The Cost of Buying a Home Hits New Record

[ThisIsMe]

Daily average mortgage rates jumped to their highest level since last November after last week’s disappointing inflation report. Persistently high home prices are exacerbating affordability challenges for buyers.

The average daily mortgage rate this week surpassed 7.4%, the highest level since last November.

The median U.S. home-sale price increased 5% from a year earlier during the four weeks ending April 14, bringing it to $380,250—just $3,095 shy of June 2022’s all-time high. The combination of high mortgage rates and prices have brought homebuyers’ median monthly housing payment to a record $2,775, up 11% year over year.

Wow, that Bidenomics, just working its magic. I know, it must be that evil Putin, maybe even Trump's fault.

Housing Market Update: The Cost of Buying a Home Hits New Record As Mortgage Rates Jump, Prices Rise 5%

How does that happen?? Median home price is $380,000 but median household income is only…$75,000?

Those two don’t match..

 

[Thinker101]

How does that happen?? Median home price is $380,000 but median household income is only…$75,000?

Those two don’t match..

Those two never matched, nor shall they ever match.

 

[Concerned American]

I just wonder how much that market value will fall when it does stabilize.

I don't see real property losing value as long as the money supply remains high. A serious recession or depression will be the only driving force for a reduction in these values.

 

[Concerned American]

Those two never matched, nor shall they ever match.

If they did, there would be no lending industry. That should be everyone's goal--to be debt free. It is difficult, but I am proof that it is possible and it is a great way to survive.

 

[Thinker101]

I don't see real property losing value as long as the money supply remains high. A serious recession or depression will be the only driving force for a reduction in these values.

Don't give up, Biden has a plan: Make the cities bad enough so no one wants to live there anymore.

 

[ThisIsMe]

Those two never matched, nor shall they ever match.

well, I look at averages and it seems average income is between $60,000 and $75,000, but average home price is between $350,000 and $417,000

Am I looking at it wrong but…if you are making $75,000 per year..how can you afford a $400,000 home??

 

[Thinker101]

well, I look at averages and it seems average income is between $60,000 and $75,000, but average home price is between $350,000 and $417,000

Am I looking at it wrong but…if you are making $75,000 per year..how can you afford a $400,000 home??

Hence, the term "Houses are damn expensive". Not suggesting it can't be done though, either earn more money or buy a cheaper house. For most, the first house is nowhere near the ideal house.

 

[Blisterfinger]

Wow, that means your house is worth more than you probably paid for it. This is good for people looking to sell.

My place is worth 40K more than what I paid for it right now. That's awesome.

Where you going to move to after you sell?

 

[Concerned American]

Don't give up, Biden has a plan: Make the cities bad enough so no one wants to live there anymore.

LOL, like Santa Monica spending $123M for 122 housing units for the homeless in a beach town. I think I'll become a bum--get to live in a million dollar CA beach apartment. Emperor of the North's got nothin' on me!

 

[Thinker101]

LOL, like Santa Monica spending $123M for 122 housing units for the homeless in a beach town. I think I'll become a bum--get to live in a million dollar CA beach apartment. Emperor of the North's got nothin' on me!

You say that now, after they've been lived in for six months it'll look like a typical homeless encampment.

 

[jknowgood]

Wow, that means your house is worth more than you probably paid for it. This is good for people looking to sell.

My place is worth 40K more than what I paid for it right now. That's awesome.

Good luck finding someone to be able afford to buy it.

 

[jknowgood]

LOL, like Santa Monica spending $123M for 122 housing units for the homeless in a beach town. I think I'll become a bum--get to live in a million dollar CA beach apartment. Emperor of the North's got nothin' on me!

Lol, you pay thousands in property taxes while your neibor lives for free. Only in liberal world.

 

[FranklinRoosevelt_FTW]

Daily average mortgage rates jumped to their highest level since last November after last week’s disappointing inflation report. Persistently high home prices are exacerbating affordability challenges for buyers.

The average daily mortgage rate this week surpassed 7.4%, the highest level since last November.

