Houses

[notmikerusczyk]

how the FUCK are we ever supposed to buy a house man. i'm in my mid 20's and will prob become a high school teacher in a little over two years and i plan to teach in a small town. even then, from looking at zillow/redfin it straight up looks impossible for me to ever buy a house. when my parents bought their first house in the 80's, it cost them 80k and they had a 50k annual income. can you imagine buying a house nowadays that's less than double your annual income? idk, i'm half venting and half wanna hear how people are managing. anyone have experience with buying property and then building/tiny house or some shit?
(couldn't find a thread on it)

[Mean salto]

Tiny houses annoy me so much and not just because I'm an oversized person. Well just the ones on the tv shows about it. It's like they are purposely focused on all the wrong things.
An older family members looking at houses and everything is like 1.5-2.5m so it's like if you're somehow lucky enough to get the house instead of some rich asshole who just buys houses to make money you just spend literally the rest of you're life paying for it. Not even a great area or great houses. Guess my idea of what a million dollars is is pretty dated.

[notmikerusczyk]

Tiny houses annoy me so much and not just because I'm an oversized person. Well just the ones on the tv shows about it. It's like they are purposely focused on all the wrong things.
An older family members looking at houses and everything is like 1.5-2.5m so it's like if you're somehow lucky enough to get the house instead of some rich asshole who just buys houses to make money you just spend literally the rest of you're life paying for it. Not even a great area or great houses. Guess my idea of what a million dollars is is pretty dated.

yeah, i feel like there's def a stigma around tiny houses and i totally get that. it's definitely some white people shit. however, they seem like they could be a good place to live for a few years while saving up for a real house and that's kind of what has me interested in them. that or a decent RV lmao

[Mean salto]

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Tiny houses annoy me so much and not just because I'm an oversized person. Well just the ones on the tv shows about it. It's like they are purposely focused on all the wrong things.
An older family members looking at houses and everything is like 1.5-2.5m so it's like if you're somehow lucky enough to get the house instead of some rich asshole who just buys houses to make money you just spend literally the rest of you're life paying for it. Not even a great area or great houses. Guess my idea of what a million dollars is is pretty dated.

[close]

yeah, i feel like there's def a stigma around tiny houses and i totally get that. it's definitely some white people shit. however, they seem like they could be a good place to live for a few years while saving up for a real house and that's kind of what has me interested in them. that or a decent RV lmao

Yeah like a trailer homes makes more sense. "We made a mini decorative banister and railing" yeah you have no space maybe just don't do that. I used to work on building sites and sometimes they'd have like trailer offices, kitchen/eating area and bathrooms it's like if I could just connect these together I'd be alright

[TheLurper]

The only way to own in a decent city in America is to over-leverage yourself and find someone else to pay your mortgage, inherit a lot of wealth, or not live in a decent city and move somewhere that sucks balls.

If you want to own a home, there are fully renovated houses in Binghamton, NY that go for less than 100K. But, Binghamton is a complete shit-hole. Other than the fact that it has a Wegmans, it is a city that doesn't belong in a first world country.

Buying a home will never be affordable again because the banks and those with homes do not want to see affordable housing appear. The federal gov needs to step in and build tons of housing, but those with homes would be irate if there were options for affordable homes as it would lower the value of their home.

Also, something to remember about buying a home is interest rates matter. I got a loan recently with a 1% interest rate. The loan is huge, but the monthly payment is basically nothing. However, if the developer doesn't finish the project soon and I have to renegotiate with the bank, which means I am fucked as the interest rate is already back up to 3% where I bought.

For normal people, homes aren't meant to be bought quickly, they are life long expenses. Think of it in terms of monthly payment not sticker price.


Finally, what makes the current housing crisis extra interesting to me is that my ultra conservative grandpa used to tell me about "poor" housing and lack of privacy in the Soviet union.

Fuck, dude, I've lived in the "poor" Soviet housing and it is better than what I can afford out here. And, as for lack of privacy, is there anything that I can do that is private today? The 4th amendment is a fucking joke when the gov can buy all my data from Facebook or some data broker.

