Re:The Battle of GameStop
by TheAdamAndChe on Tuesday January 26, 2021 @09:19AM
(#25915985)
Entry level homes in non-trendy areas are much cheaper. My home is about $110k.
Re:The Battle of GameStop
by mywittyname on Tuesday January 26, 2021 @09:45AM
(#25916262)
>My home is about $110k.
Like, it was worth that when you bought it several years ago? I mean, I live in the midwest too, where it used to be possible to get a modest home in the burbs for about that price. But those homes are now gone, they disappeared over the past few years as they were purchased in all-cash transactions by flippers who threw some paint and flooring in them before selling them for twice the price.
Housing in the cheap areas is being hit really hard. Lots of areas are seeing coastal-levels of YoY price inflation. Mine is ~18% YoY according to Zillow.
This. I got an unexpected windfall last year that meant I could finally afford the downpayment on a house and in the Minneapolis suburbs (not exactly a "trendy" area) basic post-war (50s-70s, 2-4 bedroom) homes start at $250k unless they're exceptionally tiny or in poor condition. Just a few years ago these places were going for under $200k. If I wanted to live in a more rural area of the state I'm sure I could find homes going for $110k but for a lot of reasons I don't want to do that.
Re:The Battle of GameStop
by TheAdamAndChe on Tuesday January 26, 2021 @11:47AM
(#25917977)
I bought it a year and a half ago.
Re:The Battle of GameStop
by engineer_22 on Tuesday January 26, 2021 @09:33AM
(#25916129)
I've got a note for $70k for a 3 bedroom. It's not LA, but it's fine for raising a family.
s/trendy/places with jobs/
Exactly. That’s the only reason why you stay in that high cost of living area.
Unless you work in healthcare. Then you can be wherever.
$700,000 is a mansion in all but a few parts of the country. I suspect your view is distorted by your local environment.
And then, after screwing up the 2008 crisis, they stopped building homes. And the homes that were foreclosed on, they allowed the rich corporations to buy them up for pennies on the dollar.
You call this a real estate market? It’s a god damned scam!
So what does that leave us with? Millennials that have a lot of student loans, low pay for decades, and now, they can’t even buy a home.
How wonderful it is that a dilapidated entry level home is now $700,000. Good luck paying for that, when you couldn’t even afford to pay for a $500,000 home.
Families are delayed. Marriages are delayed. Kids? Good luck even affording to pay for a family, with your $800,000+ mortgage.
Thanks America. You f*cked us. But sure, your rich buddies are even richer.