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

[Sandy Johnson]

But you dont wanna live around em. Got it. You bringing you hood to the next cali white guy meeting?

I see you've decided to pick any fight you can with me. Sure, why not?

I don't speak Spanish. Those neighborhoods have everything predominately in Spanish- markets, restaurants, neighbors. I love me some mexican food, but I'm a tall goofy white guy who wouldn't really fit in there.

 

[clodhopper]

The only real down of mobile home life is generally you don't own the land it's on. At that point you may be better off living in a rv you can move easily.

No different than a good chunk of condos out there that are really purchase-able apartments.

Harder to sell? There are always "poor" people looking to buy a starter. It is much harder to sell some of those McMansions that sit around on the market forever for too much money.

 

[Sandy Johnson]

No different than a good chunk of condos out there that are really purchase-able apartments.

Harder to sell? There are always "poor" people looking to buy a starter. It is much harder to sell some of those McMansions that sit around on the market forever for too much money.

Poor people can qualify for a $200k loan?? Nothing around here sits on the market for too long. McMansions included.

 

[clodhopper]

I see you've decided to pick any fight you can with me. Sure, why not?

I don't speak Spanish. Those neighborhoods have everything predominately in Spanish- markets, restaurants, neighbors. I love me some mexican food, but I'm a tall goofy white guy who wouldn't really fit in there.

Im not picking a fight. I am making a point of your foolish hypocracy. You regularly hammer others for not being woke and then turn around and make comments not much different. You are a typical leftist, all "thoughts and prayers" but unwilling to actually do what you preach. Most people here give you a wide berth because once in a while you admit your lack of forethought and rampant bluethought. All of which is extremely thick through this thread. California thinking is inconsistent with the bulk of the country, and that is coming from a guy living in the Peoples Republic of Colorado. We have lots of Cali-light people bummin around on e-bikes who actually think they are improving the climate, which if you put the slightest thought to it, is beyond retarded, but they are blinded by their preconceived notions of what they WANT the world to be, not what it really is.

 

[clodhopper]

Poor people can qualify for a $200k loan?? Nothing around here sits on the market for too long. McMansions included.

Ask my son. He was 22yo when he bought his house for about 250k cause that is what he could afford.

The average Colorado home value is $551,281, up 1.8% over the past year and goes to pending in around 12 days. -Zillow

Colorado isnt far behind Cali on some things. Anyone wanting that 3 bedroom with a garage will be 400k+. What is the down on that?

The thing with McMansions, rich people dont care about the market, they want what they want. So the oversized house wasnt configured for resale, it is full of things specifically tailored to that wealthy douche who had it built. And at that price range, most cannot afford it except other douches that all want it to meet thier specific desires. So they often sit a long time until someone with just enough and willing to settle or modify it comes along.

 

[Sandy Johnson]

Im not picking a fight. I am making a point of your foolish hypocracy. You regularly hammer others for not being woke and then turn around and make comments not much different.

I have no time for strawman arguments.

 

[06h3]

Around here easily 90% of what they're building is apartments, duplexes and condos and they're doing it like crazy. The town I work in hasn't had enough water to sustain the residents in a decade or more. They keep drilling deeper and adding water tanks on every hill as a surge tank during the day but the end will happen one day when that won't be enough.

Prices are insane too. Half a duplex on a postage stamp starts in the low 200's. I wish I could have bought the house we rented from 2006-2012. They offered it to us for $117 but my credit was fawked and stayed fawked the whole time I was married so I missed all the opportunities when prices were reasonable.

Same here in SW Idaho. No regard for water long term and too many apartments and not enough single family homes

 

[clodhopper]

I have no time for strawman arguments.

Glad to know you agree with me.

 

[Lil'John]

My son bought his first home. 750 sqft of 100 year old awesomeness in the county enclave of a rural town. Fixing it up while there and is going to stepping stone into something better in a few years. Most his age turn up the nose, but they are also stuck paying rent with no out.

A lot of this was my experience. I got 700 sqft of 80 year old awesomeness... semi-rural town of 15k or so. My monthly mortgage + prop tax + insurance payment was right at the same price I was paying for similar sized apartment in Sacramento near CSUS.

When possible, I jumped the fawk away to BFE(way outside Georgetown, CA) Too many people and no land.

