Home ownership

[TMFT]

Is anyone here under 30?

I’m asking because I don’t understand how home prices will hardly ever allow young folks to buy a house.

This isn’t really a political thread because housing prices have probably next to nothing to do with politics and prices were going up way before rates were, it seems to really just be a supply-demand issue stemming from new building collapsing in ‘08. Also, because for every buyer there’s a seller and lots of people (me included) were able to buy before things got out of hand and their personal net worth is way up because home prices are.

But I do have concerns for my kids in 10 years when they’re fixin to get out on their own.

 

[dbmhoosier]

Your kids will be renting from Blackrock and Vanguard.

 

[TMFT]

Your kids will be renting from Blackrock and Vanguard.

I’d rather buy their first homes for them and have them paying me for it.

 

[Baller23Boogie]

Your kids will be renting from Blackrock and Vanguard.

No they won't.

They'll just stay with mom and dad. I'm gonna be stuck in that position coming up here, although they can stay as long as they want. I love having my kids around... makes things more interesting.

 

[TMFT]

No they won't.

They'll just stay with mom and dad. I'm gonna be stuck in that position coming up here, although they can stay as long as they want. I love having my kids around... makes things more interesting.

Once all the boomers move to Florida (or the farm upstate), presumably the supply will start to open up locally.

 

[mcmurtry66]

Is anyone here under 30?

I’m asking because I don’t understand how home prices will hardly ever allow young folks to buy a house.

This isn’t really a political thread because housing prices have probably next to nothing to do with politics and prices were going up way before rates were, it seems to really just be a supply-demand issue stemming from new building collapsing in ‘08. Also, because for every buyer there’s a seller and lots of people (me included) were able to buy before things got out of hand and their personal net worth is way up because home prices are.

But I do have concerns for my kids in 10 years when they’re fixin to get out on their own.

No it has everything to do with politics. We were looking in 2019 actively. Prices were low. Here and in Delray. Boca. A steal. Then Covid insanity and remote work and supply chains etc contributed to the soaring home prices. Those acts were political. The Dems need to pay this election. Across the board.

 

[mcmurtry66]

Once all the boomers move to Florida (or the farm upstate), presumably the supply will start to open up locally.

Problem is fla is expensive and horrible now. Overcrowded. But yes inventory is key

 

[mcmurtry66]

Your kids will be renting from Blackrock and Vanguard.

Rates will help a little settling in at 5-6 percent but there won’t be a crash like 08 with stated income bs. The country just got exceptionally expensive the last three years while Biden is shouting Jan 6. Tranny rights. But trump. Mind boggling stupidity

 

[manichi]

No it has everything to do with politics. We were looking in 2019 actively. Prices were low. Here and in Delray. Boca. A steal. Then Covid insanity and remote work and supply chains etc contributed to the soaring home prices. Those acts were political. The Dems need to pay this election. Across the board.

Good buddy of mine lived in a posh town on the Jersey shore. When covid hit they noticed all the big houses going off the market immediately. And their new neighbors were mostly 27-yr old Wall Street guys. Then property taxes skyrocketed. Buddy ends up moving to Plymouth MA to avoid taxes. Who would have thunk.

Covid policy def accentuated an existing problem.

 

[mcmurtry66]

Good buddy of mine lived in a posh town on the Jersey shore. When covid hit they noticed all the big houses going off the market immediately. And their new neighbors were mostly 27-yr old Wall Street guys. Then property taxes skyrocketed. Buddy ends up moving to Plymouth MA to avoid taxes. Who would have thunk.

Covid policy def accentuated an existing problem.

That’s wild!! I actually have a good buddy who lives in Plymouth. You. Would. Not. Believe prices here now. And I’m not talking Clayton, ladue. I’m talking Webster, kirkwood. Insane!!! For dumps! Hell people are listing 1,300 Sq foot homes for over $500k IN THE CITY!! renovated Stl hills. 1,300 Sq feet. It’s a joke

 

[manichi]

That’s wild!! I actually have a good buddy who lives in Plymouth. You. Would. Not. Believe prices here now. And I’m not talking Clayton, ladue. I’m talking Webster, kirkwood.

Nice! Plymouth is really cool.

Have an aunt living in Glendale in a one-story, 3 bdr house. She’s been there 40+ years. Back in the day some of her neighbors were cops and union folks. Now they’ve torn down half her block and built $800k+ mammoths. The one next door literally blocks out the sun. The rest will turn once all the old timers are out. Crazy shit.

 

[mcmurtry66]

Nice! Plymouth is really cool.

Have an aunt living in Glendale in a one-story, 3 bdr house. She’s been there 40+ years. Back in the day some of her neighbors were cops and union folks. Now they’ve torn down half her block and built $800k+ mammoths. The one next door literally blocks out the sun. The rest will turn once all the old timers are out. Crazy shit.

