For most Americans, owning a home is now a distant dream

Re:For most Americans, owning a home is now a distant dream by dcchambers on Tuesday April 26, 2022 @12:41PM (#31169682)

It sounds like you're not really buying a house, but you're buying space. Acreage is expensive and it will only get more so because it's literally impossible to create more of it. You can build housing vertically and put them as close together as possible. You can't magically make more land.

The vast majority of people won't be buying acres of land. Nor should they, it's not sustainable.

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Re:For most Americans, owning a home is now a distant dream by AuryGlenz on Tuesday April 26, 2022 @11:04PM (#31175849)

Sure, but there's still plenty of space in the area. We're nowhere close to building vertically.

The homes without acreage have all gotten significantly more expensive too. I just looked at a random house in town with a normal sized lot for the area. It's selling for 250k, was last sold in 2020 for 212k, and was sold before that in 2016 for 163k. The listing says it's back on the market with "new kitchen hardware and fresh paint on walls and trim," so no significant updates.

A nicer home on the most desired lake in the area - 1.3 million. It last sold in 2007 for 410k. A less nice home on the same lake sold for 730k. In 2011 it sold for 335k.

I know all those prices (save the million dollar home) are definitely cheap compared to cities, but the point was that the price increase has been stupid everywhere. There are so few homes on the market in the area it's ridiculous - they're gone instantly.

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