[PuffinMuffin]

We're never going to afford a house at this rate. It doesn't help that basically all of America has ridiculous zoning laws allowing only large single-family houses to be constructed. So basically you're forced to live in a car-dependent suburb or pay astronomical rent in the city.

There are affordable houses in the "snow belt" which is also in the rust belt (Erie area, Jamestown NY, Buffalo). Good luck finding gainful employment there though, and those winters are brutal.

I honestly don't know how those less fortunate than me are getting by. Something's got to give.

[SaySo]

That something is already giving in many areas.

The last time I went home (over 3 years ago now - pre-pandemic), the number of unhoused people was astounding. Even when I was a kid, there was a serious problem with that in Frisco, but it had gotten worse. It had spread from the city proper to the greater Bay Area.

Property owners are flexing and pushing people out of their rented homes. Some people are commuting obscene distances to work, but some can't find affordable housing regardless of distance so there are huge encampments under freeway entrances, overpasses, bridges, or even on the side of the freeways.

From what I gather from folks back home, the trend has continued.

Solutions have been proposed, such as building more affordable housing, but NIMBY's fight tooth and nail against such things.

I can only imagine that it has gotten that way in other places as well. I just hope not to the same extent.

People are desperate and desperation makes people opt to do things they wouldn't if their base needs were being met, which exacerbates their already bad image in the minds of the "haves."

I dunno...hella bums me out to see what's become of the city and the people.

I'm also one of the people who doesn't see themselves ever owning a house.

[Mark Renton]

When I was living in London I had a decent plan of buying something then I did the maths and even with a very qualified job that I was holding down I would have had to live twice to be able to afford a shitty 1 bed apartment at the gates of a ghetto in zone 47493.

I’m planning of buying and renovating a rustic house in the fields where I’m currently at. They start at even less than 50k and you also have a bit of land (read: miniramp lol).

But yeah welcome to reality and for our generation it’s a shite one. Unless you decide to become a slave for a big corpo / work in finance 80h a week without developing a coke addiction etc.
Not worth it for me so I’m gonna go for that bucolic slow life. With lot of skating in it.

Edit: that’s without counting on a partner to achieve that. Not judging who does it but for me that’s entering a world of pain. And a possible recipe for disaster.

[Chatbot]

I'm in my 20s as well but I've accepted the fact that houses are way overvalued and the longer I wait the more priced out I'd be. In my area there's been lines down the block for open houses. Also, owning a house you're on the hook for every single repair which can add up to tens of thousands quickly. So as a single person, I opted for a condo. Not as much freedom as a house but better than burning money with rent. I'm building equity and I can sub lease for passive income if I ever wanted to move in the future. I'd suggest looking at condos in your area and see if they'll suit your needs until the market cools off (if it does).

[Gene_Harrogate]

I bought my first house in 2012, when the housing market was still low due to the 08 crash.  It was a small 2 bed 2 bath ranch that had been on the market for quite a while and I paid $80k.  I owned it for four years, during which time I ended up getting into a relationship, engaged and married.  My wife had bought a condo around the same time that I bought my house, and when it came time to consolidate everything we were in 2016 and the market was starting to boom.  My house sold within a day for $100k, and my wife's sold same day at like $30k more than she originally paid.  It gave us a nice nest egg to put down a downpayment on something bigger.  In 2016 the market was considered crazy, people were in bidding wars going well above asking price, which I was having none of.  We ended up in a nice 4 bed 2.5 bath with a finished basement and a descent fenced in back yard. 

I didn't realize it back then but we basically fell into the perfect scenario, we bought low and sold high.  It's crazy to think that the market has just continued to go up and up even more since then.  It really does put first time home buyers in a basically impossible situation. 

[manysnakes]

You're not supposed to buy a house. That's for Black Rock, you're supposed to rent it from them forever.

[manysnakes]

Tiny houses annoy me so much and not just because I'm an oversized person. Well just the ones on the tv shows about it. It's like they are purposely focused on all the wrong things.
An older family members looking at houses and everything is like 1.5-2.5m so it's like if you're somehow lucky enough to get the house instead of some rich asshole who just buys houses to make money you just spend literally the rest of you're life paying for it. Not even a great area or great houses. Guess my idea of what a million dollars is is pretty dated.

