What's new
By:
Filters

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

clodhopper said:
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.
Click to expand...

Thatg9659 said:
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.
Click to expand...
Yup this state is interesting. My place is worth. No idea built it in the 9ps for around 130 land and materials
10 acres. Company bought a property down the road that was a rich guys private property, 160 acres and a 9 hole golf course, and now is an Airbnb. 5g a night. Vt is weird. Sold around 2mill
 
Lil'John said:
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):eek: 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.
Click to expand...
You didn't mention car payments.... It is not unusual to see a $900 payment on a PU. And then they trade it in a few years into the loan and go upside down. Cry me a river....:homer::homer::homer::homer:
 
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
Click to expand...
Depends on the situation

My nephew is 26 and Probabaly has $100k net worth or close to it .

He tried out several trades , hvac , welding , heavy haul trucking etc

And settled on one and made $97k last year .

Find a job you like that pays decent , bust your ass working 60-70 hours a week and don’t spend any money and it adds up pretty quick .

We were laughing a few months ago about him having to get a checkbook for his bank account because he wanted to start a IRA and the place wouldn’t accept any thing except a check for the deposits .

It’s the one and only check he’s ever written in his whole life .
 
billdacat said:
You didn't mention car payments.... It is not unusual to see a $900 payment on a PU. And then they trade it in a few years into the loan and go upside down. Cry me a river....:homer::homer::homer::homer:
Click to expand...
While not mentioned explicitly, I would say that kind of shit falls under luxury I mentioned in another earlier post. Same with new phone every year.:homer: Hell, I'm still on the same cell from 8 years ago:eek:
 
The home price is nothing but location
It’s all based on suplly and demand



Friend of mines parents passed away a couple years ago and I helped clean out their house and get it ready to sell .

2800 SF brick house on a slab , on five acres and a 20x40 shop .

It only took 18 months to sell it for $85k

It was in a town that was devastated when the rat bastards in DC voted for NAFTA .

The Vanity Fair textile mill in the town that made all the fabric and a lot of the jeans for Wrangler , and a lot of the bras and underwear for Playtex , immediately closed and moved to Mexico .

It’s now a ghost town .

Besides the tiny hospital and the county schools , the
Only Jobs left are at a paper mill about 50 miles away and it’s on shaky financial ground.



The big cities keep growing and the small Towns keep dying .

The prices for homes in and near big cities just keeps going up and up

I got a 20 yr old doublewide on two acres in north Georgia that I can’t give away for $75k

No jobs , and the houses are cheap .
 
For the western US, land. Locked up as soon as the feds realized what they had. Arable land, forests, oil, and mineral deposits, are off limits for our own benefit because it's more valuable to hedge to foreigners for the few millions in "donations" congress scum will pocket. Even your local pigs wont extend a road, power, water, or sewer without any big time money siphoning big box store footing the bill. Your ass was sold down the river 2 generations ago, and you're supposed to believe it was because you bought too much avocado toast.
 
Im 50 yrs old and out of touch with the current situation. A quick check on Zillow shows many 3/2 houses in the middle of the Triad (Winston Salem, Greensboro, and High Point NC) available for $300-350k. Lots of employment opportunities in that area.
 
[486] said:
jesus 10 pages overnight
anything worth reading in there?
Click to expand...

not sure yet, but only read back to page #7.


Supply is part of it obviously.

Something else I've heard multiple time is the investing groups that back these main housing deals (in my area) have upped their return window to 5 years instead of 10-15 years.
Also have noticed that many of the apartments going up are all luxury-ish. There is very few basic and lower cost units going up. Only in the last 2 years has one developer started to build them, he's pretty well know if the community for wanting to help the middle and lower income folks out.

We did hit a spike during Covid as lots of moeny from other places was rolling in. I think my place jumped 65% during covid. Corrected down about 5% but that's it.
 
