Will housing ever be affordable again?

[winb83]

I mean mortgage rates are 7% and the prices of houses are still fairly high. Whenever those rates come down the house prices will just continue to climb higher. If rates ever got back to 5% people would lose their damn minds bidding up the price of houses. Outside an economic meltdown I think we're here to stay on housing prices the average person can't afford.

 

[Formerly Black Trash]

Not without death
Or an extremely fukked up economy

 

[rightfultoefinger]

I mean mortgage rates are 7% and the prices of houses are still fairly high. Whenever those rates come down the house prices will just continue to climb higher. If rates ever got back to 5% people would lose their damn minds bidding up the price of houses. Outside an economic meltdown I think we're here to stay on housing prices the average person can't afford.

Nope. You better have parents with deep pockets.

 

[Tapp]

No

 

[JadeB]

Renting a room in San Diego or Los Angeles can run you $1300+ if you're not lucky enough to find a cheap one in the middle of the hood. We're cooked

 

[Loose]

Nope. Lack of inventory and investors buying property. If you interested buy now rates will eventually go down, inventory will never come

 

[doublecheese]

After the chinese ground invasion

 

[Scustin Bieburr]

Yes.

It will have to involve significant regulations on real estate investment trusts(REIT) and barriers on private equity firms to keep them from buying any property that is not used as a residence. In essence, companies will be kept out of buying homes.

A few big banks will also need partial ownership by government. If the government is a major shareholder and has veto power, it stops housing speculation dead in its tracks.

Elected officials will also have to be prohibited from trading stock and must have their assets put in a blind trust. They can only access their funds in the event of a personal emergency but otherwise they must live off the salary they make as an elected official which cannot exceed more than 1.5x the national average income.

Lobbying itself will have to be made expressly illegal, and cities will have access to federal funds for affordable housing if their zoning laws show a clear prioritization for housing as many people as possible.


We will get these reforms only after a gigantic war pops off or the tech bubble bursts and takes 2 or more big companies or VC firms down with it. The good(or bad depending on your perspective) news is that is going to happen in the next 15-30 years. If you can wait, you will get to spend your 40s 50s or 60s in your own home.

 

[Seoul Gleou]

Yes. Just boomers dying alone would ease the pressure.

 

[winb83]

Nope. Lack of inventory and investors buying property. If you interested buy now rates will eventually go down, inventory will never come

You pretty much better off buying now and waiting for a refinance if rates ever come down. The people who bought before COVID and refinanced into 2-3% rates made a killing. I see people saying they're waiting for rates to come down to buy. I say you and everyone else and when that happens you gonna be in a worse position than right now.

 

[KRayner]

Renting a room in San Diego or Los Angeles can run you $1300+ if you're not lucky enough to find a cheap one in the middle of the hood. We're cooked

miami rent in the hood is $1800+

 

[dora_da_destroyer]

Nope, so a lot of folk need to change their strategy around home ownership.

 

[dora_da_destroyer]

Yes. Just boomers dying alone would ease the pressure.

Not really, there’s more demand than boomers supply. Gen x, millennials and older gen z are all in the market. Plus a lot of that will be inherited by their kids who’ll either want to live in those homes or rent them out, not all will be for sale.

 

[Seoul Gleou]

Not really, there’s more demand than boomers supply. Gen x, millennials and older gen z are all in the market. Plus a lot of that will be inherited by their kids who’ll either want to live in those homes or rent them out, not all will be for sale.

Boomers are holding on to 19 trillion in real estate assets. Millennials have 18 trillion in all assets combined.

Boomers dying will release literal trillions worth of homes into the market for us if they don't get transferred through inheritance. It will meet enough demand for at least 2 generations

 

[dora_da_destroyer]

Boomers are holding on to 19 trillion in real estate assets. Millennials have 18 trillion in all assets combined.

Boomers dying will release literal trillions worth of homes into the market for us if they don't get transferred through inheritance. It will meet enough demand for at least 2 generations

No, at best it will provide housing for one of their kids. And if their kids already own, that will become rental property, people know housing is a huge asset.