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State of housing costs in the US. Where does it end?

dntsdad

dntsdad

Central California
Joined
May 19, 2020
Member Number
47
Messages
1,269
Loc
Central California
This topic is on my mind a lot with my kids coming into the house buying ages. One had bought a house for way more than I would have paid but that is the market so I am happy he is set as far as that goes.

My other son had a great job. Makes pretty good money. I honestly cant ever see him affording one let alone saving for a down payment.

I know people that are drowning paying 2k/mo. in rent and it just keep going up and up. Were getting into 50-60% of income range for housing for a lot of people.

I know people trying to buy a house after building a ton of equity that can't even get their offers taken of full asking or sometimes 10-20% over. Huge investment companies are just coming in and paying cash at 21% over. Of course, this just drives the prices higher and higher.

I don't pretend to know that answer on how to "fix it". Doubtful there is a government solution but also doubtful that there is a private side solution other than a massive crash, and even then I don't think it falls to affordable for many.

I have seen people propose a ban on single family housing investing. That could be a ban on huge corporate investors or even regular people owning more than say two homes. I'm not sure "ban" would be legal for regular folks but of course the .gov could tax the fuck out of a third home purchase so make it unattractive. I am not for the .gov getting involved in anything before I start getting called a commie just FYI.

It's sad that I see so many of my kids friends, family, etc. in the <30 group that can't make the dream of affording a house happen unless they have some family money or assistance.



It seems that something has to give though.

Discuss.
 
TrailTamer said:
vote Trump.

Secure our borders.

Deplore ALL illegal immigrate.
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End Anchor Baby policy

And make foreign investment in US real estate illegal.

But really… Trump isn’t anywhere close to a lock and Trump will not carry California (where op list as his location) anyway.

Secure borders are essential but most illegals don’t come over the border . They over stay their Visa or shit like that.

And in no real world scenario is anyone going to deport ALL illegals
 
Inflation vs income, supply vs demand.

Not only is the money printer bouncing off the rev limiter, but the 10 million people we've let cross Biden's border have to sleep somewhere.
 
1583014166246.png





Illegals are a double whammy, suppressing wages and taking up affordable housing, all by design




I believe the idea is 15 minute cities and everything is a subscription, you'll own nothing and be happy



I'm buying property with utilities, and focusing on multiple residences on properties, building a studio apartment on my new house, and will have at least one RV hookup, and would like to add a guest house or garage/ apartment

If my kids don't want to live here, hopefully however much wampum I'd get renting out my studio would be enough to help one get a similar place wherever they land, if things are bad enough
 
Money Printer go BRRRRRRRRRR.
Get ready for Great Depression 2.0. A kind of depression that the USA only gets lifted out of when we start to supply the next world war.

Single family investing has made the world go around for a while. If it's banned, the housing market will collapse due to an uncontrollable inventory increase.

Best thing you can do is keep ya head down and work past it.
 
bad zuki said:
Money Printer go BRRRRRRRRRR.
Get ready for Great Depression 2.0. A kind of depression that the USA only gets lifted out of when we start to supply the next world war.

Single family investing has made the world go around for a while. If it's banned, the housing market will collapse due to an uncontrollable inventory increase.

Best thing you can do is keep ya head down and work past it.
Click to expand...
So some how my 24 year old kid has beat the odds, he graduated high school didn't go to collage, got a great job and somehow managed to save 250K and buy a house in Southern Ca. in 19 days him and his fiancée will be married and moving in, All of that gives me the cold sweats,

Tomorrow will be my last day of employment ( Retired after a 40 year career) And hopefully set for life.

My fear for my kids success is insane, :eek::eek::eek:
 
TrailTamer said:
vote Trump.

Secure our borders.

Deplore ALL illegal immigrate.
Click to expand...

wth? That has nothing to do with housing. All those immigrates buying 750k houses. :lmao:


I've heard the folks from India and China are paying alot for house and buildings. Looks a bit ago at for sale stuff around here and there was way too many listing above 750k. With the medium wage around here of 50-55k, that's completely stupid.
 
