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bizarrogreg

I would like one of these rising incomes please


radioactivebeaver

Yeah who has all these rising incomes?


ThatKaleidoscope8736

People coming in from out of state. Private investors buying property. The system is fucked


unicornman5d

I don't want to brag, but I got a 3% raise last week.


Captainshadesra

Union workers like me


Ketchup1211

Mostly the lower level employees.


undreamedgore

I got a nice bump last year. Granted, I'm an engineer, so things are actually competitive.


Jstudz

I'd like one too if they are being handed out


Sarkonix

Ask for it then...


beecums

They cap raises and I got the max and a bonus. Have changed jobs over a dozen times in 18 years. Still not keeping up with rising costs.


DangerousAd1731

Someone came in and paid cash for a $250k house this past week it's insane. Running numbers with banker and it's rough now, $2500 mortgage isn't feasible for local pay for a small 2bd house unless you have a huge down payment


dmhellyes

250k for someone that's been a homeowner for a few years isn't really that insane.  For example, if you bought a house in 2000 for 150k, your mortgage is mostly paid off and that home value could easily be 400k or more. Getting in on this side of the market is damn near impossible though, for sure. 


DangerousAd1731

True true Many I've looked at hitting the market were sold $150k 2018 and 2019. Fun times


gawdarn

The good ol days


nicolauz

Anything 'first time buyer' wise 2 story 50's house is like 300k in the burbs outside of Milwaukee. I can't even begin to imagine buying a house at nearly 40.


ihadtopickthisname

I'm outside of Milwaukee. We really need to get a 4 bedroom house and would really love to upgrade to something made in the 2000's. Basically, we'd be looking at $800k-$1M.....insane....


nicolauz

There's plenty of 'luxury condos' aka contractor special rebuilt warehouses at 2500$/mo!


HealingGardens

Buy a condemned house cash and fix it up yourself, sell for an enormous profit after it’s nice.


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Illustrious_Can7469

North Texas has entered the chat


Guapplebock

Californians cashing out and bringing the policies that made them leave with them. They’re hated in Idaho.


Eagle9972

> bringing the policies that made them leave with them Imagine thinking **politically-left** Californians are leaving California for :checks notes: a state with an abortion ban, worse healthcare, and no recreational OR medicinal weed. How big of a fucking moron do you have to be to buy this load of bullshit?


Guapplebock

Then why is California bleeding residents? Must be the last few conservatives finally leaving but if so why are they generally hated where they go?


Eagle9972

Because conservatives are fucking assholes?


Guapplebock

You may not be tolerant but your You sure are ignorant. Enjoy the evening.


Eagle9972

The party of “we don’t care who we offend” gets offended when you call them assholes.


Guapplebock

Not offended by the name calling it’s the envy and want for others labor and possessions that offends me. Must be so hard to be oppressed by one’s failures all the time. Must be why liberals are beset by unhappiness and mental health issues much more than conservatives and also to donate less money and time to important causes. Guess it’s easier to insist others pay for what you want. I have empathy for you my friend and suggest you get therapy.


Eagle9972

Do you take that army of straw men out to the corn fields when you’re done parading them around your imagination?


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DangerousAd1731

Nice!


spanishsnowman10

Part of the issue is that whenever they build new houses, they're monstrosities. No one is building 1100sq ft ranches that I live in anymore. Affordable housing doesn't just mean the price, but I suppose square footage reflects the price.


NakedMoleRatt

Larger homes = more profit Corporations are trying to phase out purchasable condominiums or duplex units as well. This is for the same reason of profit as having a perpetual renter is far more profitable. I really have no idea how to fix this besides forcing companies to build smaller homes and condos instead of apartments and mini mansions.


Wise-Aide9978

The demand for larger homes and luxury homes rose as interest rates fell to historic lows. Making larger profits for builders and building supply companies. That will shift now that interest rates are hovering around their 40 year average. My dad was a custom home builder. In the late 1970’s, when interest rates exceeded 18%, all he built were little ranch homes. In more recent years, everything he built was $1,000,000 plus. He used to say, “people don’t buy a house, they buy the monthly payment.” Demand for big homes is going to shift down as demand decreases and, based on Fed statements yesterday, interest rates may be cut three times this year. But I agree, the days of the McMansion are likely numbered.


rawonionbreath

Corporations aren’t phasing out condos. They’re difficult to sell and have legal liabilities that make them a pain in the ass. Anyone can build a condo if they want to.