OTOH, I have ZERO desire to be in suburb or urban areas so the desirable places for me are cheaper. Local market food is a bit more BUT, I can easily drive 40-60 minutes to hit the Costcos, etc and fill up my freezer once a month with ultra cheap food.

FWIW, back in the day(late 90s), I worked with a guy that commuted from Los Banos to Campbell every day(80 miles one way) He did this so he could get the large house he wanted.

If one wants a house, it is possible but one needs to cut a lot of the bullshit luxury food/drinks off, excessive entertainment, and not shop for 'picture perfect' house. $7 per day at Starbucks adds up quickly as does concerts/movies twice a month, etc.

 

[arse_sidewards]

Ha! Good one. Lived in mass-a-chu-shits for over 10 years and college at UNH. Family still lives in NH, so I have the duty of visiting semi-regularly to experience the futher slide downhill of that shithole you live in. Add in all the "fees" you pay to that tax burden and pop up a new graphic.

You really, really don't know what you're talking about on that one.

You don't know what you're talking about. NH has pretty high fees (i.e roughtly equal with MA) for everything that involves you interacting with government. Fishing license, car reg, etc, etc. My impression is this is because they don't have state tax to fund that shit but whatever.

ME and VT generally have pretty low fees for stuff though I never lived in VT long enough to get a feel for it.

What is wrong with living in a mobile home for a couple years and working your way up?

The fact that the structure depreciates faster than a normal building so you're not building equity at the same rate.

Not because they age that much poorly but because everyone says it so it must be true so the comps reflect it.

Stupid IMO but it is what is.

Nope, and no fucks given to any shame cast for bs racism accusations these days.

I kinda like those neighborhoods. Nobody is better at repelling Karen than

And I'd much rather have problems than Karen problems.

 

[bad zuki]

I don't speak Spanish. Those neighborhoods have everything predominately in Spanish- markets, restaurants, neighbors. I love me some mexican food, but I'm a tall goofy white guy who wouldn't really fit in there.

Hell, I don't either, but If I have to stay strapped to get tacos, you know those are the best tacos in town.

 

[Sandy Johnson]

Hell, I don't either, but If I have to stay strapped to get tacos, you know those are the best tacos in town.

We've got another office south of there. I've got a spot in greenfield for bomb pan dulce and one in king city for amazing tacos that I try to hit whenever I'm down that way.

 

[clodhopper]

You really, really don't know what you're talking about on that one.

Well that is what I am trying to figure out from your statement and infographic. You were suggesting that MA is a low tax option, but even the graphic doesnt really support that, unless you were just comparing to other NE states. MA is very expensive for what it is. I get that you live there and dont want to admit that there may be a better option somewhere else, kinda a human nature thing that we all do. But anything you say to suggest MA is a good economic option is pretty much a flat lie.

I never said NH was cheap, just my family lives there, so I am not talking out my ass... I do know that area.

 

[arse_sidewards]

Well that is what I am trying to figure out from your statement and infographic. You were suggesting that MA is a low tax option,

My point was it's not egregiously high, especially for the northeast. I'm not gonna save much money by moving to NH or VT or whatever.

Pretty much none of the northeast is a "good option" compared to the south or midwest but there are still a fair number of state in those places that are no better.

 

[clodhopper]

The fact that the structure depreciates faster than a normal building so you're not building equity at the same rate.

Not because they age that much poorly but because everyone says it so it must be true so the comps reflect it.

Stupid IMO but it is what is.

Comparing mobile homes to stick built is apples oranges. I disagree that modular homes fall in the mobile home category, but that is a different issue.

One of the recurring points of this thread was the unbearable hurdle to get into the ownership game. Having enough downpayment can be a struggle, despite the multitude of first time buyer programs out there that significantly reduce the down. But a mobile is a realistic way to get started, start building some equity and then move on. Sure, a complete different animal in the real-estate world, and probably not a great long term investment. But can get you started if that is what is available in your price range where you want to be.

 

[Ranchtruck]

It's one we've been struggling with for awhile now.

As I mentioned above, my son/DIL have a spending problem. We forced my son to start saving by starting up a separate account not in his name that a chunk of his check goes to. Otherwise he would spend it.