Yep doing that all over the less desirable parts of kirkwood Webster even rock hill. They’re now doing it in Clayton on small lots and the new homes are going for 3-4 million. It’s just madness

 

[Marvin the Martian]

We have had supply problems in housing for a long time.

https://www.axios.com/2023/12/16/housing-market-why-homes-expensive-chart-inventory

Institutional investors buy up roughly 13% of homes on the market now, which furthers the problem.

Why Is There A Housing Shortage In The U.S.? | Bankrate

U.S. housing inventory reached a record low in 2022. Learn more about what’s causing the shortage — and what might fix it.

www.bankrate.com

Add in some NIMBYism of people and communities trying to stop development near them. I know in this town I have seen complaints on new construction and what it means for traffic.

https://www.axios.com/2023/06/20/housing-shortage-prices-high

I wonder if there is more profit in other types of building. Bloomington is putting up very expensive apartments at an incredible rate. New housing is hard to find. Does that happen elsewhere? What new homes that are built tend not to be starter or lower income.

 

[Ty Webb iu]

Is anyone here under 30?

I’m asking because I don’t understand how home prices will hardly ever allow young folks to buy a house.

This isn’t really a political thread because housing prices have probably next to nothing to do with politics and prices were going up way before rates were, it seems to really just be a supply-demand issue stemming from new building collapsing in ‘08. Also, because for every buyer there’s a seller and lots of people (me included) were able to buy before things got out of hand and their personal net worth is way up because home prices are.

But I do have concerns for my kids in 10 years when they’re fixin to get out on their own.

You know the answer. Everyone will be happy owning nothing in the future. We have so much to look forward to!

 

[Baller23Boogie]

We have had supply problems in housing for a long time.

https://www.axios.com/2023/12/16/housing-market-why-homes-expensive-chart-inventory

Institutional investors buy up roughly 13% of homes on the market now, which furthers the problem.

Why Is There A Housing Shortage In The U.S.? | Bankrate

U.S. housing inventory reached a record low in 2022. Learn more about what’s causing the shortage — and what might fix it.

www.bankrate.com

Add in some NIMBYism of people and communities trying to stop development near them. I know in this town I have seen complaints on new construction and what it means for traffic.

https://www.axios.com/2023/06/20/housing-shortage-prices-high

I wonder if there is more profit in other types of building. Bloomington is putting up very expensive apartments at an incredible rate. New housing is hard to find. Does that happen elsewhere? What new homes that are built tend not to be starter or lower income.

When we moved into our place 10 plus years ago, it was all country and fields.

You drive down my road now and there's subdivision next to subdivision next to new construction that will be the start of what I'm assuming will be a subdivision.

They've put subdivisions on what use to be two golf courses within the last 7 years or so.

My quiet road isn't becoming so quiet anymore.

 

[Courtsensetwo]

Your kids will be renting from Blackrock and Vanguard.

Blackrock scheduled to build 22K single family rentals this year. Lots of these places are tiny tissue boxes with narrow walkways between them off of a parking lot.

They call these freestanding homes.

 

[Marvin the Martian]

Oh, also lumber trade wars have been a problem. We started a new one in 2021. I am not a fan of trade wars, so just as I blamed Trump I will blame Biden for this one. I wonder if the people that praised Trump will praise Biden.

2021 4Q Cost Report: Tariffs Doubled on Canadian Lumber Products

The U.S. Commerce Dept. on Nov. 24 followed through with expected anti-dumping and countervailing duties on Canadian softwood lumber, placing tariffs of 17.99% on their imports—more than twice the 8.99% rate imposed during the Trump administration.

www.enr.com

 

[Courtsensetwo]

Oh, also lumber trade wars have been a problem. We started a new one in 2021. I am not a fan of trade wars, so just as I blamed Trump I will blame Biden for this one. I wonder if the people that praised Trump will praise Biden.

2021 4Q Cost Report: Tariffs Doubled on Canadian Lumber Products

The U.S. Commerce Dept. on Nov. 24 followed through with expected anti-dumping and countervailing duties on Canadian softwood lumber, placing tariffs of 17.99% on their imports—more than twice the 8.99% rate imposed during the Trump administration.

www.enr.com

and will the people that trashed trump for it also trash Biden?

 

[dbmhoosier]

Rates will help a little settling in at 5-6 percent but there won’t be a crash like 08 with stated income bs. The country just got exceptionally expensive the last three years while Biden is shouting Jan 6. Tranny rights. But trump. Mind boggling stupidity

Joe's got this.

 

[mcmurtry66]

Joe's got this.

View embedded media

Imagine in 5 years

 

[snarlcakes]

Is anyone here under 30?