The tiny house thing is pretty depressing because it really demonstrates the limits of our political and economic imagination. Real capitalist realism shit.

[Mark Renton]

Expand Quote

Tiny houses annoy me so much and not just because I'm an oversized person. Well just the ones on the tv shows about it. It's like they are purposely focused on all the wrong things.
An older family members looking at houses and everything is like 1.5-2.5m so it's like if you're somehow lucky enough to get the house instead of some rich asshole who just buys houses to make money you just spend literally the rest of you're life paying for it. Not even a great area or great houses. Guess my idea of what a million dollars is is pretty dated.

[close]

The tiny house thing is pretty depressing because it really demonstrates the limits of our political and economic imagination. Real capitalist realism shit.

Init!

My brother is an architect for this big interior design firm where they’re like: oh shit we invented a desk that disappears, a shelf where you can work on then you can use it to iron your shit etc.

I was like so lost. Our society is fucked cos the firms are stoked to find ways to make a 40mq shithole feel like a 60mq shithole when it shouldn’t be the case unless you choose to live in le marais or Westminster or some bullshit like that. No one should live like that. I’m lucky / glad that I’m down for that baku / woods / cabin life.

Dark times.

EDIT: I'm gonna put this here cos why the fuck not.

[Gray Imp Sausage Metal]

We just had a new house built for us! having said that, I live in a country where having a house isn’t really that much of an asset in the long run which has its own advantages and disadvantages. We are also fairly rural which means we have a big plot of land to grow veges on which was one of our main motivations.

My parents bought in Sydney (Aus) in the early 90s for 400k and recently sold for 1.8 million. If I still lived in Sydney, there’s no way I’d ever be able to buy a place …

[Skatebeard]

I'm 37 and still renting, got tons of money in savings but property prices for something decent where I'd actually want to live, are rising faster than I can save.

In my early 30s I had a bit of a complex about it, now I don't really care anymore, I'm debt free with a good chunk of money in the bank... it'll do.

It's only going to get worse, unless you have rich parents or some inheritance, forget it.

(UK based but I imagine it's a similar story elsewhere)

[cky enthusiast]

We just had a new house built for us! having said that, I live in a country where having a house isn’t really that much of an asset in the long run which has its own advantages and disadvantages. We are also fairly rural which means we have a big plot of land to grow veges on which was one of our main motivations.

My parents bought in Sydney (Aus) in the early 90s for 400k and recently sold for 1.8 million. If I still lived in Sydney, there’s no way I’d ever be able to buy a place …

way to read the room

[cky enthusiast]

i ain’t buying no house, you’re gonna wanna be nomadic for climate reasons. blackrock can have em.

[Mean salto]

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Tiny houses annoy me so much and not just because I'm an oversized person. Well just the ones on the tv shows about it. It's like they are purposely focused on all the wrong things.
An older family members looking at houses and everything is like 1.5-2.5m so it's like if you're somehow lucky enough to get the house instead of some rich asshole who just buys houses to make money you just spend literally the rest of you're life paying for it. Not even a great area or great houses. Guess my idea of what a million dollars is is pretty dated.

[close]

The tiny house thing is pretty depressing because it really demonstrates the limits of our political and economic imagination. Real capitalist realism shit.

[close]

Init!

My brother is an architect for this big interior design firm where they’re like: oh shit we invented a desk that disappears, a shelf where you can work on then you can use it to iron your shit etc.

I was like so lost. Our society is fucked cos the firms are stoked to find ways to make a 40mq shithole feel like a 60mq shithole when it shouldn’t be the case unless you choose to live in le marais or Westminster or some bullshit like that. No one should live like that. I’m lucky / glad that I’m down for that baku / woods / cabin life.

Dark times.

EDIT: I'm gonna put this here cos why the fuck not.

That's reason # 2 of what annoys me about the tiny house shows. And it reflects on me personally but I don't want to be playing a game of rush hour(is that a reference people get?) every time I want to do something.

[Lenny the Fatface]

Long story short, my wife and I sold our house a couple months ago for double what we bought it for in 2016.

