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How the housing market is yanking the ‘American dream’ increasingly out of reach of millennials

rightwinger

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As long as they have a Smart Phone, they will be happy
 

eagle1462010

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As long as they have a Smart Phone, they will be happy
Might be the only thing they own given where we are headed.

In order for no one to own anything. Someone MUST STEAL EVERYTHING YOU OWN FIRST. Let that sink in.
 

rightwinger

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As long as they have a Smart Phone, they will be happy
Give them an option of giving up your Smart Phone so you can afford a house payment…….They will choose the Smart Phone
 

iamwhatiseem

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The market will work itself out
Right now there is still rampant speculation

As the pool of eligible buyers drys up, the market will drop to entice them to buy.
The earliest of that has already started in some areas.
Here is one of them.
Though the prices of homes here are still unconscionably high... they are just starting to lower.
But there is a long-long-long way to go.

Example - we bought the home we live in, in 2019.
The price we paid was right at what it valued at then, now it is valued 69% higher. One more time... 69% more than just 3 years ago.
Insane.
The next 2008 began on 2020. All of the millions of people who have bought homes, especially in the past 18 months - are going to be significantly under water with their mortgages. WAAY underwater.
That is going to cause problems sooner than later.
 

rightwinger

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The earliest of that has already started in some areas.
Here is one of them.
Though the prices of homes here are still unconscionably high... they are just starting to lower.
But there is a long-long-long way to go.

Example - we bought the home we live in, in 2019.
The price we paid was right at what it valued at then, now it is valued 69% higher. One more time... 69% more than just 3 years ago.
Insane.
The next 2008 began on 2020. All of the millions of people who have bought homes, especially in the past 18 months - are going to be significantly under water with their mortgages. WAAY underwater.
That is going to cause problems sooner than later.
I bought a second house in Maryland in 2012 for $235,000
Its value remained the same for eight years. in the last two years it has increased in value to $370,000.

Pure craziness
 

iamwhatiseem

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I bought a second house in Maryland in 2012 for $235,000
Its value remained the same for eight years. in the last two years it has increased in value to $370,000.

Pure craziness
Just curious, why a second home in Maryland?
You spending the summers there? And winter south?
One of the things Bonzi and I are contemplating. Instead of buying one home further south, buy two smaller homes - one north, one south.
 

rightwinger

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Just curious, why a second home in Maryland?
You spending the summers there? And winter south?
One of the things Bonzi and I are contemplating. Instead of buying one home further south, buy two smaller homes - one north, one south.

I worked for the Army for 28 years when DoD in its infinite wisdom decided to close the base in NJ and move to MD
I wanted to keep my house in NJ and buying another house was cheaper than renting.

So I bought a house a hundred yards from the Chesapeake Bay. I liked it so much I decided to keep both when I retired
 
OP
1srelluc

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Starter homes just down the highway from my modest house are now starting at 300K. Literally the cheapest you can find for new homes.

I wouldn't want that monthly payment.
My first home was a 950 sq. ft. 3B 1B rancher on a crawlspace. I built it for 29K in '77.

That was what folks like myself had for first homes. They stayed for 5-6 years then sold and got something bigger to fit their growing family.

I stayed a bit longer then rented it out for 12 years when I built my current home. I sold it for 121K in '04.

The same style/age home sells for $250K now.....Bonkers.

My mom's cape cod style home was built in the 40s and one like it down the street sold for 225K a couple weeks back and was not near as nice.

It just does not seem to matter anymore what the style or footage is, if it's sound it sells for stupid money.
 

iamwhatiseem

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I worked for the Army for 28 years when DoD in its infinite wisdom decided to close the base in NJ and move to MD
I wanted to keep my house in NJ and buying another house was cheaper than renting.

So I bought a house a hundred yards from the Chesapeake Bay. I liked it so much I decided to keep both when I retired
Ft Dix?
 

Golfing Gator

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The market will work itself out
Right now there is still rampant speculation

As the pool of eligible buyers drys up, the market will drop to entice them to buy.

i am not sure. seems nobody is building "starter homes" any longer. This will be a problem for years to come
 

rightwinger

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i am not sure. seems nobody is building "starter homes" any longer. This will be a problem for years to come

I know by me they have been building developments of McMansions and senior housing for decades

What do you want to approve? 45 McMansions or 200 starter homes?

Nobody wants to have to pay for kids
 

Golfing Gator

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I know by me they have been building developments of McMansions and senior housing for decades

What do you want to approve? 45 McMansions or 200 starter homes?

Nobody wants to have to pay for kids

I would much rather see 200 starter homes. But all I see are huge 3000sqft plus or "luxury apartments' that I am not sure who they are even targeting.
 

Golfing Gator

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Ringo

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FXyWbX8UcAAgJa9
 

Mac-7

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The market will work itself out
Right now there is still rampant speculation

As the pool of eligible buyers drys up, the market will drop to entice them to buy.
Billions of Dollars and MaoMoney is being smuggled into the US from china by private citizens who do not trust their government and their chinese banks

California real estate is a smart investment for them
 

JohnDB

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Billions of Dollars and MaoMoney is being smuggled into the US from china by private citizens who do not trust their government and their chinese banks

California real estate is a smart investment for them
Making California real estate the worst investment at the moment. Buy low, sell high. Not buy high and hope to sell higher.

Real estate is a commodity that tends to hold its value. But if bought at market peak it lags every other investment opportunity available while it drops or stays at the same price. That ties up money that could be invested elsewhere earning better returns.
 

Mac-7

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Making California real estate the worst investment at the moment. Buy low, sell high. Not buy high and hope to sell higher.

Real estate is a commodity that tends to hold its value. But if bought at market peak it lags every other investment opportunity available while it drops or stays at the same price. That ties up money that could be invested elsewhere earning better returns.
Teal estate is overpriced but its not ever going down again

Home prices fell during the 2008 recession

But they bounced back then and they will this time too
 

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