2big bronco said:
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.
Click to expand...
$2600 a month is over half the monthly take-home of someone making $80k/year after taxes. That's not including property taxes or homeowners insurance.

That's a pretty aggressive debt to income ratio even if they don't have a car payment or school loans to pay off.
 
mobil1syn said:
do you blame them for wanting to stay in a familiar place? i dont, not to mention if they move somewhere else there is a high risk for increased tax liabilities on property taxes in addition to capital gains especially in scotts valley.
Click to expand...
I don't blame the Boomers for wanting to stay in their neighborhood.

I'm not saying it's anyone's fault but I believe if we wanted to actually fix the problem, one of the things to do would be build senior living communities that seniors actually want to live in, which might be easier to build a little more densely than homes that people in their 30s and 40s want to raise their kids in.
 
Sandy Johnson said:
$2600 a month is over half the monthly take-home of someone making $80k/year after taxes. That's not including property taxes or homeowners insurance.

That's a pretty aggressive debt to income ratio even if they don't have a car payment or school loans to pay off.
Click to expand...
sad to say, but you're gonna need a second income stream. If you're married, your wife needs to work. If you're not married, you need to rent out a room in that house.
 
Jeffh555 said:
I don't blame the Boomers for wanting to stay in their neighborhood.

I'm not saying it's anyone's fault but I believe if we wanted to actually fix the problem, one of the things to do would be build senior living communities that seniors actually want to live in, which might be easier to build a little more densely than homes that people in their 30s and 40s want to raise their kids in.
Click to expand...

Those are going up all over the place around me. Most have waiting lists.
 
JR4X said:
I didn’t say it’s a bad idea. In the investment aspect it makes sense. It’s obviously working out for a lot of people. Who it’s not working out for is idiots like me who just want a place to live and die and almost 1/3 of all US housing is tied up in investment properties.

So I hope your investment trailer only has male nurses come to rent :flipoff2:
Click to expand...
How old are you JR4X? It can always still happen. I'm sorry if I'm going to fall back on "school of hard knocks" on you as I see a lot in this thread have gone, but I'm now 52 and own 2 houses (working on #3) with "0" owed. And I don't make and have never made 6 figures. But all of my habitations were not even hardly habitable when I first bought them. I totally rebuilt my main residence but I stepped it out and was able to live in it as I went. It was mainly just a freebee sitting on a lot with a big shop in the back. A green turd warped all to hell up on literally piles of rocks. Built in 1920, I slowly jacked it up with bottle jacks and gave it all new foundation columns, then all new plumbing, then all new siding after I ripped off the old and rewired and insulated it. Then I was blessed for my very old 5v barn style roof lasted just long enough to rip off, add a sub roof for it never had one and then went back with new metal. Walla, a new house now worth 210k according to zillow?

My second I was 3 steps behind the entire way fixing "screamers". Leaking roof, leaking plumbing, messed up wiring, floor foundations going down whatever needed it more got done first. It was very aggravating to go there to do something only to see the trim on the walls coming off for the house was falling down. I had to fall back under the house to replace a footer here and there just to keep it up while I worked on all the other screamers. All while something else started screaming with every visit. But it now too has all new footers, all new plumbing and all new roof ect.

But instead of going out and spending 350k on a house and paying dearly for it, you can do like I did and find the 60-70k house and MAKE it a 350k house. Well 200-250k anyways. Sure I wasted 10 years of my life coming home from work to go to work on my first house. And all my spending $ went to materials. But in hind sight, that money was gold for I'd be working for someone else at a night job to this day if I had a 350k house mortgage.
 