The median U.S. home-sale price increased 5% from a year earlier during the four weeks ending April 14, bringing it to $380,250—just $3,095 shy of June 2022’s all-time high. The combination of high mortgage rates and prices have brought homebuyers’ median monthly housing payment to a record $2,775, up 11% year over year.

Wow, that Bidenomics, just working its magic. I know, it must be that evil Putin, maybe even Trump's fault.

Housing Market Update: The Cost of Buying a Home Hits New Record As Mortgage Rates Jump, Prices Rise 5%

What is even more is seeing the replies from Democrats. Some of them are bragging about the value of their home. Going up. Of course it’s blatant trolling and Partisan politics. If they sell the house, they know they’re just gonna have to go spend a astronomical amount on a new house, along with a jacked up interest rate on a home loan.

As this is all this is going on we’re giving hundreds of billions of dollars away to foreign countries for their wars that have no effect in America.


But what’s the most astonishing of it is their complete disregard for young people trying to buy a new home who simply can’t afford it.

I get it ..Herbert Hoover had his defenders while Sam Americans were living in Hooverville shacks during the great depression. And so Biden has his defenders as we have record homelessness in the USA.

U.S. homelessness up 12% to highest reported level as rents soar and pandemic aid lapses

The United States has experienced a 12% increase in homelessness as rents soar and pandemic aid lapses.

www.latimes.com

Also in response to these points folks bring up about how bad the economy is I’ve seen some Democrats simply say “you don’t know how economics works, we’re doing great!” . Blatant, trolling, no substance, and most telling they don’t come up with any solutions.


Trump gave us lower home prices by a huge margin, he gave us such a great economy. Low gas prices. No new wars under Trump. He was a potus that did not cater to radical BLM or radical LGBT folks which is something that a lot of Biden supporters in the US message board don’t talk about because maybe they’re too embarrassed to? Like a man playing on a woman’s sports team they try and blow it off as it means nothing… or maybe they’re just too embarrassed to talk about it?

 

[FranklinRoosevelt_FTW]

The killer is, with these 20 year high mortgage rates, the home prices just haven't dropped to compensate for it.

I bought another house 2 1/2 years ago for right at $500K. Zillow says it's now worth over $700K.

Think about that. I paid $500K at 2.9% interest, and just 2 1/2 years later, someone would have to likely pay over $700K, and their interest rate would be 7%.
Unless the buyer had a lot of cash to put up front, their payments would be horrendous!!

I’m glad you got in at a low interest rate. this is issue we are discussing is the single greatest issue facing the USA, it’s the cost of living in the United States. But the mass media and our politicians don’t act like it is. That’s why I think America is a dump today. It’s brutal to see Joe Biden , Kamala Harris, and their press secretary Jean Pierre representing our country.

As for now yes Lots of cash.. That’s pretty much the only way out for Americans. Somehow someway try and earn a ton of cash. Course the way to do that is through investing, playing poker, something like that. Or illegal activities, which, of course is not the right way forward. So back to what you really really can’t do which is hit the lottery, Play poker, but on sports, invest what cash you have, and try and make some money in the stock market. Trying to open up a restaurant of course would be a gamble as many restaurants fail in their first year.

 

[FranklinRoosevelt_FTW]

I recall before the so-called coronavirus looking at some homes, perhaps around 2000 2500 ft.² going for about $250,000. Now those same homes are going for $550,000. That is a shocking development. And it’s something that shakes up the senses. What’s even more is how Biden’s supporters will attempt to downplay it as if it means nothing. It is the single greatest concern in this country duh!!! The cost of living

 

[FranklinRoosevelt_FTW]

well, I look at averages and it seems average income is between $60,000 and $75,000, but average home price is between $350,000 and $417,000

Am I looking at it wrong but…if you are making $75,000 per year..how can you afford a $400,000 home??

I think when it comes to the average income in the USA, would they to keep in mind is that the millionaire and billionaire class kind of skew the number. So it’s worse than we think that is to say it’s worse for the working class America than we might think ….going by the numbers.

We had a better middle class in the middle 20th century. Heck we had a much better country in those days compared to the filth and anti-Americanism from the left today.

Seeing all those Democrats waive the Ukrainian flag, and seeing most if not all of them take a knee for a Career criminal in George Floyd is an disgrace.

