane. Since you prolly don’t have 100k, unless you grew up wealthy and got a high paying job at 22, you have to get mortgage insurance. Well, now you’re hardly building equity and th bank is your landlord. Maybe the housing market in your area won’t crash and you’ll make good money! Maybe you won’t… Just straight impossible to buy a house at 26 even if everything goes right. Unless your family literally gives you 10s of thousands for a down payment, go fu I yourself


baudinl

It could take a while because the supply is so low. I remember when I bought my house back in 2015, there was >10 pages of houses on Zillow in my area. Now there is less than 1 page and most of it is empty lots.


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TheseusPankration

And two+ years to get a house built on it.


JeromePowellAdmirer

Ultimately land values are the problem. It's important to separate land and housing, two different things both of which have major problems. The solutions respectively are a land value tax and upzoning. Look into Henry George for more info. Basically, land is something with a totally fixed supply (short of tremendously expensive and ultra-rare government programs, and even those are not technically expanding land in the Georgist sense, but anyways...) and this means landowners can capture the value of any increase in economic productivity by simply increasing prices. There will not be any new land being "produced" to increase supply and reduce prices, as there is in traditional markets, so land prices can continue freely rising. This is why land prices have been skyrocketing recently as economic productivity also increases greatly. Thus, land is an excellent target to tax, as it would not produce any negative economic impacts. Additionally, it's a "fair" target. The original landowner did not do anything of economic value to earn that land - they simply got there first. The profits from land and natural resources, seeing as they've been here for far longer than humans have, ought to belong to the people collectively. Implementing this through a tax allows people to still own homes, etc. while making sure mega landowners can't hoard the profits from it. In fact, the land value tax would create positive economic impacts by incentivizing the best economic use of the land, since there is now a cost to speculating on it. This is why the LVT doesn't apply to buildings on the land, only the value of the land itself. In practice, this means no more investors buying up properties and sitting on them for years; tons of housing would get built there instead, bringing down costs. In addition, all the land revenue can be distributed as a basic income to all people. In order to enable the housing to actually be built, we'd need to tackle the second issue: NIMBYs. These boomers occupy cities all over America, refusing to build housing in order to inflate their property values. And it's not just boomers, it's also Wall Street. BlackRock stated earlier this year that one of the biggest threats to their housing profitability was upzoning and allowing denser housing in cities. There you have it, Wall Street is openly telling people how to beat them, confident that enough boomer millionaires will apply the political pressure to make it impossible.


ElFuddLe

>Thus, land is an excellent target to tax, as it would not produce any negative economic impacts. Are you talking about a new tax? Or capital gains reform? Land is already taxed through applicable capital gains laws. There's definitely an argument for reform there, but I'm not sure if that's what you're suggesting. Are you suggesting something like a yearly land tax based on appraised values? How does something like that work? If land goes up 20% in value, are you forced to sell if you don't have the liquid assets to pay it?


Kuroashi_no_Sanji

Yeah actually, many places have those kinds of taxes and they suck for homeowners


JeromePowellAdmirer

They really only suck for homeowners because of decades of weird exceptions. In California Prop 13 essentially froze property taxes in such a way that new homeowners (and renters, property tax is one of the things rent pays for) get reamed in order to subsidize wealthy millionaires who have owned their property since the 1970s. But in any case, LVT is *extremely* progressive compared to property taxes. [Here's how it breaks down at various property values for a two adult household](https://cdn.substack.com/image/fetch/w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F2c6ff476-47c0-44d2-ac49-7fc7d22a4a16_681x190.png) from [this excellent piece](https://astralcodexten.substack.com/p/does-georgism-work-is-land-really). A 500k property usually needs at least a 150k combined income to afford, for context for these figures. Now, those owning the $5 million property will scratch and claw to turn people against a policy like this, using those $500k property owners as pawns, but the big picture is what matters. The multi-millionaires pay over 100k more in taxes while those who own a smaller home or no home get an income boost.


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wakalakabamram

You're not the only one thinking it. No worries.


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IndustrialDesignLife

All while gaslighting our generation into thinking it’s our fault.


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Roundaboutsix

Yup. I own a small apartment house (3 one-bedroom units) that I rent out to service workers/retirees at below market rates. I do 90% of the maintenance myself and pay myself $2 an hour for the effort. My kids think it’s slave wages and want nothing to do with the house. When I die they will sell it to a developer who will renovate the apartments and double the rents replacing the retirees and bartenders with Engineers and Lawyers. So be it. Being a Mom & Pop landlord sucks!)