Here4memes said:
How old are you JR4X? It can always still happen. I'm sorry if I'm going to fall back on "school of hard knocks" on you as I see a lot in this thread have gone, but I'm now 52 and own 2 houses (working on #3) with "0" owed. And I don't make and have never made 6 figures. But all of my habitations were not even hardly habitable when I first bought them. I totally rebuilt my main residence but I stepped it out and was able to live in it as I went. It was mainly just a freebee sitting on a lot with a big shop in the back. A green turd warped all to hell up on literally piles of rocks. Built in 1920, I slowly jacked it up with bottle jacks and gave it all new foundation columns, then all new plumbing, then all new siding after I ripped off the old and rewired and insulated it. Then I was blessed for my very old 5v barn style roof lasted just long enough to rip off, add a sub roof for it never had one and then went back with new metal. Walla, a new house now worth 210k according to zillow?

My second I was 3 steps behind the entire way fixing "screamers". Leaking roof, leaking plumbing, messed up wiring, floor foundations going down whatever needed it more got done first. It was very aggravating to go there to do something only to see the trim on the walls coming off for the house was falling down. I had to fall back under the house to replace a footer here and there just to keep it up while I worked on all the other screamers. All while something else started screaming with every visit. But it now too has all new footers, all new plumbing and all new roof ect.

But instead of going out and spending 350k on a house and paying dearly for it, you can do like I did and find the 60-70k house and MAKE it a 350k house. Well 200-250k anyways. Sure I wasted 10 years of my life coming home from work to go to work on my first house. And all my spending $ went to materials. But in hind sight, that money was gold for I'd be working for someone else at a night job to this day if I had a 350k house mortgage.
Click to expand...
I am 43 and a selfish irresponsible 43 at that. I’ve made 6 figures for a long time. I don’t own a home currently because I have poor taste in women and have a couple divorces under my belt. I have owned two homes before, I’m just in between homes at the moment living in a rental. I race race cars so I have a revolving money pit that eats up all my income. I have put into savings 25K to 30K a year when I’m not blowing all that money doing fun stuff but currently I have a contractual obligation to fulfill so there’s basically a hole poked in the bottom of my bank account. 6 weeks ago I had a crash and with the biggest race I’ve ever attempted coming up I had to spend what for most would be a sickening amount of money on repairs to get back on my wheels.

I’ll get it back. I’m just going to have to do it differently now. I was on track to have my second house paid off by the time I was 40 when my first divorce set me back. Then my second marriage set me up to lose the house entirely. One might wonder if I regret wasting my money on racing and the answer is no, not at all. The only bad decisions I’ve ever made are trusting women. I don’t intend to make that mistake anymore.

IMG_6299.jpeg
 
JR4X said:
I am 43 and a selfish irresponsible 43 at that. I’ve made 6 figures for a long time. I don’t own a home currently because I have poor taste in women and have a couple divorces under my belt. I have owned two homes before, I’m just in between homes at the moment living in a rental. I race race cars so I have a revolving money pit that eats up all my income. I have put into savings 25K to 30K a year when I’m not blowing all that money doing fun stuff but currently I have a contractual obligation to fulfill so there’s basically a hole poked in the bottom of my bank account. 6 weeks ago I had a crash and with the biggest race I’ve ever attempted coming up I had to spend what for most would be a sickening amount of money on repairs to get back on my wheels.

I’ll get it back. I’m just going to have to do it differently now. I was on track to have my second house paid off by the time I was 40 when my first divorce set me back. Then my second marriage set me up to lose the house entirely. One might wonder if I regret wasting my money on racing and the answer is no, not at all. The only bad decisions I’ve ever made are trusting women. I don’t intend to make that mistake anymore.

IMG_6299.jpeg
Click to expand...




Your life always reminds me of this :flipoff2:



 
2big bronco said:
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"
Click to expand...
The bank won't loan you the money unless its about 1/3 of your take home.
 
clodhopper said:
California thinking is inconsistent with the bulk of the country
Click to expand...

Duh. But as it stands we can afford to have people of this state say fawk you in 73 different languages because we're like a commune of Hollywood Jews as we have all the fukn money. :flipoff2:

20240801_062837.jpg
 
You must log in or register to reply here.
Top Back Refresh