Houses in my area increases 82% in just 4 years

Not that this is "ok" but it's why "buy whatever you can as soon as you can" is good advice. If you'd put whatever you had into a shitty condo four years ago, and kept saving at the same rate, you'd likely be in good position to trade up soon.

I see a lot of people I know end up in the same position because they've been waiting for either the exact right circumstances or for prices to "crash." All the people i know who started with anything they could afford now have a huge amount of equity in nice homes. The difference is real and primarily about timing more than income or location.

Time to eat the rich

That's cheap as hell compared to California. And I work remote from anywhere I want. Thanks for the tip!

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.

This is because venture capitalists are buying all the homes to rent

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.

Also here in Europe this is the type of construction we use for a garden shed, not a house.

Even when we do modern timber frame, it's generally still brick or block at the bottom. How long do these houses last in the US? I imagine a lot of the continent is pretty humid

$325k for a 3bdrm 2bath detached SFH in good condition?

Awww, that’s adorable. Even after taking the exchange rate into account, that would be like going back to 1998 in my corner of Canada. Right now, a house like that on a 0.21 Ac plot of land would be running you $1,300,000 CAD. In places like Vancouver? $4,800,000 CAD on average.

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.

A 1200 sqft bungalow near me just sold for 1 million Canadian rubles

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.

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

Tbh this is more than mildly infuriating...

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 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.

You just need to stop watching Netflix and buying avocado toast.

At least that's what old people say anyway.

Keep in mind that 4 years ago was COVID times when everything was shit.

A house in Austin

2018: $275,000
2022: $725,000

Those 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.

Being able to buy a $200,000 house in the town I live in would change my life so much.

Is this one of the areas where corps are buying up a shitload of real estate?

Has the population jumped up for ya guys?

My lucky ass bought a house in late 2019. I'm happy I'm making money on it but this doesn't seem healthy

My janky duct tape together house I bought in 2010, that was built in '58 was 98k. In 12 years I sold it at 280k, with it still technically being out of code. My house was the cheapest sold in the neighborhood, some selling for 320k. It's insane.

Are other homes increasing as much in that area? Or did they build a double garage, remodel the kitchen and install 15 swimming pools?

82%, feel lucky. I bought my house in 2015 for $85k. Last assessment was almost $300k

Y'all realize this is a bubble, right? I almost feel sorry for these investors, gonna have their ass handed to them in the coming decade.

Houses in my neighborhood are up 150-200%.

mine is now worth 130% of its original value

About everywhere... In Toronto it's now 1 million+. In Vancouver it's now 2 millions+

Friend of mine was saving up for a house 5 years ago. Prices have gone up almost 150%

If it makes you feel any better, that house would sell for at least double that price where I live.

If the house hasn't changed, then the value is basically the same.

The price change is more about how rapidly the USD is devaluing.

In the lat 80s / early 90s, my SO and I saved up for 7 years to be able to afford the down payment for our first home. Now, that would be more like 20 years, which is too much.

Time to consider moving to Europe or Costa Rica or Mexico City or somewhere, if you're in that boat now.

Work from home is the ultimate culprit.

A. People can migrate and buy in cheaper parts of the country and maintain jobs that would have required them to stay in a certain geographical area in the past.

B. Work from home has gutted the commercial real estate market. Leading investors to move into the home market. You’re going to see a lot of money flow into single family homes to rent over the next ten years.

You’re now competing against established professionals who are later on in the careers and institutional investors.

:laughs in Australian:

House down the st was 94k in 2015, it sold for 195500 last year.

You want to know why? Start at the bottom and look at the price of land only blocks in the region. More than likely: its the cause. The answer then becomes very simple.

Houses only increased a little bit. The rest is inflation making your salary 30% less

The answer is to go somewhere cheaper. If you go far enough out of town the prices will go down.

Plus when the town grows your property value will go up and up.

Real talk, forget about a down payment. There are a bunch of different ways to get a 0 down mortgage with varying qualifiers so that chances you qualify for one of them is quite decent.

Even if not, there are still a bunch of other ways to get low down payment mortgages for ~3% down or less.

Toss out the old adage of "20% down or bust" and keep any money saved towards it for savings for all the other costs of home/closing