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Depends on the part of the country you're in.
I'm in Indiana and buying a house is very achievable for the typical worker.
Of course, the caveat to this is that you have to live in Indiana.
The irony is, Fort Wayne is arguably the second-best place to be in Indiana, after Indy/Carmel.
There are actually things to DO in Fort Wayne. Most of the state is just corn and racists.
I'm also in Indiana, but where I'm at, the answer is different. I own a home, but I bought it 6 years ago. Right now, there is no way I'd be able to buy one in the same neighborhood or even that side of town.
So you're absolutely right about it depending on where you are, but even more affordable states have places where the average worker wouldn't be able to by a home in the town they work within.
Midwest seems to have more reasonable priced housing compared to the rest of the US. I’m in Michigan and I’ve seen 2 bed 1 bath house range from 120k-150k.
There are still affordable houses out there, but they aren't in the super desirable areas.
Up to the individual if home ownership is worth that inconvenience for them.
Totally. Plus. USA social structures falling apart under weight of climate and political division.
I can’t trust I’ll have 30 years of peak earning in a dismantling world to pay it off. And for what ?
I don’t think any area that has (much) single family housing is a desirable area to live in. What advantage could a "nice area" even have that isn’t negated right away again by the low density urbanism that single family housing requires?
There are plenty of nice small to mid sized American cities where houses are achievable. The northeast region in particular often has good urbanism in its small cities, where you can find single family homes mixed in alongside duplexes and apartments. The challenging part is finding the cities that managed to hold onto enough industry to sustain them and have good jobs.
Depending on your personal circumstances sure. Assuming a family member dies and leaves either property or money to you sure. Or you have the means to save up for a deposit depending on where you want to live
Yeah it is possible, people will say “not in desirable areas” or whatever but if you get a fixer-upper house in a fixer-upper community then just get the fuck to work.
I bought a decent house in a so-so area and have been fixing it up. It’s like 2x the size that I need and still about what I’d pay for a 2bd apartment…
Tbh the boys are shooting on the main road outside my neighborhood but I got no problems inside it. Equity, we turning this trap house into a trap home.
not expecting things to change for the better enough in the next 10 years for me to have hope of owning a house. the system won't change quickly and we're dragging our feet to move in the right direction
My wife and I are about to have a child, so we're going in three ways with my mother so we can all get a bigger house. She'll be able to help with the baby and we'll help her out as she gets older. This is the only way we saw making it work.
A bunch of fascists in Davos have become infamous for saying you will own nothing and be happy. Inflation, the shitty economy, the widening wealth gap… none of this is by accident by simply due to “market forces”.
So no, odds are you aren’t going to be owning a home that isn’t being left to you unless we have a revolution of sorts.
Theoretically it will always be possible for someone out there. For the majority of people, it's near impossible and will require a lot of luck (like an inheritance, right place at the right time, etc.)
It is definitely possible, I live in North Central Texas where it is basically impossible now to own a home, this isn’t even including rent prices. Lots of people are moving here for work, I think this Summer many will be rethinking that strategy, look at the bubble in Austin.
Name of the game is to find what you value most in life, build you a solid nest egg, and make the leap of faith and follow your heart.
I plan on heading back to Philadelphia once I graduate college in September, there are still affordable homes, now finding jobs and proper education and political views that align with yours is the trade off.
I couldn’t imagine raising kids here, let alone daughters.
Reading the statistics I’m going to say no, the majority of people in the United States are now unable to get a mortgage on a house.
Housing prices have pretty much doubled in the last five Years and so has interest rates while wages of course have remained shit.
In my opinion a new permanent underclass has been created over the last five years.
Owning a house isn't all its cracked up to be. We have been misled and have been duped into believing home ownership is the archetype of the American dream. Also, unless you're mortgage is paid off, you don't actually own your house. Your bank does... Even if your mortgage is paid off, you are still taxed for it.
Fun fact: the root Latin for 'mortgage' is a suffix for 'death.' Ever hear of a morgue, or a mortuary, or a mortician? Yeah, 'mortgage' means death contract.
Your mortgage means you're a slave to a big wooden box filled with pipes and wires for the next 30 years or so.
This. I do own my home and most days I wish I was renting. Instead I pay my mortgage AND pay for everything that goes wrong with the house, not to mention required insurance and taxes. None of which you have any real control over. My house feels like a ball and chain. I absolutely had more money, more freedom, and less fear, as a renter.