They married Oct '21. We strongly suggested they wait out the craziness and get an apartment for a few months, which they did. But rent is so stupid they couldn't save more for a down payment. She got pregnant which wasn't going to help the finances. We bought a fifth wheel that they could live in for a while, but with the baby that wasn't exactly great so we remodeled the basement so they could move in their. It's a walk out so separate entrances, they have a kitchenette. The only shared part is laundry room.
Does it really make sense to have them buy a house they can't afford and then screw up their credit because it was foreclosed on? It annoys the living shit out of me, because we had moved into our second house by his age, had a shit ton of equity built up by then. And that is NOT how we raised him. He's getting better, but not that much yet.

Are you charging them rent for the basement apartment? Maybe that could go into an account and be used for a down payment on a house when they're ready. Rent doesn't need to be market rate, but enough to soak up their frivolous spending and secure it so it can be useful in the future.

 

[zlathim]

Same here in SW Idaho. No regard for water long term and too many apartments and not enough single family homes

Corey Barton and Hubble are still slapping together SFHs as fast as they can.

 

[mobil1syn]

Greenfield

there aint nothing there

 

[Lil'John]

<snip>

One of the recurring points of this thread was the unbearable hurdle to get into the ownership game. Having enough downpayment can be a struggle, despite the multitude of first time buyer programs out there that significantly reduce the down. But a mobile is a realistic way to get started, start building some equity and then move on. Sure, a complete different animal in the real-estate world, and probably not a great long term investment. But can get you started if that is what is available in your price range where you want to be.

Depending upon location, just cutting out the bullshit luxury items will get you in sniffing range of a down within two to three years. One doesn't have to go full on one cup o' noodle a day to save toward a down. But Starbucks, eating out every day, multiple movies/concerts a month, etc add up QUICK. Daily $7 Starbucks is over $2k a year

I want to say I had well under $10k for my first house($200k range) without perfect credit.

But as others noted, one has to have the will to get into a house over luxury items.

 

[JD Mark]

Are you charging them rent for the basement apartment? Maybe that could go into an account and be used for a down payment on a house when they're ready. Rent doesn't need to be market rate, but enough to soak up their frivolous spending and secure it so it can be useful in the future.

Yes and while it isn’t going into a separate account it would be easy enough to figure out. We've discussed doing just that...but not telling them we will be doing it.

 

[BigBurt]

I kinda like those neighborhoods. Nobody is better at repelling Karen than

And I'd much rather have problems than Karen problems.

Not sure I agree with you there. Lol I’m picturing a roaming gang of Karen’s shooting an innocent 7 year old child in a drive by shooting on a Tuesday.

 

[grumpy356]

Ask my son. He was 22yo when he bought his house for about 250k cause that is what he could afford.



Colorado isnt far behind Cali on some things. Anyone wanting that 3 bedroom with a garage will be 400k+. What is the down on that?

The thing with McMansions, rich people dont care about the market, they want what they want. So the oversized house wasnt configured for resale, it is full of things specifically tailored to that wealthy douche who had it built. And at that price range, most cannot afford it except other douches that all want it to meet thier specific desires. So they often sit a long time until someone with just enough and willing to settle or modify it comes along.

No….

People aren’t buy shit out of pocket.

The banking system requiring an appraisal and comps has been a mixed blessing. Without that and if it was just what a random individual would agree to. Financing requirements actually helped things in a manner.

The problem is when you have a corporation buying property through other than traditional financing, because it can drive up the comps.

 

[grumpy356]

Not sure I agree with you there. Lol I’m picturing a roaming gang of Karen’s shooting an innocent 7 year old child in a drive by shooting on a Tuesday.

Or stealing your shit.

 

[arse_sidewards]

Not sure I agree with you there. Lol I’m picturing a roaming gang of Karen’s shooting an innocent 7 year old child in a drive by shooting on a Tuesday.

Window bars, locks, good doors and good terms with your neighbors (which is way easier when they're not Karens) solve most problems.

Karen problems usually involve them using the .gov to harass you and even if you win you're on their radar as a potential problem. Sometimes lawyers get involved. That gets expensive.

Not a lot of shootings around to worry about even in bad parts of the northeast though.

 

[2big bronco]

2big bronco

Here's a quick snapshot from today. Note the 200k and 100k offerings on that map are mobile homes in a trailer park.

I see a $499 and 525. In fact there is almost always something in that price range. Assuming 20% down at 6% there looking at $2600ish per month.