Inflation Remains Americansâ Top Concern Even as They Plan to Keep Spending

A new survey highlights the seeming disconnect between macroeconomic data and individuals’ attitudes about their personal finances.

www.barrons.com

Most Important Problem

What do you think is the most important problem facing this country today? [Open-ended]

news.gallup.com

 

[Thinker101]

What is even more is seeing the replies from Democrats. Some of them are bragging about the value of their home. Going up. Of course it’s blatant trolling and Partisan politics. If they sell the house, they know they’re just gonna have to go spend a astronomical amount on a new house, along with a jacked up interest rate on a home loan.

As this is all this is going on we’re giving hundreds of billions of dollars away to foreign countries for their wars that have no effect in America.


But what’s the most astonishing of it is their complete disregard for young people trying to buy a new home who simply can’t afford it.

I get it ..Herbert Hoover had his defenders while Sam Americans were living in Hooverville shacks during the great depression. And so Biden has his defenders as we have record homelessness in the USA.

U.S. homelessness up 12% to highest reported level as rents soar and pandemic aid lapses

The United States has experienced a 12% increase in homelessness as rents soar and pandemic aid lapses.

www.latimes.com

Also in response to these points folks bring up about how bad the economy is I’ve seen some Democrats simply say “you don’t know how economics works, we’re doing great!” . Blatant, trolling, no substance, and most telling they don’t come up with any solutions.


Trump gave us lower home prices by a huge margin, he gave us such a great economy. Low gas prices. No new wars under Trump. He was a potus that did not cater to radical BLM or radical LGBT folks which is something that a lot of Biden supporters in the US message board don’t talk about because maybe they’re too embarrassed to? Like a man playing on a woman’s sports team they try and blow it off as it means nothing… or maybe they’re just too embarrassed to talk about it?

An interesting side note, maybe specific to California, if you do buy a house, getting insurance is next to impossible. I currently have State Farm, if I sell, I cannot buy another and have State Farm Insurance. State Farm, Allstate, Farmers, USAA, Travelers, Nationwide and Chubb have discontinued new policies and/or are cutting back on new policies.

 

[Concerned American]

What is even more is seeing the replies from Democrats. Some of them are bragging about the value of their home. Going up. Of course it’s blatant trolling and Partisan politics. If they sell the house, they know they’re just gonna have to go spend a astronomical amount on a new house, along with a jacked up interest rate on a home loan.

As this is all this is going on we’re giving hundreds of billions of dollars away to foreign countries for their wars that have no effect in America.


But what’s the most astonishing of it is their complete disregard for young people trying to buy a new home who simply can’t afford it.

I get it ..Herbert Hoover had his defenders while Sam Americans were living in Hooverville shacks during the great depression. And so Biden has his defenders as we have record homelessness in the USA.

U.S. homelessness up 12% to highest reported level as rents soar and pandemic aid lapses

The United States has experienced a 12% increase in homelessness as rents soar and pandemic aid lapses.

www.latimes.com

Also in response to these points folks bring up about how bad the economy is I’ve seen some Democrats simply say “you don’t know how economics works, we’re doing great!” . Blatant, trolling, no substance, and most telling they don’t come up with any solutions.


Trump gave us lower home prices by a huge margin, he gave us such a great economy. Low gas prices. No new wars under Trump. He was a potus that did not cater to radical BLM or radical LGBT folks which is something that a lot of Biden supporters in the US message board don’t talk about because maybe they’re too embarrassed to? Like a man playing on a woman’s sports team they try and blow it off as it means nothing… or maybe they’re just too embarrassed to talk about it?

Bidenvilles.

 

[HikerGuy83]

well, I look at averages and it seems average income is between $60,000 and $75,000, but average home price is between $350,000 and $417,000

Am I looking at it wrong but…if you are making $75,000 per year..how can you afford a $400,000 home??

You might at 3%. But not at 7%.

 

[ThisIsMe]

You might at 3%. But not at 7%.

That’s still pretty steep. A 400,000 loan even with 60,000 down at 3% is like $2600 per month total with interest and insurance.

At $75,000 income that payment would be like 41% of your gross pay..