Without going into too much detail, the 8 year trajectory of me living with my parents during my engagement to save money to now living in an expensive home at an expensive location convinced me that capitalism is so broken.

[IUTSM]

I live in the last place in coastal California that was considered affordable. Jobs haven't been particularly abundant and its geographically isolated with poor services--takes months if not half a year to get some appointments, need to drive 6 hrs to get to a legitimate city. In late 2018 our landlord bought this house on a more than a quarter acre for $170k. Houses around us are selling for$400k+. The last neighborhood I lived in, pre pandemic, houses were selling around $225-250k, last week I saw an old dumpy grow house, 2 bed, 1 bath, no significant yard in a dumpy neighborhood sell for $535k. These are single story, no basement, no attic, single pane windows, no insulation built in the early 1950s in a Tsunami Hazard Zone.

With wildfires spreading closer to the SFBay area and tech people working remotely, motherfuckers are flocking here with cash (of course investors are too, but its an influx of individuals and families according to the long time realtor I talk with). This is the last desirable place in CA that's been untouched by fire. Water is abundant.

I have lived here for over 10 years now and done heavy work in and for the community. Plan was always to buy a cheapo house and fix it. Now the banks won't lend for fixers...

Looks like I'll be moving to shithole Western Massachusetts in a few years. I can buy acreage w a house for like $250k over there. I hate that place though, man. Dammit

[BartHarleyJarvis]

The only "affordable" houses in Los Angeles are decrepit craftsman homes built in the 20s or 30s that some fucking boomer lived in for 50 years, never updated shit, and are now cashing out. It's a generational wealth theft from millennials to boomers, if you're even fortunate enough to be able to buy a home. my wife and I both have good jobs, steady incomes, savings, no debt and we can't afford to buy. Where does that leave single parents, minimum wage workers, millennials stuck with student loans at 27+% interest rates?

the system is fucking broken

[behavioralguide]

it's not broken it just not for you (or me)

[Madam, I'm Adam]

I don't own a house, but I'm planning to start putting offers on detached houses by November. Fuck a condo - I've lived in apartments my entire life and I'm sick of being trapped in a small box. I can't wait for all the challenges and thrills associated with home ownership. I think about this shit every single day. I'll just sound off here with whatever's on my mind for now - 

It's possible to buy a house where I live, it just takes a lot of work and sacrifice.

I talked to a mortgage specialist about a month ago and flat-out asked him if it's unrealistic for me to buy a house in today's market. He said no, it's not unrealistic. I just have to put the work in to build the down payment. And I believe that- a professional's opinion. I swear I'm bombarded by doom and gloom about this subject constantly. Like Reddit as one such example, everyone screams that they're never going to be able to buy a house there. Bullshit - I'm staying positive.

I'm in my mid 30s. I don't have kids, I'm separated, I don't have a car (lost it in an accident), I'm staying in my mom's apartment because she's never here, she works in the country. I'm what society, and my ex-wife, deems a loser. My ex-wife thought I was poor and once told me, "I don't think you can get a house." I don't give a shit, I've got bigger fish to fry. Thank God I worked hard to build my career to what it is now.

Speaking of, yeah, I'm working a demanding, high-intensity full-time career during the weekdays, and a shitty, minimum-wage, dangerous part-time job during the weekends. I'd even work a third job if it was remote/evenings/a few days a week.

I've set this year as one where I work my ass off. About 3/4 of my take-home income goes toward saving for a down payment. I maintain a simple lifestyle, occasionally treating myself. I skate, I stay healthy. I don't need much to maintain.

I've had to factor in a lot of elements when it comes to a down payment as well - it's not only the 5% down payment (that's how we do it in Canada), but it's also the closing costs, and accounting for higher bids on houses, moving costs, insurance, etc. I'm considering all of this.

I'm paying attention to listings. Watching to see what houses are listed for and what they sell for, and keeping that in mind when watching the way listings in the neighbourhoods I prefer evolve.

What's really painful is, aside from staying where I'm living for a low cost (which I'm very thankful for), I have to do all of this myself. No money from parents, no financial support from a girlfriend or wife or friends, just working every single day, keeping a close eye on my money, avoiding unnecessary costs, staying focused and positive. People have told me that it'll be a lot sweeter to accomplish it by myself and I'll appreciate the house more, but I can't lie - I wish I had help. I envy you if you have/or had support. 

