Split from yoyo memes
This one rings true. It must feel overwhelming for 20-30 year olds trying to buy a house today. I’ve noticed a lot of younger folks in my area buying 1 acre of land in the country and building a house themselves over a period several years.
Man, in London (UK) is literally impossible. I am trying to do that with my girlfriend and we decided to stay in rent or to leave London for cheaper places.
From what I understood after couple of meeting with advisors what happen is that you get stuck in a circle:
Save the money for the deposit - time that you get the money for the deposit the price of the house it goes so much more up - save the money for the deposit again and so on and so on and so on.
One bedroom flat is around £ 500k, which is half a million pounds for one bedroom flat, the moment you have a kid, that flat doesn’t suit you anymore and then you sell or rent.
The deposit money is usually 10% of the property, so imagine save 50k in deposit while also paying around £ 3k a month for renting on an average £30k year as salary.
Only way is have parents that own properties and similar stuff and they can sell to help you, sorry but I will never do that, they work all their life to have something nice, I am the last person that will ask for their help and I love them to bits, I am sure they will be happy to help, I will feel dirty and guilty on them and myself.
So this is the circle you get stuck here in UK at least, doesn’t matter how many jobs you change (I have a friend that gain 60k a year which is quite a lot here and she still rent because cannot afford to buy)
The situation is absolutely ridicolous, do not know about the USA scene but I assume is pretty much the same
In the city I currently live in, most houses start at a million dollars and go up from there. It’s ridiculous. Especially since they were bought 30 years ago for 300-400k.
Crazy times. I bought my current house on 2 acres for 36k about 12 years ago. Gutted it and restored ourselves. My wife literally wired all the plugs in our house. She called it extreme crafting.
Geez. What city?
32 acres! 2 million dollar homes are around 3000 square feet here in Los Angeles. My friends parents bought a house 20 years ago for 400k, and they are currently selling it starting at 2 million… and people are up bidding. It’s a joke and I will never afford to own a home here.
It’s a whole other world out here in the country in east Georgia. My closest stop light is 15 miles away.
That sounds so nice.
I have a home but the amount of debt I’m in between student, home and car loans ontop of the credit I had to use between jobs and the hit my retirement took during covid. I’m looking at working till I drop dead while my mother and in-laws retired at 60…
I can’t imagine buying in the market today. My interest rate I fairly low and my payments are manageable but idk how folks are buying at current rates right now.
And they said abandoning the gold standard wouldn’t be a problem….
What does the gold standard have to do with high housing prices caused by lack of supply?
The underlying trend of housing prices has continued since departing from a gold backed dollar. Unfortunately the dollars you earn are worth less and less over time therefore it requires more of those dollars to buy anything including houses. The current spike you claim is supply driven is only one of 20 doublings in home prices that has occurred since 1970.
If gold is good because it can’t be artificially inflated, then Bitcoin must be better because deflation is built into it:
That’s the whole point of Bitcoin.
I bought my hose in 1975, the interest rate was around 7% as I recall, for $35K.
I got VERY lucky buying my house.
We fought, literally fought with the builder for a promotional rate, and got one of the last “affordable” houses they had for sale.
It’s crazy how “bad” the housing market is now. Not fair to people at all. I get worried for my daughters
I got mine 1.8% 450k 2018 ish. I couldn’t nail the timing on that interest rate if hell froze over
I am a mortgage loan officer - that’s my real job. If you have specific questions feel free to chat with me
i thought i got lucky with a 30yr fixed at 3% in 2021
