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UNCatTech said:
I've read similar.

And ancedotally around me everything fits this narrative. The only housing being built that is close to starter, in size, is still a half million. 4 neighborhoods within a mile of mine are all a million and up.

And they are selling as fast as they can build them.

If I were to win the lottery, I would want to figure out a way to help first time homeowners.
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I am truly amazed at how many people buy houses at .6 -1 million. All I mean is how many folks have that kind of money
 
mpaer said:
I am truly amazed at how many people buy houses at .6 -1 million. All I mean is how many folks have that kind of money
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I hear you, but would you mind giving me a sense where you live? Only asking because I'm not far from downtown Charlotte, and I'm truly amazed at how many people buy houses from 2.5-4 million. There are apparently a TON of people with that kind of money.
 
mpaer said:
I am truly amazed at how many people buy houses at .6 -1 million. All I mean is how many folks have that kind of money
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When interest rates were low, it wasn't that unaffordable (when you take account of tax breaks). I was making $120K a year teaching law, while paying my ex- between $2500-$3000 a month in child support, and I didn't lose my $500K+ house. Granted, I was running in the red for a while and had to dip into savings, but I think my situation was sort of extreme. I get uniquely fucked in family court. Well, not uniquely but for a number of reasons I think I get screwed above average.
 
lawtig02 said:
I think this is right but it will still be a while. From what I have read elsewhere, another part of the problem is that an unusually large percentage of new home construction is in the “luxury” space, which doesn’t help many first-time buyers.

I suspect there are some tax policies that could be enacted to incentivize older Americans to speed up the downsizing/relocation trend, but zero chance anything like that could get approved in this dysfunctional political environment. I just hope young people will be sufficiently upset in 2026 and 2028 to vote to punish the people currently in power.
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there's also the question of where the housing will become available. I haven't looked at the studies yet but wonder if they are treating all boomer homes that could open up as equal. Having homes open up in, say, Gary IN or Hicklick KY, doesn't really help the problem.
 
mpaer said:
I am truly amazed at how many people buy houses at .6 -1 million. All I mean is how many folks have that kind of money
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Exactly, even with 20% down a 5% loan is going to take $4500 a month for P&I. Then tack on insurance and taxes...
 
UNCatTech said:
Exactly, even with 20% down a 5% loan is going to take $4500 a month for P&I. Then tack on insurance and taxes...
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I would love to know the percentage of Americans paying $8,000+/month for housing (mortgage with PIT or rent). I bet that percentage is 10x what it was in 2000.
 
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