I’m asking because I don’t understand how home prices will hardly ever allow young folks to buy a house.

This isn’t really a political thread because housing prices have probably next to nothing to do with politics and prices were going up way before rates were, it seems to really just be a supply-demand issue stemming from new building collapsing in ‘08. Also, because for every buyer there’s a seller and lots of people (me included) were able to buy before things got out of hand and their personal net worth is way up because home prices are.

But I do have concerns for my kids in 10 years when they’re fixin to get out on their own.

It’s awful and one example of why fiat currencies (inflation) are so terrible. Home prices should be decreasing, not increasing.

Thankfully, Bitcoin will fix the issue and homes will return to their utility value. I have a good friend who owns 2 dozens rentals. He likes the idea of Bitcoin and I’ve been talking to him about it for the past 18 months. He watched it go form 15k to 45k. I finally convinced him to diversify his portfolio and sell a house or two and buy Bitcoin. There will be many more people doing the same thing the next few decades.

 

[Marvin the Martian]

and will the people that trashed trump for it also trash Biden?

I said I blamed Biden. So at least there is 1

 

[GigGoo]

Under 30 home (condo) owner here. It’s pretty impossible. Got in, in summer of 2022 when rates were still low.

I got to inherit what my parents set aside for college (about $30K) because I had a full ride. Had a rich aunt that passed away that none of us really knew was that rich until my dad started doing her estate and we realized she had tens of thousands of dollars squirreled away across several bank accounts, got another 40isK from her.

Im also a really good saver but without those lump sums there’s no way I would’ve blown up my entire nest egg on a Chicago condo at 28.

So that’s the formula to home ownership in your 20’s. Full ride to college and wealthy relatives that leave you money.


I have no idea how someone who hasn’t been as fortuitous as me could afford a home unless they make a quarter million a year in their 20’s.

 

[Marvin the Martian]

Under 30 home (condo) owner here. It’s pretty impossible. Got in, in summer of 2022 when rates were still low.

I got to inherit what my parents set aside for college (about $30K) because I had a full ride. Had a rich aunt that passed away that none of us really knew was that rich until my dad started doing her estate and we realized she had tens of thousands of dollars squirreled away across several bank accounts, got another 40isK from her.

Im also a really good saver but without those lump sums there’s no way I would’ve blown up my entire nest egg on a Chicago condo at 28.

So that’s the formula to home ownership in your 20’s. Full ride to college and wealthy relatives that leave you money.


I have no idea how someone who hasn’t been as fortuitous as me could afford a home unless they make a quarter million a year in their 20’s.

This raises a question, how old were people when they first bought a home? I was nearly 33. So maybe that is why I don't see 25 year-olds not buying as a crisis.

 

[dbmhoosier]

This raises a question, how old were people when they first bought a home? I was nearly 33. So maybe that is why I don't see 25 year-olds not buying as a crisis.

I was 28 so about 10 years ago. Paid $115k for a 5 year old brick ranch with almost 1500 sq ft. Just looked it up on Zillow now valued at $275k.

 

[hoot1]

No it has everything to do with politics. We were looking in 2019 actively. Prices were low. Here and in Delray. Boca. A steal. Then Covid insanity and remote work and supply chains etc contributed to the soaring home prices. Those acts were political. The Dems need to pay this election. Across the board.

MM66, don't blame politics. Blame old farts like me.

Why ? I should have sold my home to a young growing family some 20 years ago. A family who could have enjoyed the home and raised a large family. A family who these days couldn't buy my home because of the huge increase in price over the last twenty years.

Because of people like me, the supply of homes hasn't kept up with the demand. As we learned in Econ 101, this causes prices to rise.

 

[mcmurtry66]

MM66, don't blame politics. Blame old farts like me.

Why ? I should have sold my home to a young growing family some 20 years ago. A family who could have enjoyed the home and raised a large family. A family who these days couldn't buy my home because of the huge increase in price over the last twenty years.

Because of people like me, the supply of homes hasn't kept up with the demand. As we learned in Econ 101, this causes prices to rise.

No that’s where your memories rest. No way. We have had the dumbest president in modern history behind the wheel. Biden has the lowest approval rating at this point of the last seven presidents


. Blame lefties defending him at all costs like unclemark. They’ll cut their noses off to spite their faces.

 

[IUINSB]

We have had the dumbest president in modern history behind the wheel.

He's either #1 or 1A.

 

[TMFT]

Blackrock scheduled to build 22K single family rentals this year. Lots of these places are tiny tissue boxes with narrow walkways between them off of a parking lot.

They call these freestanding homes.

If it was good enough for the Greatest Generation, it’s good enough for us. Lol.

Levittown - Wikipedia

en.m.wikipedia.org

 

[TMFT]

This raises a question, how old were people when they first bought a home? I was nearly 33. So maybe that is why I don't see 25 year-olds not buying as a crisis.

