With home prices up nearly 40% since 2020, buyers are now wealthier and older, making them more likely to outbid younger buyers with all-cash offers.
        • Rekorse@sh.itjust.works
          3·
          5 months ago

          Okay so 600k? Even still though, a million dollar home you own thats gone up far over what you paid for it is going to leave you with a lot of options.

          Its confusing to me that you need to upgrade and so are upset about the housing situation. You seem to be doing well by any standard I’m aware of so I’m asking what do I not know?

            • Rekorse@sh.itjust.works
              2·
              5 months ago

              What does upgrade even mean? Are you like two per room and are having more kids? None of this makes any sense without context.

              The million dollar homes in my well populated area near a major city are gigantic homes.

  • AutistoMephisto@lemmy.world
    27·
    5 months ago

    Well, yeah. “House” no longer means “Place where people live”. It’s now defined as “long-term investment/passive income generator”.

  • Nuke_the_whales@lemmy.world
    26·
    5 months ago

    The downpayment required on a home in my area, is almost the cost of the entire house was 20 years ago. We can’t even save for a downpayment when the finish line is running ahead of you at full speed

  • bitchkat@lemmy.worldEnglish
    9·
    5 months ago

    I bought a property for my son to live in. I figure, I can pay for a modest condo now or he can buy it after I die. And #2 means paying rent for 20 years or so.

    • Kyrgizion@lemmy.world
      12·
      5 months ago

      Hahaha. No. In 13 years those prices will have quintupled, but I’m willing to bet your income won’t.

      Anyone who cannot afford a modest home today, will simply never be able to unless they inherit, win a lottery or land a ridiculously well paying job.

      Saving up 5 years for a down payment? The price goes up faster than you can save. You could live like a hermit and eat nothing but ramen and still need years upon years only to even be considered for a loan.

      No, people need to understand what has been stolen from them and rise up against it. Keeping the current system afloat will never bring any change, and what do they have to lose?

  • BilboBargains@lemmy.world
    4·
    5 months ago

    If the average mortality continues to fall will we see a situation where the average home owner is a corpse? Half of Americans are already dead from neck upwards.