Weasel said:
wth? That has nothing to do with housing. All those immigrates buying 750k houses. :lmao:


I've heard the folks from India and China are paying alot for house and buildings. Looks a bit ago at for sale stuff around here and there was way too many listing above 750k. With the medium wage around here of 50-55k, that's completely stupid.
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They push people up the market, hence raising prices...immigration at unsustainable rates royally fucks everything.
 
SomeGuy said:
They push people up the market, hence raising prices...immigration at unsustainable rates royally fucks everything.
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not anywhere close to here they don't. No one is pushing up houses from 350k - 1 mill that don't live and work in this area. Rental start at 1k plus.

and I serous doubt the current immigration rates are anything close to what people make it out to be. Europe has an issue. But of course lets just latch on the things that aren't the issue so everyone can stop their feet and yell at clouds.
 
Weasel said:
and I serous doubt the current immigration rates are anything close to what people make it out to be.
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Rates are under, not over.

I don’t see the effect on real estate.

HGTV and “house flipping” shows are WAY, WAY more responsible for this particular problem than immigration of any sort.

Edit; and AM talk radio guys who are getting rich selling books & seminars.
 
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This is fucking crazy.... I live in Souther Utah; ~3000 sq/ft rancher with a market value north of 2mil. Sister lives in SoCal... 1400sq/ft rancher....1.5 mil. No way whould I ever pay north of 1 mil for a 1400sq/ft trac home..... :eek::eek::eek::eek:
 
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Pondered on this one for a bit.

Truth of the matter is no one has any idea how to address housing/economy/runaway train issues that once great US is facing.

The best efforts by the lying bastards (politicians) is mincing on the same words, propagating changes - big ideas blah blah, and just kicking the the real problems down the road. Politicians change, same societal issues remain/are getting worse.

New generations are facing some pretty lackluster options, I fear for many things will get even more unsurmountable.

Many of us bought at a decent time without knowing so. Even more so, quite a few of us could not afford to buy the very same homes if we had to do so in todays economy.

Or we plain would not, due to stoopid prices, rising insurance rates, property taxes etc.
 
I hired a 22 year old kid for a supervisor role almost 2 years ago. He’s now 24. We convinced him to pull the trigger on a home. He was already looking, but was flip flopping back and forth. Kid makes $36 an hour, is single, and bought a house for $136,000 about 4 months ago. He has been remodeling it and doing all the work himself. When he’s done it will be worth $250k easily.

Too many people want turn key homes now. It’s time to get dirty and buy a fixer upper, but quit watching DIY Network and get on a realistic budget.

Also, move out of California…obviously.
 
dntsdad said:
This topic is on my mind a lot with my kids coming into the house buying ages.
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You reap what you vote for.

fordguy said:
save up an honest 250k by 24? the fuck he do, slang coke? your kid must be a prodigy or a drug dealer
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You can't net $250k selling drugs that fast and not attract fed attention. Legal avenues of obtaining that kind of cash mostly exclude young people. The obvious answer is that it's a dishonest 250k and that the kid somehow wound up with it through parental subsidy or whatever. Toyota profile pic and location in CA would seem to also point in this direction.

Ain't no different than all the other liars here who talk about how great their kids are doing as though their self made when in fact they gave them so much shit the kid is set at 20 the way most people aren't set until 30.

Edit: Or maybe he's got a successful onlyfans hoe of a daughter. :laughing:
 
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Stingray said:
So some how my 24 year old kid has beat the odds, he graduated high school didn't go to collage, got a great job and somehow managed to save 250K and buy a house in Southern Ca. in 19 days him and his fiancée will be married and moving in, All of that gives me the cold sweats,

Tomorrow will be my last day of employment ( Retired after a 40 year career) And hopefully set for life.

My fear for my kids success is insane, :eek::eek::eek:
Click to expand...
What job did he find that allowed him to save over $40k/yr right out of high school?
 
