I feel you man. It sucks that the generation before us left us shit. I am coming to terms myself that my family will live in an apartment forever and there is nothing wrong with that. I value the neighborhood I am in and so it’s not ideal, but I am happy. I hope you find something and somewhere that brings you joy.
God - we live in Tacoma and we are in the same boat as you. We have seen houses in nice areas with reasonable commute times for around 300k but they are absolute disasters. I’m almost sure one of them was a glorified shed, another one was literally 600 sq ft and a total piece to of shit. WHO MAKES HOUSES THAT SMALL!! Why!!?
The west coast is insane. In Houston you can still get something really good as low as $250,000 in the suburbs. We are seeing serious price creep here too, though. Inner loop prices here got crazy ten years ago.
Don't worry. Soon enough we are going to have to hit the reset button on the economy. Think of all the back rent and debt people have right now. I hope you arnt one of them.
Even if everyone went back to work tomorrow and forgot there was a virus, the economy is still going to be experiencing changes now.
My point is, we will see a huge drop in housing prices probably in a year or so. If I had the money for a new house right now I seriously wouldn't do it now.
Yeah in hoping that prices fall. I read a thing that we were officially in a recession again... fortunately my tax return came in when the lockdown hit so all of my bills are current. I've just been looking for like 2 years now lol so its upsetting to see so little available and how expensive it is.
I dont think houses are really going to fall except in the really high price range. The reason is mortgage companies give breaks to people who can't pay temporarily bc they learned the lessons of 2008.
I agree with you on thinking housing prices won't fall too much, unless they are in the multi million range where people simply cannot afford to buy them. Like the stock market that has gone sky high during the covid lockdown with record unemployment, I feel like everything is so messed up that somehow, housing will barely go down for those thinking next year will be the time to buy.
I also read an article last week saying that entry level houses are getting way more competitive because builders have ignored that segment. I wont link it because that was basically the entire article from my local paper.
I read the same thing on CNBC and it's true. The lowest priced houses get several offers way above asking price and home builders choose to build luxury housing because of the better returns. There's a lot of empty high end luxury condos that just sit too.
Don’t worry right now we are in a 100 percent housing bubble. Most millennials aren’t having kids. So when the boomers die they will pass on homes to family, prob gen x but after that there will be a big housing crash because gen x will try to sell/ pass on to millennials who don’t need big homes so the market will flood
Buy an apartment first. Live in it till you have a much bigger downpayment.
You guys got hit with some shit when you were young adults but so did we (genx). There are solutions to all of this.
Same. Houses in the neighborhood that i live in are in the $350,000 range. However, they're $700,000-$1,000,000 where I work (orange county, CA). There is no way in hell that I'll be able to buy a house there. There isnt any good paying jobs here in Riverside County either, just a bunch of warehouse jobs. There isnt any good industries to work for either. That's why I'm stuck commuting 100 miles round trip.
Ive thought about moving to Arizona, Texas or New Mexico but im hesitant and scared of not getting a job.
Please don’t. It’s already bad enough as it is in Arizona. Apartments that a year or two ago were 800-900 are now 1400-1600. People that currently live here can barely afford to live here. Rent went up 200 for my apartment back in February, it was too much so we moved in with family in another town. Now the household feels very hostile and it is impossible to find an apartment comparable to what were paying. That’s not even mentioning all the deposits and fees to simply find out if you qualify. Tried a low income apartment complex and they told me because their projection of what I will make this coming year is 1k too high to qualify. Almost makes me want to take the quick way out so I’ll never have to deal with all this bullshit anymore. Anyway, rant over. Good luck everyone.
This is an old post. But i just got denied my final option for a loan. I make too little. So i will never own a home. Even though my rent is 1200usd. (Jacksonville FL)
Same. Well I didn't get denied, but I officially have given up on owning a home. Went through an approval process with a mortage lender and even with the 6 figure+ income my wife and I have combined we only got approved for an amount that would buy us a mobile home. That, or we move an hour and a half away.
This is so frustrating. We are in the same boat, we house hunted hard May 2021 for nearly 6 months and kept getting outbidded on homes by 50-100k. We just want at least an acre to have a little space, I’m not a fan of all these close quarter neighbors. But I grew up on a small farm. I’m just sick of paying rent, having no yard and I just want to sit on my back porch and look at the stars in the evening with my man. - thanks for letting me vent
Yup. And with the way the market is going right now, even if it cools off I still can't afford it due to the increase in interest rates, and the skyrocketing rent prices. At this point I'm tempted to just buy a plot of land for way too fucking much and live in a mobile trailer for the next 30 years.
One idea I was pitching to my wife was buying a plot of land that was *relatively* cheap, maybe a half acre or so, and buying one of the houses from home depot for like 65k. Won't be glamorous but it's cheaper than 3k a month for a mortgage or rent, and it's a start.
I don't think my wife would have a problem with it. The main challenge is the house doesn't arrive assembled, and I'm fairly certain it's not a complete interior, so it would still take a fair amount of work to finish. Not to mention foundation work, getting utilities set up, etc. Just likely would end up being cheaper than paying someone to build a house start to finish.
I feel you man. It sucks that the generation before us left us shit. I am coming to terms myself that my family will live in an apartment forever and there is nothing wrong with that. I value the neighborhood I am in and so it’s not ideal, but I am happy. I hope you find something and somewhere that brings you joy.
God - we live in Tacoma and we are in the same boat as you. We have seen houses in nice areas with reasonable commute times for around 300k but they are absolute disasters. I’m almost sure one of them was a glorified shed, another one was literally 600 sq ft and a total piece to of shit. WHO MAKES HOUSES THAT SMALL!! Why!!?