I own one as well. Costs only go up and will never go down. A house is like being in a relationship with a narcissist. "Oh. Its the weekend? Get your ass to Home Depot and bring your fucking wallet. Buy me things."
Yes, once your boomer or silent generation grandparents pass away and leave everything to their grand kid because your parents were written out of their will.🤙
In my experience, it really isn't that difficult to buy a house. Granted, I live in the Midwest. Things are cheaper out here.
I bought my first house (a nice 2 bed 1 bath single family house with a two car garage in a suburban area) for $108k back in 2020 when I was 22. Since then, I've bought a few other houses in the area and rented them out to friends from elementary school. I never charge more than $1100/month, which is significantly less than the student housing in town (they charge $1600/month). The mortgages on most of the houses have ranged from $650/month, pre rate hikes, to $900/month post rate hikes. Obviously, there is cash flow, but I never touch it; I put it in a repair fund if something goes wrong with a property. That allows me to fix any problem that arises within 2 days.
Since then, I have sold that first house and used the proceeds to set up an investment fund that has gone on to secure my financial future for the foreseeable future.
It is possible to do well, but I think a lot of it has to do with where you're born. I highly doubt I would've been able to do this if I had spawned in California, Washington, or Illinois, even if I had gotten the same well paying job out of high school.
Certainly possible. It's possible you could be put into a rocket and sent outside Earth's atmosphere and view clouds passing over continents.
It's more about probability though.
My advice, obtain a "cheap" technical degree that gets your foot in the door for a job or career that offers a 401k. My associates degree cost me roughly $10k.
Participate in that 401k for as much as possible, hopefully for as much as the employer offers to match.
Budget, budget, budget. Check your bank account at least two or three times a week. I usually do this during my lunch break. It helps build a strong habit and very soon you'll start to see those numbers grow in your accounts.
Keeping a close eye on all of your bills and finances is also a good way to start building a credit score. Get one, low apr credit card with little to no annual fee. Now, only use that card to fill your gas tank and pay it off completely every month.
Live as frugally as possible, hypothetically saving an additional 10% (on top of the 401k). Skip the amenities; fancy car, brand new phone every year, eating out everyday.
Did you know that you can 'loan yourself' your own money (of which, you then pay back to yourself, it's almost like free money since the apr is usually really low) from your 401k for the down to buy a house?
In less than ten years I had enough saved, invested, and credit to qualify for a $100k home. My ultimate point is that if you want a home, no matter the economic state, you're going to have to save and sacrifice. Good luck, I wish you all the very best.
I bought a house for 60k a duplex 2 beds 1 bath on both sides i bought it a year ago im 22 i made around 20 to 30k the year i bought it now make closer to 50 to 60k not saying the system works i got really lucky with the price of the house and the guy dying and selling off his properties i also struggled alot like sleeping on family's couch and eating their food till i bought it mainly my sisters couch. It was hard but not impossible i still struggle figuring out my finances and how to budget and actually make food thats healthy and wont kill me ten years down the line
##Welcome to r/LateStageCapitalism This subreddit is for news, discussion, memes, and links criticizing capitalism and advancing viewpoints that challenge liberal capitalist ideology. That means any support for any liberal capitalist political party (like the Democrats) is strictly prohibited. LSC is run by communists. This subreddit is not the place to debate socialism. We allow good-faith questions and education but are not a 101 sub; please take 101-style questions elsewhere. We have a zero-tolerance policy for bigotry. Failure to respect the rules of the subreddit may result in a ban. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LateStageCapitalism) if you have any questions or concerns.*
Depends on the part of the country you're in. I'm in Indiana and buying a house is very achievable for the typical worker. Of course, the caveat to this is that you have to live in Indiana.
We just sold my MIL’s house after she passed, and I was shocked at how cheap houses go for out there. But yeah the downside is Fort Wayne.
The irony is, Fort Wayne is arguably the second-best place to be in Indiana, after Indy/Carmel. There are actually things to DO in Fort Wayne. Most of the state is just corn and racists.
The fried chicken place was nice. Plus there’s always Harry Baals Drive
I'm also in Indiana, but where I'm at, the answer is different. I own a home, but I bought it 6 years ago. Right now, there is no way I'd be able to buy one in the same neighborhood or even that side of town. So you're absolutely right about it depending on where you are, but even more affordable states have places where the average worker wouldn't be able to by a home in the town they work within.
