Why Americans are not buying or selling homes.

[Andrew_Jackson_FTW]

How much square footage does a young couple just starting out actually need?

I would think at least 1500 sq ft if they wanna have a kid or two.

There’s homes going for half $1 million that are smaller than that . It’s really a disgrace what’s happening in this country with bidenflation. This is not what the men of World War II fought for. And that’s what the World War II veterans say.

 

[AzogtheDefiler]

Four years ago under Donald Trump. The interest rates were below 3%. The average cost of a home was $250,000. Now today the interest rate is approaching 7%. And the average cost of a home is 350,000.

From the Pbd podcast

Depends where. Supply is outpacing demand but not everywhere.

 

[Kondor3]

Wait for rates and prices to come down.

That’s what I did in the early 80s

True... the economic idiocy of the Jimmy Carter (D) years made a LOT of folks wait well into the 80s....

 

[Andrew_Jackson_FTW]

Depends where. Supply is outpacing demand but not everywhere.

It’s a general average. The average price of a home on average all throughout the country is higher today compared to under Donald Trump.

There are still some places I know for example, in Missouri where homes are somewhat affordable, but you can look at the numbers even there the price of a home in Missouri is much higher today compared to what it was under Trump. Also, have to keep in mind, the differences in wage and cost-of-living throughout the country.

I know in some places in California in the past year there’s been a 10% cut in the price of homes, but they are still astronomical in price there compared to where they were five years ago for example.

 

[miketx]

I'm not buying or selling cause I'm 70 and my wife is 73. Gonna stay right her in this lower middle class hood in small town America. Hell, I might even go back to work at the prison for the halibut.

 

[Remodeling Maidiac]

Interest rates.

It's the economy stupid

 

[AzogtheDefiler]

It’s a general average. The average price of a home on average all throughout the country is higher today compared to under Donald Trump.

There are still some places I know for example, in Missouri where homes are somewhat affordable, but you can look at the numbers even there the price of a home in Missouri is much higher today compared to what it was under Trump. Also, have to keep in mind, the differences in wage and cost-of-living throughout the country.

I know in some places in California in the past year there’s been a 10% cut in the price of homes, but they are still astronomical in price there compared to where they were five years ago for example.

Where I live it’s off the charts. But people don’t want to sell so the supply is lower. My rate is 2.66% why would I sell and buy something for 7.5%? Even idiot math challenged Libs like Biff_Poindexter would not make that exchange

 

[AZrailwhale]

Thank you. What do you think about the future of interest rates? Do you think they will go up or down?

I think they have to go up to stop the inflationary cycle. It took a decade to stop the Jimmy Carter inflation.

 

[AZrailwhale]

I would think at least 1500 sq ft if they wanna have a kid or two.

There’s homes going for half $1 million that are smaller than that . It’s really a disgrace what’s happening in this country with bidenflation. This is not what the men of World War II fought for. And that’s what the World War II veterans outside.

My first house was A 1300 square foot three-bedroom ranch style. To afford that on a middle-class salary and have a cushion for emergencies I had a three hour round trip commute every day.

 

[Andrew_Jackson_FTW]

All one has to do is look at a mortgage calculator.

Under Joe Biden the average price of a home is $400,000 …. And we have interest rates high is 8.5%.

OK here’s what Americans have to deal with under Joe Biden. This is disgraceful. All because of the horrendous decision by Republicans and Democrats to lock us down in 2020, as well as a bidens economic policies, which are a disaster.

Now here’s what we had just a few years ago. The average price of a home under Donald Trump was $250,000

And so the difference is undeniable. Now Donald Trump himself could’ve perhaps did a better job in preventing the lockdown, but he was limited in his power. But he also had much better economic policies compared to Biden.

Either way, it’s incumbent upon the American leaders to care about this country …,stop giving our money to foreign countries for wars that don’t affect America.

Cancel culture…. Giving jobs to people based on their skin color or gender is a horrible decision, and that also negatively affects our economy.

And for those who claim “oh it’s not Bidens fault” OK give us all the solution to these economic problems we have in this country. This is an injustice what’s happening in America to the middle class.

 

[Lesh]

The virus hasn't WANED to any great extent. Fewer people are dying from it bacause there are recognized treatments now and the media isn't pushing the infection and death rates like it did during the Trump years. It's odd, the second Biden got elected, all the Covid coverage went away like someone flipped a switch.

Nonsense. COVID was raging for the first year of the Biden Admin until most of the country got vaxxed.

How’d ya miss it. It was on all the news

 

[Andrew_Jackson_FTW]

Where I live it’s off the charts. But people don’t want to sell so the supply is lower. My rate is 2.66% why would I sell and buy something for 7.5%? Even idiot math challenged Libs like Biff_Poindexter would not make that exchange

I completely understand your situation. It only makes sense. I’m glad you got locked in at a good interest rate

What Americans have to do now is save up a bunch of money to just buy the house out right. It’s easier said than done.

 

[Lesh]

I completely understand your situation. It only makes sense. I’m glad you got locked in at a good interest rate

What Americans have to do now is save up a bunch of money to just buy the house out right. It’s easier said than done.

It’s virtually impossible

 

[AzogtheDefiler]

I completely understand your situation. It only makes sense. I’m glad you got locked in at a good interest rate

What Americans have to do now is save up a bunch of money to just buy the house out right. It’s easier said than done.

Correct. Tough situation but helps create low unemployment because everything is so expensive

 

[AzogtheDefiler]

It’s virtually impossible

Parents can help?

 

[Harpy Eagle]

Supply is outpacing demand but not everywhere.

Where is supply outpacing demand?

 

[AzogtheDefiler]

Where is supply outpacing demand?

My bad

Demand outpacing supply is what I meant. Good catch

 

[Missouri_Mike]

I would think at least 1500 sq ft if they wanna have a kid or two.

There’s homes going for half $1 million that are smaller than that . It’s really a disgrace what’s happening in this country with bidenflation. This is not what the men of World War II fought for. And that’s what the World War II veterans say.

As bad as bidenflation is local regulations have made homes so expensive you can’t build one and make any money without it being 2400 square feet minimum.

Building a new home no matter the size begins with 5-8 thousand in permit fees, 15-20 thousand in tap fees for water and sewer. Electric and gas fees are another 2-5 thousand.

So any home immediately has a base price of around 40 thousand before you even bought the land and started building. And that’s in red states. California has to be triple that.

Young people just married need 800 square feet. Two kids added need 1000, maybe.

A large part of why homes are so expensive other than the fees is the expectations of these kids. They all think they deserve a 2400 square foot starter home. They need an 800 square foot starter home.

 

[AntonToo]

Right now interest rates on a home mortgage loan is around 6 1/2 to 7%....under Trump mortgage loan rates were around 2 1/2%.

....dummy, 2.5% was during a historic recession.

Should we crash the economy again like it was under Trump so we can get cheap gas and low interest rates?

 

[AntonToo]

Another thing affecting our economy , are hospital costs, which have effectively doubled since 1995.

Dummy, that would mean hospital costs adjusted for inflation stayed the same.

$1.98 in 1995 → 2023 | Inflation Calculator

The 2.51% inflation rate means $1.98 in 1995 is equivalent to $3.96 in 2023. This inflation calculator uses the official US consumer price index.

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Median household income in 1995 was $32k in 2023 in $74k

Household Income by Year: Average, Median, One Percent, and Calculator

See median & average household income by year (1968-2023) in the United States. Also, a tool to compare your income to any year + optional inflation.

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