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.
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.