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Message
re: Troubles buying a home.
Posted on 3/14/25 at 10:48 am to RollTide4547
Posted on 3/14/25 at 10:48 am to RollTide4547
I'd be curious if the rise of the two-income households from the 60's and 70's through today had also played a role in pricing changes throughout the decades.
0
Posted on 3/14/25 at 10:52 am to Zach
quote:
I bought my first home in 1979. It was brand new, but small and cheap with a 1 car carport and no garage. Those starter homes aren't being built anymore. It's because builders of new homes make more money with similar labor costs if they build larger, expensive homes.
They do build them in Texas but they are in the high 200s.
Posted on 3/14/25 at 10:57 am to RollTide4547
No I agree it's about choices completely, but also think there is other possible contributing factors. For example, the point you brought up about the coffee. Most older generations I believe have the mind set up work now and enjoy life when you retire, where the younger generation has the mindset of enjoy life now cause who knows if you will get to enjoy it later. Of course, I'm also 28 and currently have my second home I've owned for sale and building what will most likely be the last home I ever live in. So who knows really.
Posted on 3/14/25 at 10:58 am to AubieinNC2009
quote:
well one problem is no one wants a "starter home" or fixer up anymore because it doesn't look good on instagram and YouTube.
Most "starter homes" are snapped up by Airbnb Entrepreneurs who watched a YouTube video and bought a course on building passive income.
Times are tough for anyone who wasn't already a homeowner prior to 2020.
Posted on 3/14/25 at 11:00 am to blueboxer1119
quote:
I’m a full time investor and if anything resembles underpriced, people will buy it with cash in hours. I do it all the time.
Nobody but investors has a chance at any of these houses unless they are reserved for owner occupants by HUD, which is a very small percentage.
The days of buying a fixer upper and putting sweat equity into it are over. Have been for a few years.
Like this nucca right here
Posted on 3/14/25 at 11:02 am to AubieinNC2009
quote:
well one problem is no one wants a "starter home" or fixer up anymore because it doesn't look good on instagram and YouTube.
I mean this is just factually inaccurate. The problem is the houses you're talking about are being quickly snatched up by investors and rented out and/or renovated and sold for a much higher price.
This reality is being lost in the high interest rate conversation.
This post was edited on 3/14/25 at 11:04 am
Posted on 3/14/25 at 11:03 am to blueboxer1119
quote:this is especially true in cities that are growing/have a good job market
There’s no such thing as a fixer upper.
I’m a full time investor and if anything resembles underpriced, people will buy it with cash in hours. I do it all the time.
Nobody but investors has a chance at any of these houses unless they are reserved for owner occupants by HUD, which is a very small percentage.
The days of buying a fixer upper and putting sweat equity into it are over. Have been for a few years.
Posted on 3/14/25 at 11:03 am to tigeraddict
quote:
Partially correct. Now a starter home or fixer upper is in a less secure area. People are paying for security.
This is a real problem. There are lots of home in my area that go for 90k. Problem is those neighborhoods are on the downswing. In 10years that home could be worth 40k even if remodeled.
No one wants to fear for their safety around their home.
Posted on 3/14/25 at 11:04 am to blueboxer1119
So you are part of the problem? Thanks for self identifying.
Posted on 3/14/25 at 11:07 am to LARancher1991
quote:Ok. That's their choice and I'm fine with them making it. But don't complain that they can't buy a home. They can, they just can't continue to spend like they want and buy a home.
the younger generation has the mindset of enjoy life now cause who knows if you will get to enjoy it later.
Posted on 3/14/25 at 11:08 am to AubieinNC2009
quote:They don't even build anything equivalent to a 70s era home. American's are addicted to faux "luxury", and the prices reflect that largely.
well one problem is no one wants a "starter home" or fixer up anymore because it doesn't look good on instagram and YouTube.
Most of the people howling aobut home prices today are the same ones that begged the government to re-inflate the bubble in 2009-2010. What did they expect?