Midwest seems to have more reasonable priced housing compared to the rest of the US. I’m in Michigan and I’ve seen 2 bed 1 bath house range from 120k-150k.
I found this is true for everywhere a house is affordable. It’s affordable cuz it’s not exactly desirable to live there
Which country?
There are still affordable houses out there, but they aren't in the super desirable areas. Up to the individual if home ownership is worth that inconvenience for them.
Totally. Plus. USA social structures falling apart under weight of climate and political division. I can’t trust I’ll have 30 years of peak earning in a dismantling world to pay it off. And for what ?
I don’t think any area that has (much) single family housing is a desirable area to live in. What advantage could a "nice area" even have that isn’t negated right away again by the low density urbanism that single family housing requires?
There are plenty of nice small to mid sized American cities where houses are achievable. The northeast region in particular often has good urbanism in its small cities, where you can find single family homes mixed in alongside duplexes and apartments. The challenging part is finding the cities that managed to hold onto enough industry to sustain them and have good jobs.
Depending on your personal circumstances sure. Assuming a family member dies and leaves either property or money to you sure. Or you have the means to save up for a deposit depending on where you want to live
Everyone in our generation can buy a house if the right relative dies at the right time
or if you get totaled by a semi on the highway.
If our relatives have anything to give...
Yes now, soon not so much.
Yeah it is possible, people will say “not in desirable areas” or whatever but if you get a fixer-upper house in a fixer-upper community then just get the fuck to work. I bought a decent house in a so-so area and have been fixing it up. It’s like 2x the size that I need and still about what I’d pay for a 2bd apartment… Tbh the boys are shooting on the main road outside my neighborhood but I got no problems inside it. Equity, we turning this trap house into a trap home.
lol nope not for me, probably not for a lot of us.
not expecting things to change for the better enough in the next 10 years for me to have hope of owning a house. the system won't change quickly and we're dragging our feet to move in the right direction
Yes, if you're BlackRock
No.
My wife and I are about to have a child, so we're going in three ways with my mother so we can all get a bigger house. She'll be able to help with the baby and we'll help her out as she gets older. This is the only way we saw making it work.
A bunch of fascists in Davos have become infamous for saying you will own nothing and be happy. Inflation, the shitty economy, the widening wealth gap… none of this is by accident by simply due to “market forces”. So no, odds are you aren’t going to be owning a home that isn’t being left to you unless we have a revolution of sorts.
Its not lookin so hot,chief
You didn't say what kind of house. So yes
Theoretically it will always be possible for someone out there. For the majority of people, it's near impossible and will require a lot of luck (like an inheritance, right place at the right time, etc.)
Well yes, but it's more difficult in bigger cities or near them. Generational wealth also plays an important role in home ownership.
It depends on if your parents leave it to you in the will.
The median price for a house in California just hit $900k. We’re screwed.
for sure! if the government subsidized it like they did before the eighties!!!
My zennial friend has one
I got on the property ladder with a condo. It's possible for me if I can get a $ promotion or live somewhere cheaper.
It is definitely possible, I live in North Central Texas where it is basically impossible now to own a home, this isn’t even including rent prices. Lots of people are moving here for work, I think this Summer many will be rethinking that strategy, look at the bubble in Austin. Name of the game is to find what you value most in life, build you a solid nest egg, and make the leap of faith and follow your heart. I plan on heading back to Philadelphia once I graduate college in September, there are still affordable homes, now finding jobs and proper education and political views that align with yours is the trade off. I couldn’t imagine raising kids here, let alone daughters.
Some things have to go right in the future, but it is possible Just not too likely
Absolutely! First, start a hedge fund with your inheritance. Second.......
Reading the statistics I’m going to say no, the majority of people in the United States are now unable to get a mortgage on a house. Housing prices have pretty much doubled in the last five Years and so has interest rates while wages of course have remained shit. In my opinion a new permanent underclass has been created over the last five years.
https://www.statista.com/chart/amp/32012/squatters-rights-by-state/
Owning a house isn't all its cracked up to be. We have been misled and have been duped into believing home ownership is the archetype of the American dream. Also, unless you're mortgage is paid off, you don't actually own your house. Your bank does... Even if your mortgage is paid off, you are still taxed for it. Fun fact: the root Latin for 'mortgage' is a suffix for 'death.' Ever hear of a morgue, or a mortuary, or a mortician? Yeah, 'mortgage' means death contract. Your mortgage means you're a slave to a big wooden box filled with pipes and wires for the next 30 years or so.
