My salary didn’t change at all, but homes went up 82%. The money I saved for a down payment and my salary no longer are good enough for this home and many others. This ain’t even a “good” home either. It was a 200k meh average ok home before. Now it’s simply unaffordable
Time to eat the rich
Best hurry … Ozempic is destroying the caloric benefit
I like the utility feed hanging off the front of the house going straight through the roof and blocking them from installing the other fake shutter. I wonder what other construction horrors lurk inside.
This is everywhere. I’ve been looking for houses for 3 months in NW Ohio. 300k is the new 150k, and all the houses are beat to shit on the inside needing 50k just to make them passable inside because nobody takes care of them.
I wonder what proportion of it is also due to people fleeing 1 million + average house markets during the pandemic work from home wave. Not saying this about you, but it makes me think it’s funny how the common refrain of “Don’t like it? Just move” is often uttered by NIMBYs.
I think a big part of it is we’re on the other side of the peak of all houses going for 100k over asking regardless of condition. A number of houses have that grey vinyl flooring installed in a bunch of rooms that’s as cheap as it is ugly.
grey vinyl flooring
I hate that shit even more than I hated the fake wood paneling and shag carpet of the '70s. I bought a house last year that had the grey vinyl flooring in the living room and I’ve tried my hardest to fuck it up during the renovation so I have to replace it, but unfortunately it holds up to extreme abuse pretty well.
A former housemate did so much water damage with a portable A/C unit, that not even two months ago I had to rip up the whisper walk, and the original wooden flooring (house was built in the '30s) all the way down to the subfloor. Replacing the whisper walk would have been $3000 for just that room. We managed to find vinyl flooring that matched the rest of the flooring in the house and redid the floor for $1500.
My point is that you can get nice vinyl flooring, and it’s not terribly expensive to replace/ install.
Heh, according to the guy who sold me the house, he had to put the grey vinyl flooring in because of water damage from a portable AC unit.
So occasionally I look out of curiosity and the reason is pretty plain.
I look for houses for sale in a suburban area as public listings, and there’s like 1 within a few square miles of the area.
I switch over to renting, and there’s like 12 houses just like the one for sale available, all owned by companies. I also know a coule that aren’t listed that have no tenants, but are still owned by one of those companies. You can tell because those yards are now waist deep grasses (in an area where HOA throws a hissy fit if your yard looks just a smidge unkempt).
Don’t know why the companies find it more profitable to buy houses people aren’t looking to actually move into, at least at the rent they are willing to accept. If I fully understood why, it might just piss me off more. Like maybe the houses work better as a loan basis than other assets, so even empty and unused they are valuable as some sort of financial trick.
Don’t know why the companies find it more profitable to buy houses people aren’t looking to actually move into, at least at the rent they are willing to accept. If I fully understood why, it might just piss me off more. Like maybe the houses work better as a loan basis than other assets, so even empty and unused they are valuable as some sort of financial trick.
That’s one thing, but housing has been a low-risk investment for a long, long time. If they bought the house OP posted in 2020 and sold it in 2024 they would have almost doubled their money even without renting it out.
A 1200 sqft bungalow near me just sold for 1 million Canadian rubles
Yep, that’s on track! My house has almost tripled in price since I bought it 12 years ago. Denver metro. No way I could afford it if I had to buy it today.
This won’t change as long as property ownership and property renting is unified. There’s just to much of a business incentive from renting, even if it takes decades to make it back. Worst that can happen is that it can sell it back to a market that criminalizes homelessness instead of treating it or its causes.
It’s the same in Kansas City. I just checked a random house in my city and it’s up almost $100k in 4 years.
3bd, 1bath 976 sqft
You just need to stop watching Netflix and buying avocado toast.
At least that’s what old people say anyway.
A lot of boomers are going to die in the next ten years or so. That is the biggest age demographic in the u.s. the population is going to shrink by a lot. That’s why there’s a push to make people have more kids, because otherwise workers and consumers have a lot more power.
Private equity is already gobbling up the houses. Boomers are cashing in to finance extravagant retirement. Those who are not, are leaving it to their children who will then sell to private equity groups.
Eventually supply will catch up with demand which will supress rent (if we do something about the price fixing) and it will no longer be a viable investment. They’re probably losing a lot to management costs and capital expenses already.
Single-family rental is also a huge thing now.
I work in municipal development, and since 2021, 100% of single-family subdivision developments that have approached the city have been for rental-only neighborhoods.
And they want to put all the homes on a single shared commercial water meter on a single piece of property instead of extending public lines, so they can’t even be converted later without massive infrastructure projects and replatting.
Eventually supply will catch up with demand
Not if NIMBYs have their way. We have a MASSIVE supply problem already, and it’s getting worse.
Where I am it’s more profitable to let it sit empty and make a Tax write of than lowering the asking rent.
Not exactly a good business strategy. You can deduct the taxes, insurance, management costs, but you have to amoratize depreciation of the building over 28 years. Not to mention that an empty house is going to start developing problems fairly quickly.
That’s cheap as hell compared to California. And I work remote from anywhere I want. Thanks for the tip!
Didn’t think I’d ever see Waleska on Lemmy… but, yeah. This is just the story all over North Georgia right? No one wanted to live in the mountains until all of the sudden you could work from anywhere. Now everyone earning city and suburb pay is happy to live an hour farther out than they were before.
A house in Austin
2018: $275,000
2022: $725,000Those are actual numbers from East Austin. I believe the 2024 market rate is $625,000 but it hasn’t changed hands again so I can’t say for certain.
Keep in mind that inflation has risen over 30% in just the last 4 years, which explains at least part of the rise in prices. I wouldn’t be surprised if inflation is even higher in certain areas of the country. I’d also not be surprised if Georgia is getting a lot of natural disaster refugees from places like Florida.
The other part i don’t see anyone mentioning is that this was all projected as a result of millennial generation, the largest % of population by generation comparison, came into the age of buying homes. Creating a sharp spike in demand over supply.
Keep in mind that 4 years ago was COVID times when everything was shit.
House prices exploded during Covid. Yeah, they dipped for like 2 weeks initially, but then they skyrocketed.