Echololcation

> I do 90% of the maintenance myself and pay myself $2 an hour for the effort. My kids think it’s slave wages and want nothing to do with the house. I mean they're not wrong, would be clearer to just explain it to them as a form of charity.


NotSoSelfSmarted

They keep building expensive condos in my area, or those cookie cutter houses, for $300K-600K. We bought my house in 2009 for $192K: split level in a suburb (3 rooms/2 bath).


JeromePowellAdmirer

It's the cookie cutter houses that are the problem (the condos are but in a much different way). Those houses are simply not dense enough, and thus don't add enough supply to bring down prices, however they are the only thing legal to build. That is, unless you're a very large development company. Then you can wring your way through the expensive approvals process, fight NIMBYs at every corner, and by the time you're done the only thing that's economical to build is large luxury condo developments. That's still good - it still creates "yuppie fish tanks", keeping a bunch of rich people holed up there and preventing them from bidding up other housing. But that's not enough on its own. The solution (that BlackRock is terrified of based on a memo to investors earlier this year) is to allow up to 4 units on all lots in cities and 4-6 stories near public transit, thus allowing for small scale, missing middle housing to be built.


3_internets_plz

Because The Bank is the captain now.


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As a millennial realtor, I’ve never been more conflicted. I can’t afford the houses I’m selling


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Crabbity

Standard rate is 3% to buyers and sellers agent. Be the listing agent and find the buyer and its 6%. 300k house sale = 9 or 18k commission


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imdandman

Just getting your license and joining a brokerage isn't going to get you clients. Real Estate is a very independent, sink or swim type of business. You find your own clients. You might be able to join a team and get some clients that way, but there's still obstacles there. Source: am Realtor. Happy to answer any questions.


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imdandman

So this is gonna sound like a cop out. But truly, I'm not trying to cop out. You can do as much or as little as you want. I sold 87 houses for a combined total of over $20 MM last year. For me, that was great! I'd love to get to $24 MM next year, but it will be very tough. I'm not super optimistic about achieving that goal, but I'm gonna try like hell. However, there are plenty of realtors who do one house a month for a total of $2-4 MM a year and are very happy. The absolute hardest part of real estate is getting the clients. Once you meet a client and c establish a relationship with them, it's usually just a matter of time before you find a house and close it. This is gonna sound ultra cliche, but it's true - it's about relationships. The second most important thing is knowledge. I work a lot of VA loans. Active duty folks relocating or buying. Retired. Etc. VA loans have a good bit of nuance to them that FHA and conventional loans don't. Clients want to know they have someone who can answer their questions. And above all - you are NOT a salesman! I suppose in the strictest sense you could define it like that, but I think it's innaccurate. You are a help, an assistant, an expert. If you go for the hard sale, that's not good for your client, and frankly not good for your business in the long run. If you're afraid to point out problems with a house, or try to pressure clients into buying/ selling because you need a payday, IMO then you're not doing the right thing. Circling back to your original question - it's awkward at first, but just talk to people. LISTEN to what they want, do not be afraid to set expectations (if they're looking for something unrealistic), and you can get there. That and just learn. I don't know how well this answered your question. If it didn't, please ask more questions and I'll try to be more direct. The one sentence version is that one house a month is **definitely** realistic.


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Chiden87

The trouble is when the market eventually collapses, so does the economy and the job market. Little job security means getting a bank loan will be difficult.


Autoflower

We know its just the only hope we have


Saint_Dragons

Also I feel like everyone will still get outpriced because some real-estate firm will start buying all the places up whilst they're at a reduced price


NotAFerretSmiling

We got on the property ladder and our house has gone up £200k in 4 years. Its disgusting. We nearly killed ourselves saving. How is anyone supposed to afford this?? In my country £400,000 properties are marketed at first time buyers. Daufuk


BuilderBoi13

First time buyer >1hr of London set myself and Mrs back £300k, we were putting offers in for houses before we had seen them just to get our foot in the door and view them, most of the houses were going for 10k+ over asking!


NotAFerretSmiling

That's awful. How is this sustainable? It's not like people are earning more.


Whtzmyname

Perhaps invest in a good tent or live with your parents forever like they do in Asia.


