How are people affording these crazy home prices?

[Customweld]

My brother is in his mid twenties and has given up on the housing market. He had big plans after college but has decided to toss in the towel for the foreseeable future. Just not viable for him to dump that much capital into these current prices. I honestly don’t blame him.

My middle daughter just bought a house. She had to buy in a smaller town quite a ways out from the Boise metro area. She works on the opposite side of Boise, so it’s quite a commute for her. She has done fairly well for herself. She wasn’t old enough to drink when she signed papers. I’m pretty sure she still has the first dime she made when she was car hopping at a little restaurant in high school. There is no way she could afford to live in Boise or her hometown.

 

[MT257]

We purchased a home in Gallatin County less then 3 years ago. Our realtor told us recently that we could list it for a 7 figure profit. Tempted to sell it off and move back East. Gallatin County is becoming a zoo.

Definitely a strange place compared to what it was originally. The ag days and community are dead and gone.

 

[z987k]

The amount of risky loans out there has to be incredible.


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I'm looking forward to buying a few of them for .25 on the dollar.

 

[Yoder]

People just want them. It doesn't matter what they can actually afford, they want it. Americans all behave like Veruca Salt, "I want it now daddy!!!!".

 

[timekiller13]

I do feel bad for first time home buyers right now.

I have gotten lucky on both my homes. I bought my first house when the real estate market was trashed. 2010. Paid $160k for a log home on 4 acres. Full basement, 2 car garage and one car detached garage. Sold that house 6 months ago for $375k.

Turned around and bought my in laws house. They sold it to me for $100k less than what they could have gotten out of it in this current market. But they didn’t care. They built it 25 yrs ago for $150k. They were just happy to keep it in the family.

 

[CorbLand]

People just want them. It doesn't matter what they can actually afford, they want it. Americans all behave like Veruca Salt, "I want it now daddy!!!!".

People have to have places to live and the rental market is just as crazy as the housing. I bought a house two months ago and I know people that are paying more for rent than my mortgage is.

It took our old landlord less than 24 hours to fill our old apartment.

 

[timekiller13]

People have to have places to live and the rental market is just as crazy as the housing. I bought a house two months ago and I know people that are paying more for rent than my mortgage is.

It took our old landlord less than 24 hours to fill our old apartment.

Two bedroom apartment in my area rents for $1750/month.

My in laws have 3 rental properties. 3 bed 1.5 bath homes. They rent them for $2000 month and have people beating down the doors to rent them.

My wife and I rented for 1 yr after we first got married. This was 2009. We paid $750 a month for a 3bed 2bath home.

 

[CorbLand]

Two bedroom apartment in my area rents for $1750/month.

My in laws have 3 rental properties. 3 bed 1.5 bath homes. They rent them for $2000 month and have people beating down the doors to rent them.

My wife and I rented for 1 yr after we first got married. This was 2009. We paid $750 a month for a 3bed 2bath home.

Pretty much sounds like here.

 

[Trial153]

The question should be how can you afford to NOT buy/ own a home in this market

 

[amassi]

The amount of risky loans out there has to be incredible.


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Nope I don't write mortgages but there's sufficient loan officers on here who agree the qualifications are sufficient to avoid risky loans- no more stated income arms

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[amassi]

People just want them. It doesn't matter what they can actually afford, they want it. Americans all behave like Veruca Salt, "I want it now daddy!!!!".

Strange that people would like to own a home or property and not pay someone else's mortgage while they increase rents- really so spoiled

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[HornPorn]

A plumber in his late 20s/early 30s was doing some work at my house on Friday. He started talking about how crazy the housing market is, and when prices would come down. Said he is a renter and wants to buy a house but has a wife and 5 kids, and can't afford anything big enough for his family. I feel for him, but the first thing he needs to do is get snipped......I understand young people getting knocked up once, maybe even twice.....but after that, you got to use your head......the one on your shoulders.

 

[go_deep]

A plumber in his late 20s/early 30s was doing some work at my house on Friday. He started talking about how crazy the housing market is, and when prices would come down. Said he is a renter and wants to buy a house but has a wife and 5 kids, and can't afford anything big enough for his family. I feel for him, but the first thing he needs to do is get snipped......I understand young people getting knocked up once, maybe even twice.....but after that, you got to use your head......the one on your shoulders.

I'd take my family over a house any day of the week... and twice on Sunday.

 

[amassi]

A plumber in his late 20s/early 30s was doing some work at my house on Friday. He started talking about how crazy the housing market is, and when prices would come down. Said he is a renter and wants to buy a house but has a wife and 5 kids, and can't afford anything big enough for his family. I feel for him, but the first thing he needs to do is get snipped......I understand young people getting knocked up once, maybe even twice.....but after that, you got to use your head......the one on your shoulders.

A skilled tradesmen regardless of home size should be able to afford a home for said family.

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[HornPorn]

I'd take my family over a house any day of the week... and twice on Sunday.

Having a family is awesome, but there is a reason most people have 2-3 kids and call it a day. They want to be able to provide for them, put a roof over their head, maybe send them to college, maybe pay for a wedding. There are many people who would love nothing more to have kids but cant for whatever reason, then a segment of our society who has no business having kids (Im not talking about the plumber) can get pregnant by just looking at each other.

If you don't think that having kids should be something considered from a financial responsibility, that is sad. I'm afraid too many people in the world share your thoughtlessness, and that is a big part of the problems we have in society today.

 

[Yoder]

Strange that people would like to own a home or property and not pay someone else's mortgage while they increase rents- really so spoiled

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People are spoiled to think they are entitled to cheap housing without making a compromise of some kind.

 

[jayhawk]

Another problem that's been well-documented is the number of investment firms and banks that are buying up houses to rent them out. They make a huge profit from the rent and, if the rental market falters, they can still sell the house. It's happening a lot in "boom" cities like Austin, Nashville, and the CO Front Range.

Even "affordable" states aren't so affordable now. It took a pandemic to show people in NY, WA, and CA that they lived in a sh***y state and now they're moving all over the country and increasing demand for homes and rental properties that are already in short supply, so the prices are being driven up.

 

[amassi]

People are spoiled to think they are entitled to cheap housing without making a compromise of some kind.

What compromise could a young first time homebuyer possibly make to compete with a hedge fund with billions of dollars of borrowed capital? Guess they better quit eating that avocado toast

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[*zap*]

Seems that wealth is channeled to the top % and then the next %.....with many, many people struggling to get by living a lifestyle comparable to the other %'s.....who can do it easily.

Hope that makes sense..

 

[rickjames80]

The question should be how can you afford to NOT buy/ own a home in this market

This is kinda how I feel