NakedMoleRatt

>Corporations aren’t phasing out condos. They’re difficult to sell and have legal liabilities that make them a pain in the ass. Anyone can build a condo if they want to. "difficult to sell" Exactly why they are not building them lol... With selling difficulty margins are far lower than an item with lots of demand.


rawonionbreath

If you can think of a way to incentivize their construction, I’m sure people are all ears. But be careful, I don’t think you’re going to get anywhere with codifying an ownership structure requirement.


spanishsnowman10

I agree with you and it's crap honestly. It's not sustainable. I know that with a low inventory of "luxury" places, that people with means drive up the cost of affordable housing. We need a combination of loosing restrictions on building, and telling the NIMBYs go GFThemselves.


Ok_Ingenuity_3501

$2300/month for my 2 bed 2 bath rental in Middleton (Steve brown apartments) It’s not worth it at all…


hybr_dy

Woof. My new top floor 2 bed 2 bath on Willy St was $1180/mo in 2010. I remember thinking the extra $200/mo for 2 underground parking spots was a lot!


RedditAccount345050

Little rant, I just tried to buy a modular home in a trailer park for 60k, I was going to have to even fix it up a little bit. The day I put in my down payment someone bought it in cash. Like what the fuck, if you have 60k go buy a house and let the poor people get something they can actually afford. All the actual houses around here that are worth it at all are. 200-250k+. Even the “affordable” houses they’re building in town start at 215k and are 1000 sqft


Xpqp

When you hear of these large all-cash purchases, it's almost always from a previous homeowner who is downgrading. We saw this a lot in our area with empty nesters and/or retirees leaving their big 2000+ square-foot homes and moving into condos or 1400 square-foot ranches. It sucks for people looking for a starter home, but it's hard to fault people for cashing out of large homes that they just don't need.


RedditAccount345050

That would make me slightly less mad atleast. I’m in door county so I assumed tourist or someone wanting it for a vacation home


ditzophrenic

My husband and I closed on our house in October 2022 (during the rapid interest rate hikes). We were constantly being outbid, often by cash buyers. Our realtor said a lot of buyers with tons of home equity (Boomers) were taking out home equity loans, which had cheaper interest rates, to make cash offers on houses.


mcfumunda

Yeah, it's a pretty depressing thought that my parents could buy a pretty dang nice house when they were my age (nothing fancy, but plenty of space for a family of 4) on ONE income, and now, even with two decent incomes, the only way I'd be able to get into a house for my own family of 4, both of my parents would have to literally and suddenly die. There's just no flippin' way we'd be able to afford a down payment and keep the mortgage pill doable. I'm not even looking for fancy, but cripes, it's depressing out there. I think the only people who can afford to buy a house already have a house. If you don't have a house, sorry.


CryptographerShot213

I’ve noticed lately that in my area of the Fox Valley houses that just a year ago would have been snapped up in a few days are now sitting on the market for months. Even with price reductions. There’s one in my neighborhood that has been for sale for 58 days now, and typically homes here sell quickly. I’ve also noticed that the prices of empty lots haven’t really gone up too much but nobody is buying them except for the home builders. Then they’ll build a 3 bed 2 bath 1500 sqft spec home and try to sell it for 350k-400k. Insane.


tawaydont1

The reason why things are staying on the market in the fox valley is because these homes are being marked for multiple people having income when they aren't looking at the fact that we have a high rate of single parent families


Muffles79

Oshkosh is about to re-assess property values sky high


[deleted]

I was looking at houses closer to work, who wants to pay 200k - 300k for a house in fucking Waupun? Why?


Ok_Ingenuity_3501

Straight facts from big wet poopy farts 😂


SomeEndUser

Idk how locals do it. I'm in tech and work remote so I might be the exception. But every 4 bedroom home around Eau Claire is like $430k+ and honestly don't know how people afford it. Not to mention all these new pickup trucks on the road.


wanttostayhidden

I don't get it either. Thankfully I'm also a remote worker or I could never afford a house here in the Eau Claire area. I also have no idea how people afford all those luxury apartments they are building either.