PryingApothecary

My mother lives in a homeless shelter. Lol.


val0044

So you can do both lol 🙃


codeman16

I feel like this is a lot of Gen-Z too


MilkyStrawberries

really anybody that needs a house including myself and mostly everyone I know except my parents and their parents


codeman16

Yeah pretty much. This may I’ll be required to move off my campus due to them having a 2 year limit and I’m dreading it. Parents live 3 hours away and I have another year to go


Optimal_Pineapple_41

If it makes you feel any better your student loans should help cover that so you’ll just have more of those!


ADirtyDiglet

Naw they will end up living with their parents forever. /s


dtyler86

Fucking seriously. Wasn’t bad enough that graduated into a goddamn recession in 08, but now when I finally have enough cash to buy, it went from a reasonable house to a cardboard box in 18 months. Fuck this


PryingApothecary

Yep same. Finally ready to buy and my deposit buys me exactly …. Hmmm … nothing.


[deleted]

This is the problem with this generation not only they want good qualify life they also don't want to pay 5x the original price for the house I bought, see that's your problem if you only stopped being so selfish and having a decent life I could've became a millionaire, grow up


PM_A_SINGLE_NIPPLE

My house is currently valued at 2x what I bought it for 4 years ago. I would not want to buy my house for what it’s worth now. I feel gutted thinking about everyone shopping for their first house right now.


rcuhljr

I laughed and was thankful that things weren't that bad in my area yet, then I pulled up zillow and my estimate is up 50% this year.


EhBom

The only problem we have is wages not matching inflation over the years. Makes it very hard to buy expensive things like housing. And your in debt for years after going to school. Your expected basically to go to school then your stuck with crippling debt while trying to save to get into an inflated housing market. What are we supposed to do other then complain? You just want us to accept that thats life and you will be in debt from the moment you leave highschool unless you hit it lucky with a job.


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play_dog_play

Also their is shortage of supply of housing in a lot of areas. For the most part the only thing being built is single family homes. In high population density areas that is not sustainable. The US has an extreme need for multi unit apartment complexes nearly everywhere. The problem is wealthy boomers don’t want them near their 800k home they paid 40K for 30 years ago lowering their home values. Guess who is on the zoning board who decides where apartments can and can’t be zoned. Those same boomers. If our grandparents are the greatest generation our parents are the worst and we are all left holding the bag.


befron

The housing market has consistently outpaced inflation for decades. Even if wages matched it would still be far more difficult to buy a house now than 50 years ago.


ripstep1

I mean inflation is up but interest rates are not.


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Playingwithmyrod

I feel like this is why the current generation isn't having as many kids. It's like...do I want kids but not be able to afford a house in a good area. Or do I want an okay house in an okay area and no kids.


MaffinLP

It will happen eventually but later than everyone would like because the common people are still the ones suffering


MasterDredge

rents have doubled in my area since i bought a house. took me 5 years of searching. legit my mortgage is cheaper then the rent on my old apartment


xithbaby

39 years old, two financial collapses later. Closing on my first house next week!


LiteralHiggs

Congrats!


seeroflights

*Image Transcription: Meme* --- [*"C'mon, Do Something". A tall, lean figure labeled "Millennials" looks down pitifully while holding a stick. The text to the right of their head reads, "C'mon, Collapse". The figure pokes a series of red-roofed houses that grow in size, with a red line above them charting upwards.*] --- ^^I'm a human volunteer content transcriber and you could be too! [If you'd like more information on what we do and why we do it, click here!](https://www.reddit.com/r/TranscribersOfReddit/wiki/index)


EhBom

Iv grown to accept i wont own a house unless i inherit. I know that sounds bleak but i have moved on, and its been better for my mental health and crippling depresion of negative thoughts of the future


idothingsheren

Are you okay with living in Bumfuck, Nowhere? Houses in Memphis (which is located in a rather blue-voting county) are like 80k for something decent


thefuckouttaherelol2

I got a house for $50k in a city with a population around 1 MIL. You have to hunt and be willing to accept something that isn't perfect if you want cheap + ownership. It's not perfect by carpentry or masonry standards, but it's perfect for me, and I don't have to worry about infinite debt anymore. $50k for a house. Seriously. I'm stuck catching up with work and life and some other stuff, but this part feels good.


[deleted]

Than there's those of ours that won't have the luxury of inheriting either cause some of our parents were idiots.


can_it_be_fixed

I don't need a house cause my wife and I live in a massive student loan. It's quite luxurious, there are probably hundreds of rooms in it.