But no matter. At this point, I'm about halfway saved up to the closing costs and 5% down payment altogether. Barring any unforeseen incidents, I know I can do it. We'll see in November.

[notmikerusczyk]

I don't own a house, but I'm planning to start putting offers on detached houses by November. Fuck a condo - I've lived in apartments my entire life and I'm sick of being trapped in a small box. I can't wait for all the challenges and thrills associated with home ownership. I think about this shit every single day. I'll just sound off here with whatever's on my mind for now - 

It's possible to buy a house where I live, it just takes a lot of work and sacrifice.

I talked to a mortgage specialist about a month ago and flat-out asked him if it's unrealistic for me to buy a house in today's market. He said no, it's not unrealistic. I just have to put the work in to build the down payment. And I believe that- a professional's opinion. I swear I'm bombarded by doom and gloom about this subject constantly. Like Reddit as one such example, everyone screams that they're never going to be able to buy a house there. Bullshit - I'm staying positive.

I'm in my mid 30s. I don't have kids, I'm separated, I don't have a car (lost it in an accident), I'm staying in my mom's apartment because she's never here, she works in the country. I'm what society, and my ex-wife, deems a loser. My ex-wife thought I was poor and once told me, "I don't think you can get a house." I don't give a shit, I've got bigger fish to fry. Thank God I worked hard to build my career to what it is now.

Speaking of, yeah, I'm working a demanding, high-intensity full-time career during the weekdays, and a shitty, minimum-wage, dangerous part-time job during the weekends. I'd even work a third job if it was remote/evenings/a few days a week.

I've set this year as one where I work my ass off. About 3/4 of my take-home income goes toward saving for a down payment. I maintain a simple lifestyle, occasionally treating myself. I skate, I stay healthy. I don't need much to maintain.

I've had to factor in a lot of elements when it comes to a down payment as well - it's not only the 5% down payment (that's how we do it in Canada), but it's also the closing costs, and accounting for higher bids on houses, moving costs, insurance, etc. I'm considering all of this.

I'm paying attention to listings. Watching to see what houses are listed for and what they sell for, and keeping that in mind when watching the way listings in the neighbourhoods I prefer evolve.

What's really painful is, aside from staying where I'm living for a low cost (which I'm very thankful for), I have to do all of this myself. No money from parents, no financial support from a girlfriend or wife or friends, just working every single day, keeping a close eye on my money, avoiding unnecessary costs, staying focused and positive. People have told me that it'll be a lot sweeter to accomplish it by myself and I'll appreciate the house more, but I can't lie - I wish I had help. I envy you if you have/or had support. 

But no matter. At this point, I'm about halfway saved up to the closing costs and 5% down payment altogether. Barring any unforeseen incidents, I know I can do it. We'll see in November.

hell yeah dude, best of luck. i feel you though, i'm certainly envious of all the couples out there with dual income. what do you do for work?

[Madam, I'm Adam]

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I don't own a house, but I'm planning to start putting offers on detached houses by November. Fuck a condo - I've lived in apartments my entire life and I'm sick of being trapped in a small box. I can't wait for all the challenges and thrills associated with home ownership. I think about this shit every single day. I'll just sound off here with whatever's on my mind for now - 

It's possible to buy a house where I live, it just takes a lot of work and sacrifice.

I talked to a mortgage specialist about a month ago and flat-out asked him if it's unrealistic for me to buy a house in today's market. He said no, it's not unrealistic. I just have to put the work in to build the down payment. And I believe that- a professional's opinion. I swear I'm bombarded by doom and gloom about this subject constantly. Like Reddit as one such example, everyone screams that they're never going to be able to buy a house there. Bullshit - I'm staying positive.

I'm in my mid 30s. I don't have kids, I'm separated, I don't have a car (lost it in an accident), I'm staying in my mom's apartment because she's never here, she works in the country. I'm what society, and my ex-wife, deems a loser. My ex-wife thought I was poor and once told me, "I don't think you can get a house." I don't give a shit, I've got bigger fish to fry. Thank God I worked hard to build my career to what it is now.

