An amazing statistic
Comments
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tried to buy a condo in 2023
rates were 6.92%, they're about the same now
kind of panicked and eventually just refused their counter offer, but out like $1600 for inspections and other things
There's a more ghetto place right next door, might try it again, but worried there's some cancer cluster or something as the prices are cheap.
My agent was pissed at me. Oh well. It's my money, and it's my life.
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I bought my house in 2021 during the mass buying and low interest rates. but I was insanely lucky that the person I bought from wanted to sell to a local instead of a flipper from California. extremely rare at the time.
it's a 6.5 or 7/10 house, but told my wife that we had to take it, or we were gonna get shut out by the cash buyers and we'd probably still be renting now. glad we did it but now with rates back up it's damn near impossible for anyone besides nepo and trust fund babies to buy a home without paying out the ass for it.
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Bought our house at 11.5 percent
But boomers don't understand
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$25k financed at 11.5% isn't much money, though.
You knew someone would say this.
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10.75 here. Beautiful view of Gig Harbor and Point Defiance. $157,500 on a household income of $60K.
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If an entry level house was less than 3x income houses would cost less than half what they do now.
I got in early (enough) in California and refinanced down to 2.75% but golden handcuffs. Upgrading is pretty much off the table unless I put all my savings into the house. Then I still have to make an $8k+ mortgage payment per month. I technically could but how many people can? The number is diminishinly small.
Saying you had 10%+ rates is meaningless when houses are now 10x+ times even high incomes PLUS being higher rates.
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Follow on, it's always weird to me when there's this boomer disconnect when discussing real estate.
Like, you all overwhelmingly agree with most of the premises that the working class was/is getting fucked but then when it comes to housing it's this rates were uphill both ways in the snow fudd schtick.
Inflation is fucking our buying power:
Yes
American wages are being suppressed with offshoring and illegal labor:
Yes
The government is over regulating new builds and growth:
Yes
Housing is prohibitively expensive:
De-er berp derp in my day we had 10% interest rates and we were GLAD to have them. Avocado toast and lattes!
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I'm not disagreeing with any of that. Just pointing out that it's always been tough
Suck it up. Blaming boomers is retarded
Regulations killed the supply. Inflation did the rest
Our starter home in 87 was 250 grand in today's dollars. That's gone and it's a real problem. My folks bought a home in 56 that was 175k in today's dollars
The 07 bubble was never allowed to deflate. Regulations
green energy requirements. Couple hundred thousand just to get permission to build
We need solutions
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I don't blame boomers aside from the ones in government.
I just also get tired of the lectures on frugality while people collecting SS buy their third vacation homes type of nonsense.
I'm mostly fine but I recognize I'm in the tiny minority. I also don't like that my kids are growing up in a neighborhood that was working class but is now mostly foreign nationals trading on slave labor and bribery from overseas. Nevermind their odds of owning homes locally.
Success will bring us together. Cut red tape, build housing, and 100% kill foreign money laundering in US housing stock. The Panama papers are over a decade old and nothing was ever done because both parties were in on it.
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This is the left at work. Remember they work for WEF and Klaus and total control over your life. It's communism on steroids. They don't want you to own a home. They want you in massive apartment buildings in a small space using small amounts of energy and breathing as little air as possible while they decide how much food you can eat.
BidenBros are pissing themselves with joy over the plan.