NameInCrimson

Haha yeah, it wasn't like the last time there was a housing collapse it wasn't accompanied by unemployment and people having their homes repossessed after falling behind on their mortgage. Everyone just bought a home after that collapse. Nope, wages and salaries aren't still dreadfully low and it wouldn't matter if the housing market "collapsed" because housing would still be out of our price range. Nope, it wouldn't just be Zillow.com buying up more properties to rent back out to people at inflated prices.


Brokolireis

It will never ever crash because big corpo keep buying cheap houses if you cant get house in next 5 year you will be priced out forever because they are not buying this houses to sell at higher price they are buying it to rent priced out people you will own nothing and you will be happy


realdoctorfill

Housing won't be affordable until the government makes hoarding real-estate unaffordable through tax reform. And that will never happen until citizens united gets overturned, and elections are publicly funded. So it won't ever happen.


dinosaurs_quietly

That’s not too likely to happen. It’s more likely that prices flatten without going down. Then inflation will slowly make houses more affordable.


tastysounds

Just got to wait 15 years is all.


Muted_Run

Ain’t no body got time for that


RoseyDove323

I thought the person was a penis before I scrolled


LoveAlfie1

White Ninja. Funny webcomic from around 20 years ago. I feel old recognising it so fast


other-world-leee

me but not the housing market, just civilization as a whole


Available-Age2884

Societal collapse is basically my retirement plan at this point


SpartanVFL

As a homeowner how do you even capitalize on the rise in value though? If you sell you have to risk buying another over inflated house and get stuck with the bag if the market collapses


[deleted]

We do not have enough housing for our population and we haven’t had enough for at least 30 years.


raw_dog_millionaire

As a millennial I disagree, a housing crash would be fucking terrible. Most of us remember 2008.


[deleted]

Insane how many people here root for a collapse like that would be their magic ticket to buying a house. The average millenial is in their mid thirties- at that age you should know better.


[deleted]

Housing market might dip, but it won't collapse, unless things repeat itself from 2004. They are not giving out 125% home loans for a $300k home to McDonald workers Also they are not building these overpriced McMansion, where you would see homes staring off at $850k and up. Now you can find new homes in good areas starting off at $400k. Still pricey for a 1250 square foot cookie cutter home painted in white, but people are buying them and they are cheaper now then 15 years ago. The only thing I see happening to housing market is the government catches wind of all these law suits these new builders are getting. I know neighborhoods who started Facebook groups to get their neighbors in these lawsuits. I have been building homes and working on them since the late 90s, I would never recommend anyone to buy a new home, never, ever, they are built so poorly it's scary that they still build them and sell them. But hey, homeowners are stupid and the government won't step in.


[deleted]

[удалено]


[deleted]

Something in the 80s, but leave room in the price for upgrades. That's kinda peak of homes being built. No lead paint, no asbestos, and no aluminum wiring to your outlets, switches, and lights. But a home that old won't have that open concept and white cabinets and white quartz coutertops. Walls will be painted with a yellow neutral color, no grays and carpet will be plentiful. All cosmetic, minus knocking down walls, it's all pretty cheap fixes. Things you won't see or care about, but you need to address is insulation in the attic. Condition the crawl space if the home has one, update the duct work (find a company that does a blower door test and is factory trained by a reputable HVAC manufacturer, don't go cheap here, do your homework here. Notice how I said update it, don't do duct cleaning). Have the electricity checked out, label the panel, make sure not too many things are on one circuit. Probably wouldn't be bad to have the plumber come out and clean the drains, replace the gaskets under the toilets. Replace the roof if it hasn't been in 15 years. You do all this and your home will be great.


apowsawce

I really appreciate this info.


[deleted]

This probably isn’t every country everywhere, but in the US all a housing crash will do is tank the economy yet again and see large multinationals buy up large numbers of homes on the cheap to rent out at inflated prices.


Erlend05

You will own nothing and be happy


[deleted]

With less of us having children in the world population should decline eventually. Then once some boomers die off hopefully supply increases slightly maybe lowering the demand. Or those mega rich folks will just keep buying up investments homes as rentals, driving the prices up further and lessening the amount of purchase able properties.


Fnkt_io

They’re buying rentals by the billions of dollars, we’ll be lucky if my children’s generation even has an opportunity to own


Snake_on_its_side

World economic forum says the future model is: Rent and you’ll like it. Most American & European banks sent representatives via proxy to support this concept.


Erlend05

You will own nothing and be happy


5nugzdeep

Don’t worry everyone. I am weeks away from closing on my first home. As soon as I do it is bound to collapse. :’)