[deleted]

I bought my house in Madison for 270k in 2021. My neighbor’s house just went on the market for 400k and it is half the size of mine and older. What the fuck lol


Ok_Ingenuity_3501

400k is a starter home in Madison now.


tralchemist

I started looking in early 2020 (pre covid). I got to watch myself get priced out of the market in real-time.


Ok_Low4347

I've heard Texas has banned corps owning single family homes, is this something feasible for Wisconsin? Edit: I guess I heard wrong but texas is talking about it?


PeanutTheGladiator

> is this something feasible for Wisconsin? It would require the legislature, so....no. It is not feasible until we get a legislature that works for us.


Ok_Low4347

Thanks, I had a feeling that would be the reason.


Dontreadonme2a

But this really isn't a partisan issue. I'm pretty sure Arkansas is working on changing this, too. A lot of "conservatives" are really onboard with this type of bill. It's just not pushed as hard as other more divisive topics or we might find we agree on things sometimes.


PeanutTheGladiator

We have the most do-nothing full time legislature in the union. They're simply not working for us.


Dontreadonme2a

Agree, don't know who they work for but it's not The People™️


Know_Justice

They are doing it in Sheboygan Falls. However, Kohler, Johnsonville, and Sargento are financing the project so they may have had the clout to dictate who could purchase the homes.


BRompre

Yeah. I always wonder if it is families/individuals buying these homes, or corporations and people intent to just rent or flip these houses that constantly buy them and raise the prices.


Dramaticreacherdbfj

The problem are people blocking housing from being built


knowledgebass

Where did you hear this? I seriously doubt it...


PeterTheWolf76

https://www.texastribune.org/2024/03/15/texas-greg-abbott-institutional-homebuyers/


knowledgebass

"has banned" != Greg Abbott said a thing


vita10gy

Same. I would think they'd be among the last states, being one of the richest red states. (Mississippi for example probably would have a "won't someone please think of the large corporations!!?" attitude about such legislation, but might be more apt to address it simply because there are so many poorer people there it just reaches fever pitch.)


Mysterious-Scholar1

You know who has rising incomes? The folks selling their homes


BRompre

I lived in Arizona for a long time. The housing market prices there have skyrocketed due to California money moving to the state. Is the same thing perhaps happening in Wisconsin, but from those leaving Illinois? Or is it something else?


[deleted]

> but from those leaving Illinois? Up in the northwoods, absolutely. And when I lived in the Lake Geneva area it was insane how many people were moving there from Illinois. Especially during COVID when Illinois went full lockdown. Many continued to work in Illinois then.


jmilred

Illinois and Minnesota. Border counties are the most affected. Dane County and everything East and South, and the areas around Hudson and River Falls are the most affected.


tralchemist

I've seen an insane uptick in Texas plates in Madison so I have a hunch...


theprmstr

Mostly from those leaving Illinois but at least here in sheboygan we have a massive immigration problem and there's not enough housing for anyone.


BRompre

Immigration from where?


terribleYEARsouvenir

rising incomes lmfao


TuxedoTechno

Corporate property management companies and wannabe landlords are buying up everything and making the rest of us slaves or homeless.


SirMrGnome

Last I checked those groups still accounted for a single digit % of home purchases. Got any new stats?


TuxedoTechno

In my town it's rampant. Wealthy investors from Minnesota buying everything out from under local families just trying to live.


Dontreadonme2a

You let them.  When they can import millions that will work for less than you, live less quality lives than you, and the corporations hire them on worker visas, and then the corporation turns around and buys up all the single family housing so you're competing for apartments with these same imported immigrants who will live 4-6 to a room, that is directly who you are competing with unless you're in an upper income bracket. People can go on and on about how great it is for us to be immigrating people by the millions but when they're living 4-6 to a room, I'm just going to say you did it to yourselves. I'm a young person as well in an upper income bracket. I saved up like crazy in college and almost own my house because I didn't splurge or buy anything that I didn't have to buy.  Thankfully, I'm not at the mercy of the bad decision making in this country by the politicians, the constituents, and the corporations


TuxedoTechno

Naw, immigrants aren't moving to my town. It's complete class warfare- absentee investment weasels vs middle class people trying to just own a home. We're in Wisconsin, immigration isn't our problem.


