Normal people will never own a home
- Thread starter Captain Crunch
- Start date
ahomeplateslugger
Superstar
In big cities that is most likely true. You just have to move further out and deal with the longer commute and just grind through it. I see this a lot in the Bay Area but I’ve spent 1.5 hours commuting each way and you learn to adapt.
Bboystyle
Bang Bang Packers gang!
Its not really rich individuals, its banks and big companies buying them over the asking price and selling them much higher.
Sounds like you don't want to live near your peers
Jokes aside, FHA limits for Denver are 596k. Median home price is around 440k.
Average rent is around 1900 for a two bedroom.
I dunno. Seems like y'all would come out ahead if you chose home ownership.
facts denver is basically a wash
sellers asking $500k but the market is limited supply so u get in a bidding war. that $500k 3 bedroom ends up selling for $580-620k
Godless Socialist CEO
Superstar
It's not just rich people it's corporations like blackrock. They're trying to turn Millennials and Gen Z into a permanent renter class. We honestly need a housing collapse at this point to fukk those companies, and the government shouldn't bail anyone out except for regular folks
88m3
Fast Money & Foreign Objects
When is Bernie, Warren and the senate going to step up?
Godless Socialist CEO
Superstar
The focus is voting rights and trying to save democracy and keep the country’s infrastructure from falling apart. I’d say those are rightfully higher priorities, and blackrock owns a fukk ton conservative Dems like manchin and Sinema.
Hence my opinion that a complete collapse of the housing market is probably the only way this issue corrects itself
2023 once we get hitched and save up some more.Sounds like you don't want to live near your peers
Jokes aside, FHA limits for Denver are 596k. Median home price is around 440k.
Average rent is around 1900 for a two bedroom.
I dunno. Seems like y'all would come out ahead if you chose home ownership.
Current our 2br is 2100 in Denver Tech Center.
It definitely depends on where you live.
Some larger cities, particularly on the coasts - are prohibitively expensive and even a solidly middle-class family would have difficulty.
But for places Cleveland, Pittsburgh, St. Louis, Cincinnati, Columbus, Indianapolis, Milwaukee, Detroit, Minneapolis, etc. you can still find a reasonably priced house.
The same goes for the South (outside of their three largest cities), anywhere from Charleston, Birmingham, and Jackson, to Baltimore, Louisville and the like all have moderately priced housing.
Some larger cities, particularly on the coasts - are prohibitively expensive and even a solidly middle-class family would have difficulty.
But for places Cleveland, Pittsburgh, St. Louis, Cincinnati, Columbus, Indianapolis, Milwaukee, Detroit, Minneapolis, etc. you can still find a reasonably priced house.
The same goes for the South (outside of their three largest cities), anywhere from Charleston, Birmingham, and Jackson, to Baltimore, Louisville and the like all have moderately priced housing.
Nah. People just need to stop selling out to these corporations, but folks are greedy. Sell to families.
Prices are out of control though. I bought my place (Bay Area) in mid 2019 for $650K with 15% down. It's zestimate is over $800K now.
It isn't always that easy.
Say you live in an area that had a pretty reasonable cost of living, took a dive in 2008 value-wise, and then has rebounded consistently for the last decade. Quite a few of your neighbors lost their homes in a number of ways, and while some were able to come back, the two main groups that grabbed the houses were either local house flippers trying to make a profit, or large financial bodies that had access to capital, federal guarantees for some kind of value, and assurances that they could make big money.
Soon, the sales keep happening between finance groups, the increase in housing value also increases the taxes, and the squeeze tightens. Another disaster like a global pandemic incentivizes some groups to double-down, and it's either sell because you can't afford the tax (or mortgage) increases, sell because you lost your job/have unforeseen medical bills or sell because it's getting close to retirement - and the company willing to fund your retirement is paying cash. You can try to hold on, but it isn't as rosy unless you're trying to cash out big later down the line or save the home for your kids - who may not be able to afford upkeep.
There aren't always families trying to buy - if 15 out of 17 of your offers are companies willing to pay above asking price, most people will take the deal. Not everyone is trying to fight the financialization of housing in the U.S.
But you're right about housing being out of control. Plus places like the Bay Area still have restrictions on new-housing being built
