What is the end game regarding the housing crisis in the US?

[leftwinger]

I can tell you what the plan is. In fact they’ve already announced it and are implementing it in parts of Europe… The 15 Minute City.

It’s an urban planning movement where everything you need… house, job, grocery, etc… is within a 15 minute walking radius. No cars. Small apartments without extra space. Green spaces. Everything in your nice little community… I mean CELL.

Heard one is finished or building near ASU Tempe AZ.. No cars? Walkable, Apts, everything contained?

 

[Woodznutz]

Uh? Typical homes are like $350K? Takes a lot of time to save $75K (20% down) at $10 coffee once a day.

Lots of fixer upper homes for under $200K. Also, down payments are much less than 20 percent.

 

[Woodznutz]

Uh? Typical homes are like $350K? Takes a lot of time to save $75K (20% down) at $10 coffee once a day.

Average,

New car payment: $750 per month.
(Used car payment: $525 per month.)
Cable tv bill: $213 per month.
Smartphone bill $112 per month.

There's yer down payment.

 

[leftwinger]

Lots of fixer upper homes for under $200K. Also, down payments are much less than 20 percent.

If they are basically unliveable, and the poor kids don't have $25K for a working bathroom or kitchen sink? What's the point? If it's not safe for children? Fixer uppers in STL or DET are $5K but unlikeable and in the hood.

There ain't no liveable house near Silicon Valley within 50 miles commute less than $500K probably $750K.

I am not trying to argue, but it aint easy. 1% 10% down? Huh? Where? OAK or ATL in the hood? A war zone?

Most people need a home near the jobs too. Not in the middle of nowhere.

 

[Woodznutz]

If they are basically unliveable, and the poor kids don't have $25K for a working bathroom or kitchen sink? What's the point? If it's not safe for children? Fixer uppers in STL or DET are $5K but unlikeable and in the hood.

There ain't no liveable house near Silicon Valley within 50 miles commute less than $500K probably $750K.

I am not trying to argue, but it aint easy. 1% down? Huh? Where? OaK or ATL in the hood? A war zone?

I'm talking about 'flyover country'.

The 1 Percent Down Mortgage: How It Works and Who Benefits

Can you really get a 1 percent down mortgage? Maybe, if you have a fairly modest income. And some of the deals available look great.

themortgagereports.com

 

[JohnDB]

Market crash....

Empty houses are unprofitable....even rentals go empty.

 

[Thinker101]

With rising cost of houses and insurance to own houses, along with a diminished supply of houses, more and more people will be forced into apartments and condos.

But what to do with the houses already in place? You now see more and more Left-wing corporations, like Black Rock who pushes DEI 24/7, that are buying up houses in the US to rent to people. Thus, fewer and fewer people will actually own homes as eventually only the "rich" will be able to do so, and eventually none will own a house.

But with rising taxes on properties in addition to this mess, isn't that already the case? Do you really "own" something you keep having to pay for to use?

It is the Marxist ideal of owning nothing. But it is like this in Europe as most have been forced into apartments and row houses that are all packed up like a group of sardines.

Toss out a few million illegals should free up a few houses.

 

[leftwinger]

Average,

New car payment: $750 per month.
(Used car payment: $525 per month.)
Cable tv bill: $213 per month.
Smartphone bill $112 per month.

There's yer down payment.

Understood. But they have to live and get to work, not always easy. Especially if they have kids too soon.

 

[leftwinger]

CA Youth can make $30/hr to $50/hr in reasonable jobs. You make $15/hr to $25/hr in Arkansa probably.

Everything is scaled to income levels somewhat.

 

[Frankenstein]

It's not just housing, it is everything. After all, Marxism is about owning nothing.

Cars are not far behind. I mean, who can afford them either in addition to the crazy higher insurance rates?

Again, I think the goal is like Europe. Just have all the workers jammed into a city that live on top of each other on the "plantation" as they take government transportation to work and back.

government transportation their tax dollars paid for yet they still have to pay to ride~!

 

[iamwhatiseem]

Did you figure in property taxes, insurance, and maintenance costs?

That was in the house payment. Maintenance was not, but obviously that wasn't a lot.
If we rented the house instead, we would have easily been paying at least $1000/month - for 18 years? - Ha! That would be over $200,000 and never see it again.

 

[Woodznutz]

Market crash....

Empty houses are unprofitable....even rentals go empty.

Even nice affordable homes go unsold in cities where good jobs are scarce. Great for retirees though.

 

[leftwinger]

That was in the house payment. Maintenance was not, but obviously that wasn't a lot.
If we rented the house instead, we would have easily been paying at least $1000/month - for 18 years? - Ha! That would be over $200,000 and never see it again.

Even an adjustable 3% 5%? In CA was still a $2800 payment with $500/mo insurance + big tax nearly $7000 per year? In 2005.

Sure you may have a $90K job, wife stays home? Kids in school. Hope the value goes up. Then the crash, down 50% thanks to US deep state Congress allowing the meltdown. Create a crisis.