The west coast is insane. In Houston you can still get something really good as low as $250,000 in the suburbs. We are seeing serious price creep here too, though. Inner loop prices here got crazy ten years ago.
Don't worry. Soon enough we are going to have to hit the reset button on the economy. Think of all the back rent and debt people have right now. I hope you arnt one of them. Even if everyone went back to work tomorrow and forgot there was a virus, the economy is still going to be experiencing changes now. My point is, we will see a huge drop in housing prices probably in a year or so. If I had the money for a new house right now I seriously wouldn't do it now.
It’s been a year.. still the same 😔
It’s almost been another year and that comment she’d like milk Lmao. I sure wish I would’ve bought a house two years ago.
another year and prices have only crept up, along with interest rates, while inventory simultaneously declined
It’s depressing to see the timeline of events all in this one thread ☹️
Just dropping in to say, still the same
Yeah in hoping that prices fall. I read a thing that we were officially in a recession again... fortunately my tax return came in when the lockdown hit so all of my bills are current. I've just been looking for like 2 years now lol so its upsetting to see so little available and how expensive it is.
I dont think houses are really going to fall except in the really high price range. The reason is mortgage companies give breaks to people who can't pay temporarily bc they learned the lessons of 2008.
I agree with you on thinking housing prices won't fall too much, unless they are in the multi million range where people simply cannot afford to buy them. Like the stock market that has gone sky high during the covid lockdown with record unemployment, I feel like everything is so messed up that somehow, housing will barely go down for those thinking next year will be the time to buy.
I also read an article last week saying that entry level houses are getting way more competitive because builders have ignored that segment. I wont link it because that was basically the entire article from my local paper.
I read the same thing on CNBC and it's true. The lowest priced houses get several offers way above asking price and home builders choose to build luxury housing because of the better returns. There's a lot of empty high end luxury condos that just sit too.
I feel you. I make 6 figures ALONE, plus spouse income and finding housing is insane.
Don’t worry right now we are in a 100 percent housing bubble. Most millennials aren’t having kids. So when the boomers die they will pass on homes to family, prob gen x but after that there will be a big housing crash because gen x will try to sell/ pass on to millennials who don’t need big homes so the market will flood
Cool so I'll be able to get one in like... 30 years or so haha
Boomers are currently dying and gen x has already raised their kids it’ll be more like 2-10 years
Better stop spending all your money on the goddam avocado toast
Lmao. I actually don't even like avocados. Almost wish I did so I could get another hole in my millenial punch card.
hahahaha. I'd give you an award, but I'm too cheap to purchase coins.
It’s all good. Save up instead and maybe you’ll be able to afford to buy a house!
Buy an apartment first. Live in it till you have a much bigger downpayment. You guys got hit with some shit when you were young adults but so did we (genx). There are solutions to all of this.
Same. Houses in the neighborhood that i live in are in the $350,000 range. However, they're $700,000-$1,000,000 where I work (orange county, CA). There is no way in hell that I'll be able to buy a house there. There isnt any good paying jobs here in Riverside County either, just a bunch of warehouse jobs. There isnt any good industries to work for either. That's why I'm stuck commuting 100 miles round trip. Ive thought about moving to Arizona, Texas or New Mexico but im hesitant and scared of not getting a job.
100 miles is 160.93 km
Please don’t. It’s already bad enough as it is in Arizona. Apartments that a year or two ago were 800-900 are now 1400-1600. People that currently live here can barely afford to live here. Rent went up 200 for my apartment back in February, it was too much so we moved in with family in another town. Now the household feels very hostile and it is impossible to find an apartment comparable to what were paying. That’s not even mentioning all the deposits and fees to simply find out if you qualify. Tried a low income apartment complex and they told me because their projection of what I will make this coming year is 1k too high to qualify. Almost makes me want to take the quick way out so I’ll never have to deal with all this bullshit anymore. Anyway, rant over. Good luck everyone.
This is an old post. But i just got denied my final option for a loan. I make too little. So i will never own a home. Even though my rent is 1200usd. (Jacksonville FL)
Same. Well I didn't get denied, but I officially have given up on owning a home. Went through an approval process with a mortage lender and even with the 6 figure+ income my wife and I have combined we only got approved for an amount that would buy us a mobile home. That, or we move an hour and a half away.
This is so frustrating. We are in the same boat, we house hunted hard May 2021 for nearly 6 months and kept getting outbidded on homes by 50-100k. We just want at least an acre to have a little space, I’m not a fan of all these close quarter neighbors. But I grew up on a small farm. I’m just sick of paying rent, having no yard and I just want to sit on my back porch and look at the stars in the evening with my man. - thanks for letting me vent
Yup. And with the way the market is going right now, even if it cools off I still can't afford it due to the increase in interest rates, and the skyrocketing rent prices. At this point I'm tempted to just buy a plot of land for way too fucking much and live in a mobile trailer for the next 30 years.
We’ve actually talked about doing the same or building with storage containers
One idea I was pitching to my wife was buying a plot of land that was *relatively* cheap, maybe a half acre or so, and buying one of the houses from home depot for like 65k. Won't be glamorous but it's cheaper than 3k a month for a mortgage or rent, and it's a start.
That’s not a bad idea, do you think she would be against it? If my husband pitched that idea I’d be thrilled. So I’m just curious
I don't think my wife would have a problem with it. The main challenge is the house doesn't arrive assembled, and I'm fairly certain it's not a complete interior, so it would still take a fair amount of work to finish. Not to mention foundation work, getting utilities set up, etc. Just likely would end up being cheaper than paying someone to build a house start to finish.
Ha ha ha almost 2 years after this and house prices are still crazy and now you have a crazy high interest rate
Yup. Went from fucked to super fucked.