$3M for 1,300sqft (120m²)…
Asking 2 got 3. Did a corporation buy that?
Housing crash when?
At this point, not without a bloody upheaval.
Not that I’m encouraging that. It sounds horrible. But still.
My landlord recently told me how much they think the place I’m renting would sell for, and now idk why the owners even bother renting to me because the price is like 50 years worth of my rent.
Because he gets a steady supply of money and then in 10-20 years it will be worth 100 years of your rent on top of the 10-20 they collected already.
The bubble could pop though and you lose out. The market has softened near us and there are people that have lost 100s of thousands in equity already, and are upside down in the mortgage
I feel like “lose out” is an overstatement. There are/were still steady rent payments even if the whole bottom falls out.
Of course, but a generation of homeowners grew up learning that, barring short disruptions, home prices always go up. Nevermind that this was largely due to interest rates steadily dropping since the 80s, reaching basically 0% during Covid.
Since there isn’t really room for interest rates to drop anymore people shouldn’t expect home prices to rise faster than incomes rise, but it’s going to be hard to undo 30 years of observation.
Well you see, he can take a loan on the equity, you pay the loan for him and he doesn’t have to pay any where near as much in taxes. You’re just helping out a landlord in need.
Where did a boomer say that?
They all say that.
The oldest sale I could easily find was 1988, when it sold for $338,000 or about $956,400 today. In 1960 when it was built it likely sold for $15,000 and $22,000 so about $249,077 today. So from 1960 to 1988 it increased by 3.84x and from 1988 to now it increased by 3.16x. Wages increased by around 5.2x from 1960 to 1990 and about 2.4x from 1990 to 2025. In 1988 the house was 10.5x the average American families gross annual income. In 1960 it was 3.9x the income and today it’s 36x the average American families gross annual income. I didn’t really account for the area so the last part should really be done for California. Even today it’s not fair to lump in the economics of somewhere like West Virginia or Mississippi with California. Either way it’s probably more accurate to use the median instead of average.
San Jose is not considered Southern California. It is Silicon Valley.
visits silicon valley
no silicon in sight
mfw
Its all under the skin
Updated
You still can! You just gotta really lower your standards for what a “house” is
Home Depot special.
Yup. I’m down with a toy hauler rv (If I decay much more I’ll need a ramp) and my favorite apartment was 500 square feet. I found a decent plot of undeveloped land near where I want to retire. An rv could get us started, and we can use our camping gear for an extra “indoors” room.
Can you legally live in an RV there? i have some vacant rural land, but the county laws dont allow camping or RVs. They also ban structures until you build a dwelling of at least a certain size.
Not even allowed to be poor on your own land
it’s out in farm country. If they outlawed RVs, they’d be fucking over their labor force (at least where I am, half the folk in the migrant camp are in RVs, half are in modular homes).
that doesn’t mean i wouldn’t put it past them, but they grow better food there than we do here, and it’s just a couple hundred miles.
Hey! This is in California, which means it’s in the communist demoncrats turf. You need to move to Goshen Hole , Iowa, that’s where you can get a house for a more affordable price, and not be able to continue working in your career.
They’ll pay you to move to South Dakota, but you know, you have to live there
I love the badlands so like if I didn’t love where I live I’d consider it
Who knows all of these boomers scolding anyone? I’ve never heard one say that. Do I only know or am I only related to nice boomers?
- It’s corporations buying up all of the extra housing
- It’s price fixing the rentals and housing through software they bought up.
You have nice boomers. Mine understand the inherent changes in the market since they were our age, but they still blame us for not doing what they did.
There’s a middle ground somewhere between the extremes… I was lucky that I got out of school at a still good time. But it still took sacrifice to get what you wanted.
Like sometimes I was cutting mold off the bread to make a sandwich for work, and only home cooked food, and no budget for entertainmentn expenses. It got us a two bedroom house for the, baby, plus car and motorcycle. That was on one salary, but I realize that ain’t happening today.
But also I have seen family members of the young generation order a smoothy on skip, purchase $300 concert tickets, while racking up debt…while complaining of cost of living.
They aren’t getting a 2 bedroom house on one salary with 5% down, but they certainly could be saving for one by making some spending adjustments.
yeah i don’t have any realistic way of saving the 20% down they want before i die.
And if that is the situation, at least skip some pleasantries and contribute to a fund that has growth so you can afford rent later in life. That’s the issue I see, people with get to 65 and have a tiny government pension that won’t cover groceries and such, let alone rent
Kill capitalists… I mean…ism…