Now I agree it's not going to be the nicest biggest house, and may need some work (where they can gain equity)... but it's not that they "can't afford to buy a house here"


Sorry I just really hate when people say "I can't afford to live here" it's rarely that the person can't, it's just that they choose not to do what it takes.

 

[SanDiegoCJ]

Says the guy who not only carpetbagged to a not yet ruined state, he imported a whole family of Californians with him.


The DC area is a special kind of hell. It's like all the boot licking of the rich parts of the Boston area cranked to 11. I have never before seen such a high proportion of people who are a substantially negative value to society.

NJ didn't bother me too much. Everything was shitty and expensive like NY but there seemed to be more typical disregard for the law and therefore more day to day freedom. I'm sure it varies by area though.

You really dumber than I thought.

 

[Motorcharge]

The DC area is a special kind of hell. It's like all the boot licking of the rich parts of the Boston area cranked to 11. I have never before seen such a high proportion of people who are a substantially negative value to society.

The entire DMV area around DC should be carpet bombed, the earth covered in lye and salt, and then carpet bombed again for good measure.

 

[arse_sidewards]

You really dumber than I thought.

Did you not move from CA to Idaho after decades in CA and then promptly turn around and help your children do the same?

 

[Thatg9659]

An acquaintance got let go after a merger recently, he’s moving forward with developing toy storage condos. Much like the trackside condos.

A quick search a mile around me shows a falling apart cabin on 4 acres with a great view for 125k and a three bedroom house on 40 acres for 1.1 mil, the three bedroom house is pretty close to the railroad tracks. I hope they have thick windows to insulate the twice sometimes thrice daily train horn.

Last year there was a four walls and a roof shack right next to the brook for 60K. It didn’t have any windows, more or less gutted.

When I was looking for a home in PA, 2005-2008 all I could find was Home Depot maxed out credit card rehabs for 150k, that were purchased for 30k a month prior by people that watched hgtv once. I would’ve happily purchased a $30,000 needs rehab home but I didn’t have 30 K in cash to do it and banks wouldn’t finance anything like that for me.

The place I could’ve bought for less than half of my rent at the time was right across the street but I hated living there. Hindsight says three floors a small yard and a two car garage would’ve been a damn good investment.

Growing up, I lived in 9 different places before I moved out at 18. I’ve lived in 12 places since. Later on I was quite envious of my friends that lived in the same house growing up.

There’s a house I drive past every day that’s been vacant since covid, the 70 yo lady that owns it hasn’t come back from Florida since before Covid. Her grandfather built it and two other homes that her and each of her sisters got.

I see plenty of housing here in vacation land. Much of it just isn’t on the market.

 

[speed bump]

There are probably several dozen different reasons contributing to it. Here's a few I've thought about.

1 bigger population, we have added 100 million+ people to the US in the last 70 or so years. That takes more housing

2 finite resources, there's only so much good land, water, and construction materials to go around and with more people wanting them the price goes up.

3 better life expectancies, you have a lot of 70-80 year olds out there still running the country and taking up single family homes.

4 a real estate market that cares about beds, baths, and SQ footage as primary drivers of price. A 10 year old gets the same comps as a shitty remodel from1920 despite being a much better product.

5 SQ ft pricing for homes. Functionally the 1200 SQ ft and the 1500 SQ ft are the same the 1500 just has 2 ft of bedroom and 10 ft of living room tacked on which cost the builder $10k but at $200/SQ ft is $60k extra on the sales price for very little. Who would build 1200 SQ ft starter homes when they can build 1500 SQ ft aspirational homes for not much more?

6 firefighters, between the NEC and the IBC making sure you can't kill yourself with a toaster, burn your house down, or kill a truckload of firefighters you add a fair amount of cost to a house.

7 climate change engineers writing the building code. It is difficult to pencil out the payback in the newest building code but we have spent the last 50 years mandating better and better boxes at significantly higher upfront costs with smaller and smaller paybacks.

8 401k returns. Black Rock and vanguard don't own those houses, they manage REITs that buy those houses with your sweet tax advantaged money

9 Gen X being completely worthless. By never participating in the political process they just let the boomers manage the country with the best intentions for themselves. So you get a lot of laws that set barriers to entry, created incentives for speculative rental and turned a house from shelter to an investment.