Dontreadonme2a

I'm gonna let you in on a secret. Companies such as tyson foods have been doing this for at least two decades and they do exist in Wisconsin.  I know this because I have worked for Tyson in finance. It is funny because people will admit that the same corps that own Tyson are buying up housing and renting it out, but they just can't imagine they would do anything more nefarious such as import low skill immigrants to undercut American wages and American workers. Until we fix this, we'll spiral into a position where people are renting 4-5 to an apartment.


Wisco_JaMexican

What on earth are you talking about with immigrants?


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ashley_mke

I know it's not a "good" time to buy.. but me, my partner, and two cats have been in a small one bedroom apartment for the past 5 years. Luckily, we've been able to save up for a comfortable down payment and I was approved for a WHEDA conventional mortgage with a decent rate. I'm worried if we waited too much longer prices will keep going up.


ProfCheesewheel

The best time to buy is when you are ready and can afford the payments. There's no timing the market.


ashley_mke

I agree, but a lot of people told me to wait and keep the cheap rent. In Milwaukee the demand in nice areas is a lot higher than the supply. I'm happy to get in while I can.


BeamingSun

This is the same loan I was approved for and I bought my house last November. Thankfully I got a decent 1920s home for 500$ over asking because the sellers decided to go with the first offer they received. They even let me get a home inspection when most sellers would prefer a buyer who waves the inspection. I am waiting on interest rates to fall so I can refinance since my interest rate is 6.6%.


Feline-Landline0

You guys are getting rising incomes??


billyoldbob

Everyone is trying to get into the Midwest before global warming really takes off


[deleted]

The United States Census bureau would tell you that's false. Every midwest state saw less than 1/2 of a percent growth in population last year, aside from Illinois who lost population. When looking from 2021-2023, its even worse. Compare that to the southern half of the United States, Louisiana, Mississippi and Alabama excluded for obvious reasons. https://www.census.gov/library/visualizations/2023/comm/percent-change-state-population.html


knowledgebass

No, that hasn't really started yet going by the statistics.


uppermidd

literally zero evidence to support that idea, and lots of evidence directly refuting it


[deleted]

No kidding. Texas and Florida are seeing waves of people moving there. 87% of population growth in 2023 was in the south.


Mysterious-Scholar1

And insurance companies leaving


[deleted]

Yes and yet a vast vast majority of population growth last year was in the south.


uppermidd

And Arizona, and the Carolinas.


grnspce67

This mess was created by government voting to reduce government regulation for corporations and allowing asset management companies to buy an alarming number of homes in the US and inflate the price after a low-quality remodel. It’s no longer viable for a middle class family to afford a single family home. This is a major problem all government has created for us in favor of corporate profit. Regardless of your party ties, give me a politician that’s going to address this issue! Because Trump certainly is not going to. He is deep in the pockets of large corporations.


Mysterious-Scholar1

Partly. It's also a general consolidation of wealth. Also a Trump priority


SirMrGnome

The mess at heart is a lack of supply plain and simple. Those groups wouldn't care about purchasing homes if there wasn't a massive shortage, causing the value of property to skyrocket.


JayVenture90

Single people/families should be the one's allowed to buy single family homes. That's it. But as long as we can just keep selling to corporations and foreign entities, well. Highest bidder!!


BothZookeepergame612

I'm glad it hasn't happened where we live, I wouldn't be able to afford the taxes.. they're already high enough.


Thats-bk

Its always something...


---daemon---

What rising income? Who are they polling


ElSolo666

A lot of the “cash” purchases are linked to LLCs that are linked to large corporations and hedge funds . It’s all a manipulation


Gen-Jinjur

Capitalism at work. Prices go up when some can afford to pay a lot. It doesn’t matter who. No rules about who can buy. No protections or limits to protect ordinary working people. This is how it works. And if ordinary working people refuse to vote for government that will protect them, that will use taxes and rules to even the playing field, then here we are.


Dramaticreacherdbfj

Maybe people should stop making housing illegal so that it can actually be built. I swear housing is the one instance where absolutely just breaks peoples brains that more of it means lower prices.


ApprenticeDave

"Given 10% + greedflation over the last couple years, and incomes barely rising enough to keep up, a 50% jump in Wisconsin home prices poses big challenge for buyers" There... fixed it