Speaking of, yeah, I'm working a demanding, high-intensity full-time career during the weekdays, and a shitty, minimum-wage, dangerous part-time job during the weekends. I'd even work a third job if it was remote/evenings/a few days a week.

I've set this year as one where I work my ass off. About 3/4 of my take-home income goes toward saving for a down payment. I maintain a simple lifestyle, occasionally treating myself. I skate, I stay healthy. I don't need much to maintain.

I've had to factor in a lot of elements when it comes to a down payment as well - it's not only the 5% down payment (that's how we do it in Canada), but it's also the closing costs, and accounting for higher bids on houses, moving costs, insurance, etc. I'm considering all of this.

I'm paying attention to listings. Watching to see what houses are listed for and what they sell for, and keeping that in mind when watching the way listings in the neighbourhoods I prefer evolve.

What's really painful is, aside from staying where I'm living for a low cost (which I'm very thankful for), I have to do all of this myself. No money from parents, no financial support from a girlfriend or wife or friends, just working every single day, keeping a close eye on my money, avoiding unnecessary costs, staying focused and positive. People have told me that it'll be a lot sweeter to accomplish it by myself and I'll appreciate the house more, but I can't lie - I wish I had help. I envy you if you have/or had support. 

But no matter. At this point, I'm about halfway saved up to the closing costs and 5% down payment altogether. Barring any unforeseen incidents, I know I can do it. We'll see in November.

[close]

hell yeah dude, best of luck. i feel you though, i'm certainly envious of all the couples out there with dual income. what do you do for work?

College instructor, so similar field as yourself. Took years to become full-time permanent, you know you have to climb up the rungs slowly. But I'm here now.

[BartHarleyJarvis]

I don't own a house, but I'm planning to start putting offers on detached houses by November. Fuck a condo - I've lived in apartments my entire life and I'm sick of being trapped in a small box. I can't wait for all the challenges and thrills associated with home ownership. I think about this shit every single day. I'll just sound off here with whatever's on my mind for now - 

It's possible to buy a house where I live, it just takes a lot of work and sacrifice.

I talked to a mortgage specialist about a month ago and flat-out asked him if it's unrealistic for me to buy a house in today's market. He said no, it's not unrealistic. I just have to put the work in to build the down payment. And I believe that- a professional's opinion. I swear I'm bombarded by doom and gloom about this subject constantly. Like Reddit as one such example, everyone screams that they're never going to be able to buy a house there. Bullshit - I'm staying positive.

I'm in my mid 30s. I don't have kids, I'm separated, I don't have a car (lost it in an accident), I'm staying in my mom's apartment because she's never here, she works in the country. I'm what society, and my ex-wife, deems a loser. My ex-wife thought I was poor and once told me, "I don't think you can get a house." I don't give a shit, I've got bigger fish to fry. Thank God I worked hard to build my career to what it is now.

Speaking of, yeah, I'm working a demanding, high-intensity full-time career during the weekdays, and a shitty, minimum-wage, dangerous part-time job during the weekends. I'd even work a third job if it was remote/evenings/a few days a week.

I've set this year as one where I work my ass off. About 3/4 of my take-home income goes toward saving for a down payment. I maintain a simple lifestyle, occasionally treating myself. I skate, I stay healthy. I don't need much to maintain.

I've had to factor in a lot of elements when it comes to a down payment as well - it's not only the 5% down payment (that's how we do it in Canada), but it's also the closing costs, and accounting for higher bids on houses, moving costs, insurance, etc. I'm considering all of this.

I'm paying attention to listings. Watching to see what houses are listed for and what they sell for, and keeping that in mind when watching the way listings in the neighbourhoods I prefer evolve.

What's really painful is, aside from staying where I'm living for a low cost (which I'm very thankful for), I have to do all of this myself. No money from parents, no financial support from a girlfriend or wife or friends, just working every single day, keeping a close eye on my money, avoiding unnecessary costs, staying focused and positive. People have told me that it'll be a lot sweeter to accomplish it by myself and I'll appreciate the house more, but I can't lie - I wish I had help. I envy you if you have/or had support. 