FleshEater said:
Too many people want turn key homes now. It’s time to get dirty and buy a fixer upper, but quit watching DIY Network and get on a realistic budget.
Click to expand...
You cannot get a "normal not ass-rape" loan product on a home that the lenders don't consider to be turnkey. Shit that isn't turnkey isn't actually cheaper because between the fixes, the debt-rape and the refi costs you wind up paying the same money over a several year period and doing more work.

Edit: and by turnkey I mean whatever the lender considers turnkey, functional hvac, not broken windows, basic habitability, etc. not whatever some out of touch shitbird in a retirement community who won't consider anything that doesn't have granite counters and stainless appliances considers turnkey.
 
lots of housing available to people that are willing to work for it. hell i have watched a few places around my neighbor hood go for 200k plus to illegals. i bought my first house for 30k, owner financed piece of crap that i tore out to the bare walls and redid. i was making 13 dollars an hour. i bought something i knew i could afford if i lost my good job. my coworkers were spending 100k buying nice places with thirty year notes. i payed mine off in 7 years and bought another house and rented the other out.
i see nice houses for 350k here in dfw and now 40 plus and hour is pretty normal. seems like it is about the same piece of the pie here in Texas.
 
FordFascist said:
Inflation. Real wages are stagnant from 1970 onward.

Fixed assets haven’t risen in value, the value of labor has fallen respective to purchasing power.

1722405114319.png


The value of the dollar has dropped 8.5x since 1960 for reference.
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Is that a retard chart, or am I the retard?

What is the % on the left? 100% of what?
 
arse_sidewards said:
You cannot get a "normal not ass-rape" loan product on a home that the lenders don't consider to be turnkey. Shit that isn't turnkey isn't actually cheaper because between the fixes, the debt-rape and the refi costs you wind up paying the same money over a several year period and doing more work.

Edit: and by turnkey I mean whatever the lender considers turnkey, functional hvac, not broken windows, basic habitability, etc. not whatever some out of touch shitbird in a retirement community who won't consider anything that doesn't have granite counters and stainless appliances considers turnkey.
Click to expand...

Years ago I got my turnkey house appraised and was shocked that it barely was worth more than the shit box next door that foreclosed and needed everything because “comps”
 
Inflation and investment groups buying anything they can get their hands on are the primary causes. Lack of construction and foreign nationals buying properties are probably the largest secondary causes. Illegals definitely contribute to all sorts of economic problems, including housing shortages by they're not exactly the ones buying up properties.

Investment groups buying everything is the largest contributing factor. In the last few years they were responsible for nearly half of all single family home purchases in the US and combined currently own something like 40% of the market. The holdings are also extremely diversified through all sorts of subsidiaries. They're not just buying all the housing, but builders, construction companies, the banks that loan the money, etc, etc.

If you live in bumfuck nowhere in the midwest, yeah you probably don't notice it because your area doesn't have enough growth for them to come in. But they're anywhere any everywhere on both coasts buying everything. The second people start moving out of major cities into smaller ones or more rural areas they come in with them and start buying everything and selling it for well above what the market rate was in those areas until the market rate inflates well past what it normally would.

It's not often I advocate for government interference in the market, hell I don't know that I've ever advocated for it, but we're well past the point where they need to start applying anti-trust laws to these major investment firms. Trillion dollar groups coming in and buying everything under the sun to force people into renting for life isn't exactly the free market anyway. But it probably isn't going to happen either because these same groups own everyone's 401Ks and investments and have taken over huge portions of publicly traded companies. The 3 largest firms now own something like 80% of the controlling interests on companies traded on the S&P.
 
SomeGuy said:
They push people up the market, hence raising prices...immigration at unsustainable rates royally fucks everything.
Click to expand...
Basically. I remember rentals used to be known as a ‘cheap’ thing when I grew up.



OP’s “other son” will be able to save $ to buy a home had for the more affordable rentals.


I honestly think the wide open borders letting all of immigrants to walk right in weren’t an ‘accident’. It’s to enrich the rich. Housing demand all time high with the ongoing housing shortage guaranteeing their (and lucrative) investments on real estates.
 
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