Posted on 3/14/25 at 11:18 am to RollTide4547
I love how OP cherry picked 41% when that number is an outlier on the high side, and the median is 31.5% of total income.
And I’ve been a homeowner since 1998.
And I’ve been a homeowner since 1998.
Posted on 3/14/25 at 11:19 am to Taxing Authority
quote:most of the people howling about home prices today were in junior high school in 2009
Most of the people howling aobut home prices today are the same ones that begged the government to re-inflate the bubble in 2009-2010. What did they expect?
Posted on 3/14/25 at 11:23 am to bird35
How exactly did I cherry pick anything? 44% in 1979 and 41 in 1983.
Posted on 3/14/25 at 11:25 am to AubieinNC2009
quote:I can't speak for everyone, but the problem is, there is no starter home market in Baton Rouge anymore.
well one problem is no one wants a "starter home" or fixer up anymore because it doesn't look good on instagram and YouTube.
Posted on 3/14/25 at 11:25 am to RollTide4547
Greatly appreciate the work you put into this.
The payment percent has doubled since covid, and this type of increase was not seen at other times, as far as I can tell. That's quite a shock for those trying to get into a house. It effectively makes the American Dream and pipe dream.
In the past, people devoted a lot of their paycheck to a mortgage, but they didn't have the other expenses to go with it. Insurance is up dramatically, car payments, school loans, food, etc.
Saw a video showing that home prices have gone up 47% since 2020. That is not sustainable for anyone.
We have a housing affordability crisis. There is no way to get around this. If we neutered private equity and forced them to put houses up for sale, this crisis would end.
The payment percent has doubled since covid, and this type of increase was not seen at other times, as far as I can tell. That's quite a shock for those trying to get into a house. It effectively makes the American Dream and pipe dream.
In the past, people devoted a lot of their paycheck to a mortgage, but they didn't have the other expenses to go with it. Insurance is up dramatically, car payments, school loans, food, etc.
Saw a video showing that home prices have gone up 47% since 2020. That is not sustainable for anyone.
We have a housing affordability crisis. There is no way to get around this. If we neutered private equity and forced them to put houses up for sale, this crisis would end.
Posted on 3/14/25 at 11:30 am to bird35
quote:
bird35
1979 16530 62900 11.2 608.54 44.18%
1980 21020 69300 13.74 806.88 46.06%
1981 22390 68900 16.63 961.62 51.54%
1982 23430 69300 16.04 934.15 47.84%
1983 24550 75300 13.24 847.12 41.41%
Added years from 1979 thru 1983. Can see the % of monthly income go from 44 to 46 to 51 to 47 to 41. Where exactly is the "median" you speak of?
Posted on 3/14/25 at 11:33 am to POTUS2024
quote:Even doubled, it is far less than 1979 thru 1983
The payment percent has doubled since covid, and this type of increase was not seen at other times, as far as I can tell.
1979 16530 62900 11.2 608.54 44.18%
1980 21020 69300 13.74 806.88 46.06%
1981 22390 68900 16.63 961.62 51.54%
1982 23430 69300 16.04 934.15 47.84%
1983 24550 75300 13.24 847.12 41.41%
Posted on 3/14/25 at 11:38 am to RollTide4547
quote:
It's about choices.
Eh, I'm less convinced it is about individual choices rather than macro-level choices in terms of zoning. There will always be a place for single-family homes , but zoning limits density, which has a greater effect on prices than individual spending choices. Places where land is a premium seemingly have had trouble changing zoning laws, as no one seems to want density in their neighborhood. Seattle is a market where I have some familiarity, and zoning has been a big issue. I imagine that it is the same in places like San Francisco and other urban areas which have grown exponentially since the 90's.
Posted on 3/14/25 at 11:45 am to crazy4lsu
quote:There are houses elsewhere. Move. Again, it goes back to choices.
Seattle is a market where I have some familiarity, and zoning has been a big issue. I imagine that it is the same in places like San Francisco and other urban areas which have grown exponentially since the 90's.
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