But no matter. At this point, I'm about halfway saved up to the closing costs and 5% down payment altogether. Barring any unforeseen incidents, I know I can do it. We'll see in November.

This sort of proves what people are saying, right? First of all, good on you for staying positive and working your ass off and I really hope you're successful. But I think the frustration for most people our generation is, it just shouldn't be this hard. It wasn't this hard for our parents or grandparents. What they've done is climbed the ladder and pulled it up behind them.

You have a good job and I would argue an important job as a college instructor and you still have to work multiple jobs to potentially have the opportunity to *maybe* buy someday. and that's while not having rent to pay every month, which would surely put home ownership out of reach.

A lot of people are going over-leverage themselves and spend every dollar they have on a home with a potentially inflated price at a time when interest rates are going to rise significantly to fight inflation, which could cause a market correction or a recession. The value of these peoples homes is going to go down and they're going to immediately be underwater on their mortgages, and most won't have the opportunity to refinance in the next couple of years. The rising interest rates and market reaction is also going to cost people jobs.

So we're overpaying for homes, then when the market crashes and we all default on our mortgages, the investment banks will come in and buy our same houses on foreclosure and rent them back to us at rates higher than our mortgages would have been. Rinse, repeat. It's all a scam.

[TastyBurrito]

Homebuying is a bitch. Especially in California. More so in LA.

But for those in CA, look into this program that was just announced:

https://ktla.com/news/california/new-california-program-lets-1st-time-homebuyers-borrow-down-payment-at-0-interest/

First time homebuyers can get a 0% interest loan for up to 10% of the down payment on a home.

The downpayment is bitch with our current prices.

Also, if you reside in the home for 5+ years, you won't have to pay back a portion of it (this is to ward off resellers/flippers).

Good luck to those who are looking to buy. It's not easy for us (myself included) but I'm rooting for us.

[Madam, I'm Adam]

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(My above post)

[close]

This sort of proves what people are saying, right? First of all, good on you for staying positive and working your ass off and I really hope you're successful. But I think the frustration for most people our generation is, it just shouldn't be this hard. It wasn't this hard for our parents or grandparents. What they've done is climbed the ladder and pulled it up behind them.

You have a good job and I would argue an important job as a college instructor and you still have to work multiple jobs to potentially have the opportunity to *maybe* buy someday. and that's while not having rent to pay every month, which would surely put home ownership out of reach.

A lot of people are going over-leverage themselves and spend every dollar they have on a home with a potentially inflated price at a time when interest rates are going to rise significantly to fight inflation, which could cause a market correction or a recession. The value of these peoples homes is going to go down and they're going to immediately be underwater on their mortgages, and most won't have the opportunity to refinance in the next couple of years. The rising interest rates and market reaction is also going to cost people jobs.

So we're overpaying for homes, then when the market crashes and we all default on our mortgages, the investment banks will come in and buy our same houses on foreclosure and rent them back to us at rates higher than our mortgages would have been. Rinse, repeat. It's all a scam.

You're totally right, our generation is fucked and everything I have to go through is indicative of how cutthroat it is.

Regarding the section of your post I bolded, you're bringing up something I haven't considered before. I'm in Canada and I'm not sure if banks work different in regards to refinancing, accounting for inflation and interest rates, etc. I'm still not 100% on all the details. I do know that up here, you need to prove that you've got a steady source of income that's going to cover your mortgage payments and make sure that you're not "house poor" afterward, i.e. not enough leftover funds for other necessities. Next time I talk with my financial advisor I'll raise this issue, thanks for mentioning it!

[Pretty Serious]

Obvious answer is you might have to do more than teach high school to afford big bills.  Maybe do the common teacher thing and acquire a real estate license and get insider scoop on value properties.  The anecdote about your folks era implies a dual income, careful who you marry though. 

You can always find shit boxes at the edge of town, start with roommates etc.  You’ll probably never outright “own” your house, nobody does, but if a degenerate loser like me can have a mortgage, you’ll figure something out.

[GardenSkater77]

Get married. You need two incomes.

Good rule of thumb is if you want to buy a $300K home you need a household income of $100K.

If you want to buy a home alone god help you.