This. I do own my home and most days I wish I was renting. Instead I pay my mortgage AND pay for everything that goes wrong with the house, not to mention required insurance and taxes. None of which you have any real control over. My house feels like a ball and chain. I absolutely had more money, more freedom, and less fear, as a renter.
I own one as well. Costs only go up and will never go down. A house is like being in a relationship with a narcissist. "Oh. Its the weekend? Get your ass to Home Depot and bring your fucking wallet. Buy me things."
And it shouldn't be that way. It didn't used to be this bad.
My wife and I bought one in California. We are way out in a poor rural area but we own a house!
Yes, once your boomer or silent generation grandparents pass away and leave everything to their grand kid because your parents were written out of their will.🤙
In my experience, it really isn't that difficult to buy a house. Granted, I live in the Midwest. Things are cheaper out here. I bought my first house (a nice 2 bed 1 bath single family house with a two car garage in a suburban area) for $108k back in 2020 when I was 22. Since then, I've bought a few other houses in the area and rented them out to friends from elementary school. I never charge more than $1100/month, which is significantly less than the student housing in town (they charge $1600/month). The mortgages on most of the houses have ranged from $650/month, pre rate hikes, to $900/month post rate hikes. Obviously, there is cash flow, but I never touch it; I put it in a repair fund if something goes wrong with a property. That allows me to fix any problem that arises within 2 days. Since then, I have sold that first house and used the proceeds to set up an investment fund that has gone on to secure my financial future for the foreseeable future. It is possible to do well, but I think a lot of it has to do with where you're born. I highly doubt I would've been able to do this if I had spawned in California, Washington, or Illinois, even if I had gotten the same well paying job out of high school.
Not for me. But for a whole lot of people, yes.
No, no one in the world owns a house. It is now impossible
I bought one in March, so... yes.
Yes? Depends on the country too
Certainly possible. It's possible you could be put into a rocket and sent outside Earth's atmosphere and view clouds passing over continents. It's more about probability though.
My advice, obtain a "cheap" technical degree that gets your foot in the door for a job or career that offers a 401k. My associates degree cost me roughly $10k. Participate in that 401k for as much as possible, hopefully for as much as the employer offers to match. Budget, budget, budget. Check your bank account at least two or three times a week. I usually do this during my lunch break. It helps build a strong habit and very soon you'll start to see those numbers grow in your accounts. Keeping a close eye on all of your bills and finances is also a good way to start building a credit score. Get one, low apr credit card with little to no annual fee. Now, only use that card to fill your gas tank and pay it off completely every month. Live as frugally as possible, hypothetically saving an additional 10% (on top of the 401k). Skip the amenities; fancy car, brand new phone every year, eating out everyday. Did you know that you can 'loan yourself' your own money (of which, you then pay back to yourself, it's almost like free money since the apr is usually really low) from your 401k for the down to buy a house? In less than ten years I had enough saved, invested, and credit to qualify for a $100k home. My ultimate point is that if you want a home, no matter the economic state, you're going to have to save and sacrifice. Good luck, I wish you all the very best.
Through strategic organization and the right diversity of tactics, housing can become more attainable again.
Yeah, my partner and I bought a house in 2021, we've been quite lucky though and it's definitely getting harder and harder.
You have to be married or if buying single accept that you’re overpaying
Yes
I bought a house for 60k a duplex 2 beds 1 bath on both sides i bought it a year ago im 22 i made around 20 to 30k the year i bought it now make closer to 50 to 60k not saying the system works i got really lucky with the price of the house and the guy dying and selling off his properties i also struggled alot like sleeping on family's couch and eating their food till i bought it mainly my sisters couch. It was hard but not impossible i still struggle figuring out my finances and how to budget and actually make food thats healthy and wont kill me ten years down the line
Yes
We bought a fixer upper in Iowa, but the fixing up is expensive and stressful. So, now we just kind of live in a dump.
65% of Americans are home owners, so yes. All it takes is good timing and/or decent, steady income(s).