Home Ownership Under Biden Has Become Nearly Impossible For The Young

[Missouri_Mike]

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Just to put this in context.
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Just checked our bank's rate. 6.5% Which just happens to be the rate we paid in the late 90's for our first house.

That and the rate is still lower than in the Reagan years.

Just say'n.
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But I'm glad we refinanced the balance of our current home at 2.7% for 30 years. Our Mortgage P&I is just under $400. (No I didn't forget a zero.)

WW

What you call the Reagan years derogatorily was a drop from the Carter years of 21% interest.

 

[Missouri_Mike]

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Just goes to show you can be a retard in the US and still become president.

 

[BrokeLoser]

The biggest culprit is Airbnb. What do you want Biden to do about that? Outlaw Airbnb?

Because you say so…or do you have a link to some data to share?

No. Seriously, the housing market issues we're seeing are almost entirely due to Airbnb. The number of houses that have been removed from the housing market in recent years is becoming astronomical. Owners are turning their houses into hotels, which has significantly shrunk the available supply of rental properties. This has been a major driver in rental prices going through the roof, in turn causing house sale prices to go through the roof.

Bullshit….there are no Airbnd’s in shitholes like Compton, CA.
You may have a sliver of a point in ‘destination’ locations.

 

[imawhosure]

Not just the young. Nobody can afford a house now with a 8.2 % interest rate...

The housing market overall, is going to collapse. Done deal. Doesn't mean you do not have equity, but as things slooooooooooow, young people have to make a decision; and honestly, that IS the 2024 election!

 

[Missouri_Mike]

Because you say so…or do you have a link to some data to share?

Bullshit….there are no Airbnd’s in shitholes like Compton, CA.
You may have a sliver of a point in ‘destination’ locations.

White liberals may just spend 500 a night to live the black dream of Compton.

 

[Flash]

Just goes to show you can be a retard in the US and still become president.

.Just remember that Potatohead is not a legitimate President. The election was stolen and an idiot was installed.

 

[BrokeLoser]

White liberals may just spend 500 a night to live the black dream of Compton.

That is so very true.

 

[WorldWatcher]

What you call the Reagan years derogatorily was a drop from the Carter years of 21% interest.

#1 I didn't say anything derogatory about the Reagan years, voted for him twice. Pointing out high interest rates during his term is a fact, facts are neither promotional or derogatory. They are what they are.


#2 You say "Carter years of 21% interest", yet the chart shows to things: (A) Carters mortgage rates were never 21% during his Presidency, and (b) mortgage rages were higher under the first few years of Reagan than Carters peak mortgage interest rate. That is neither positive or negative, just the statement of facts from the chart. Blue arrows added for the Carter years, Red box added for the Reagan years.

WW

 

[Stormy Daniels]

Because you say so…or do you have a link to some data to share?

The short-term rental sector is just as affected. Research conduced by the Harvard Business Review across the US found that Airbnb is having a detrimental impact on housing stock as it encourages landlords to move their properties out from out of the long-term rental and for-sale markets and into the short-term rental market.

A separate U.S. study found that a 1% increase in Airbnb listings leads to a 0.018% increase in rents and a 0.026% increase in house prices. It might not seem like much on the surface but there’s a cost creep for those looking to rent long-term or buy.

The Airbnb Effect On Housing And Rent

 

[Andrew_Jackson_FTW]

No. Seriously, the housing market issues we're seeing are almost entirely due to Airbnb. The number of houses that have been removed from the housing market in recent years is becoming astronomical. Owners are turning their houses into hotels, which has significantly shrunk the available supply of rental properties. This has been a major driver in rental prices going through the roof, in turn causing house sale prices to go through the roof.

Right now renting is less than leasing… for the first time in nearly 20 years, it is now costing folks more money to own a home compared to renting it.

On average, owning a home costs $1,176 more per month than renting from a professionally managed apartment complex, according to an analysispublished this month from the National Multifamily Housing Council (NMHC). That's the biggest buy-versus-rent gap since fall 2006, the industry group said in its report.

Here's the price difference between renting and owning a home

The gap between renting an owning is the largest it's been in more than 15 years, an industry analysis found.

www.cbsnews.com

That’s not how things are supposed to work…. if somebody works hard enough and comes up with enough money for a down payment, they ought to be paying less money for their mortgage. But because of the horrendous economic decision to print trillions of dollars lock us down we have what we have today.


The printing of trillions of dollars and inflation that came with it of course is the main catalyst behind the astronomical rise in home prices. It’s not Airbnb.

It’s simple mathematics here it cannot be denied. You see the price of timber, steel and other necessities needed to build a home have shot up since the Republicans and Democrats invented the coronavirus and gave us the lockdowns along with printing trillions of dollars. One of the worst decisions in the history of the world, perhaps. Surely 500 years from now the printing of trillions of dollars, the stimulus checks, the PPP loans will go down in history as one of the worst man-made decisions ever..

 

[Andrew_Jackson_FTW]

The short-term rental sector is just as affected. Research conduced by the Harvard Business Review across the US found that Airbnb is having a detrimental impact on housing stock as it encourages landlords to move their properties out from out of the long-term rental and for-sale markets and into the short-term rental market.

A separate U.S. study found that a 1% increase in Airbnb listings leads to a 0.018% increase in rents and a 0.026% increase in house prices. It might not seem like much on the surface but there’s a cost creep for those looking to rent long-term or buy.

The Airbnb Effect On Housing And Rent

When that link of yours was made available in February 2020 the price of homes were about 50 to 70% less than they are today. Interest rates on a home loan was around 2% compared to about 6 1/2% or higher today.

Then some powerful people invented a fake virus…

 

[BrokeLoser]

The short-term rental sector is just as affected. Research conduced by the Harvard Business Review across the US found that Airbnb is having a detrimental impact on housing stock as it encourages landlords to move their properties out from out of the long-term rental and for-sale markets and into the short-term rental market.

A separate U.S. study found that a 1% increase in Airbnb listings leads to a 0.018% increase in rents and a 0.026% increase in house prices. It might not seem like much on the surface but there’s a cost creep for those looking to rent long-term or buy.

The Airbnb Effect On Housing And Rent

Again…such a theory may apply in destination locations…not in the disgusting dangerous diverse shitholes where the cherished and beloved Democrat base resides.

 

[Missouri_Mike]

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#1 I didn't say anything derogatory about the Reagan years, voted for him twice. Pointing out high interest rates during his term is a fact, facts are neither promotional or derogatory. They are what they are.


#2 You say "Carter years of 21% interest", yet the chart shows to things: (A) Carters mortgage rates were never 21% during his Presidency, and (b) mortgage rages were higher under the first few years of Reagan than Carters peak mortgage interest rate. That is neither positive or negative, just the statement of facts from the chart. Blue arrows added for the Carter years, Red box added for the Reagan years.

WW

Thank god for Reagan. Can you imagine the economic failure of a second Carter term? Obviously it could only get worse. Kind of seems like a second Bidumb term may be.