I was 29, but was less than a year into my first job.

Bought a foreclosure in 2012 for like $175k, could probably pull $500-600k for it now. Just lucky timing.

 

[TMFT]

It’s terrible and one example of why fiat currencies (inflation) are so terrible. Home prices should be decreasing, not increasing.

Thankfully, Bitcoin will fix the issue and homes will return to their utility value. I have a good friend who owns 2 dozens rentals. He likes the idea of Bitcoin and I’ve been talking to him about it for the past 18 months. He watched it go form 15k to 45k. I finally convinced him to diversify his portfolio and sell a house or two and buy Bitcoin. There will be many more people doing the same thing the next few decades.

How do you figure home prices should be falling? Just because rates rising? There should certainly be some effect but it won’t overcome overall supply/demand pressure upward.

And how do you figure bitcoin would improve the situation with prices?

 

[Hoopsdoc1978]

My wife and I bought our first place in 1999. We gave 20,000 for almost 2 acres of land with a mobile home on it.

Then in the summer of 05 we took out a 150,000 dollar construction loan and built our dream house. 4500 square feet that she designed herself. It was EXACTLY what she wanted on land we bought from my dad. It’s where we still live.

We had less than 225,000 dollars in a 4500 square foot house on almost 3 acres of land. The worst part of the whole thing was building and maintaining a driveway and getting electricity and water ran back to the house, which is almost 1/4 mile off the road.

Now, less than 20 years later, I wouldn’t be able to do all of that for less than a million. There’s no way.

I feel really bad for the younger generation trying to start out. It’s impossible.

 

[BradStevens]

MM66, don't blame politics. Blame old farts like me.

Why ? I should have sold my home to a young growing family some 20 years ago. A family who could have enjoyed the home and raised a large family. A family who these days couldn't buy my home because of the huge increase in price over the last twenty years.

Because of people like me, the supply of homes hasn't kept up with the demand. As we learned in Econ 101, this causes prices to rise.

We do blame you, hoot.

 

[mcmurtry66]

This raises a question, how old were people when they first bought a home? I was nearly 33. So maybe that is why I don't see 25 year-olds not buying as a crisis.

That’s not the point. 33 year olds can’t afford either now

 

[mcmurtry66]

We do blame you, hoot.

Hoot is the guy you just pray you get as a neighbor when you move

 

[BradStevens]

Hoot is the guy you just pray you get as a neighbor when you move

And then sit there wondering, “why won’t this old ****er sell to a young family with a hot MILF?”

 

[mcmurtry66]

And then sit there wondering, “why won’t this old ****er sell to a young family with a hot MILF?”

i'll never forget the first house i bought my neighbor was about 20 years older than i was. great, great people. and i was single. my backyard had a long brickwall on one side, then a brick wall in back with a detached garage. the side we shared had a really crummy old falling apart fence that was probably only two feet high. so one day he comes over and says he'd like to replace the fence. if i was willing to give up three feet of yard he'd pay for the fence. i was single and couldn't care less so said yes. i got home from work the day they were supposed to do the installation and to my absolute shock found an 8 foot fence. i couldn't see anything over there and they couldn't see me. i erupted in laughter and went straight to their house and banged on the door. before i could say anything he busted out laughing.

 

[dbmhoosier]

No that’s where your memories rest. No way. We have had the dumbest president in modern history behind the wheel. Biden has the lowest approval rating at this point of the last seven presidents


. Blame lefties defending him at all costs like unclemark. They’ll cut their noses off to spite their faces.

They're focused on all the important issues that matter to America.

 

[snarlcakes]

How do you figure home prices should be falling? Just because rates rising? There should certainly be some effect but it won’t overcome overall supply/demand pressure upward.

And how do you figure bitcoin would improve the situation with prices?

You're correct on supply playing a major role in lowering prices. Bitcoin is the demand side. Some of today's demand issues stem from people using real estate as a savings vehicle to protect against inflation. I think eventually a lot of that demand will go away as people shift portions of their portfolios to Bitcoin. They'll do because It's a much better savings vehicle than most real estate investments or to diversify. You don't have to worry about upkeep, taxes, politicians, regulations, renters, natural disasters and etc. This will play out of the next few decades in my opinion. In the short term homes have decreased drastically priced in Bitcoin. That will continue.

What do you think about the new football coach?

 

[hoot1]

And then sit there wondering, “why won’t this old ****er sell to a young family with a hot MILF?”

Brad, interesting that you bring up the subject of a hot MIFL.

Up moving into our house in 1986 and meeting the neighbors, all the guys talked about upon meeting me was how much they would miss the young mother who used to live in the house.

It was a " Good to meet ya, but" situation.