Homes "unaffordable" in 99 percent of nation for average American

originally posted by: CoyoteAngels
I only lived in an old house for a brief time in college. It was haunted.

I grew up in a 100 year old house. It was haunted. Then, after getting married, we bought our first house - cheap little thing by the Connecticut river. It was haunted too. Then built a home on an old cotton field in Alabama. Figured a new house wouldn't have spooks. We were wrong. It was haunted. Moved North to Delaware .... yup ... another haunted house. Dang spooks seem to be following us.

a reply to: FlyersFan

Ive heard that is possible! Hope not.

The common denominator is you, those houses were never haunted. A cheap house on the CT river? In todays market there’s not a ghost of a chance of finding that.

a reply to: FlyersFan

Loans for homes sold in the 1990s were about 6 to 9 percent depending on your credit , but the cost of a home was significantly much lower than todays prices. You could find a decent new 2500 sqft house for about 120k with 3 beds 2 bath and 2 car garage . So people ask me what happened.

They ask me because my family built homes I tell them in one word “ Democrats”
Barney Frank act, and all the other crazy stuff the Democrats have been passing and doing for decades.

So what you ask is driving prices up ? Well for one Demand and the reason for that demand is home builders are sitting out the Biden administration.
Builders will not take out jumbo loans for developments at these interest rates, increased cost of building materials, and local community investment are the 3 big factors . Community investment which can be anything that local government counsels have past for developers to do such as building a community pool, building community parks , dog parks etc you get the idea. This cost outlay is up front commitments by the developers not to mention the land . The city counsels don’t invest your tax dollars in community parks anymore or pools its home developers that do this now, and it’s a on going expense even after the development is built out and finished. . Then there is all the other hidden cost in detached homes developments such developers paying start fees fees for emergency services, utility service installs etc . It’s gets piled on with home developers now. That is how your average new 1600 sqft home cost $ 475k now.

Most of the local city counsel stuff adds big expenses for home developers into the mult- millions . Some have just gotten out of the single detached home game and are building apartments now. You don’t have give up your land to build parks or pools and to builders that’s money put back in your pocket. Home building is just not the thing right now. When this Democratic administration leaves its back to single detached home building.

My family stopped home building when Carter became president. So we switched to apartment building. When Regan became president we went back to single detached home building. Most of the time interest rates favor a republican administrations. That’s the best time to buy your home .

That’s why tell people “ Democrats”

a reply to: ITSALIVE

I have come to the opinion that ALL houses have something in them.
Spooks come and go. Or spooks stay.
Most people don't pay attention enough to notice.
But I think they ALL have something in them.

Additional costs added to new homes cost in many parts if the U.S. are being added by the counties and city counsel's mandating solar conduit and prep wiring for solar panels, EV auto chargeing ports, And so on
Thoes two itmes alone will add about 15K to the cost of new home. There additional improvements are not required by the building codes , but are being imposed on the builders for obtaing a building permit. People are being priceout of homes by local goverment as well. This crazyness has to stop.

Good home. I had it built last year. $500k
Tennessee is a great state.

Land, they aren’t making any more of it.

Home's are also becoming Unaffordable to maintain If you need a new roof Average cost in my area $20,000 If you can get anyone to do it , It's sickening I just got a quote to install a couple basement jacks to raise up a floor joist -- $6000.00 Owning a home is unmanageable nowadays .

I moved into a more expensive area and had to take out a mortgage but refinanced when rates were low. Prices jumped quite a bit in the last few years. If I had waited to buy a few years ago, I would have been priced out and possibly renting. I was concerned about a housing price crash a few years ago and still am a bit concerned when I see a chart showing historical average home prices. It is now cheaper to rent than buy in most of the US I believe now. I also saw a chart showing it is no longer cost effective for investors to buy at these mortgage rates and rent but I haven’t investigated if true or not. It is likely still cost effective for everyone who financed when rates were lower. If a lot of sellers suddenly show up due to forced moves or forced selling, prices could crash.

People still expect rates to drop next year so if a lot of forced selling doesn’t happen, house prices may stay elevated. I call forced selling as people forced to sell because they had to move for their job or other reasons. My first home was a starter home at 1225 sq ft but had everything I wanted and cost less than 100k over 20 years ago. I sold a few years ago only making around 50k on it which might be less than the inflation rate. Now per Zillow, my current house has jumped in price quite a lot and my old starter home jumped another 50k in only a few years. Our money is rapidly becoming worth less and less. Unfortunately at this rate, if inflation skyrockets, my house price could double in another 10 years or so and then I will get to pay taxes as if I have an expensive house. In another 10 years my cheap starter home might be worth half a million with high inflation.

a reply to: putnam6

The most fascinating aspect of this is that you cannot find a single elected official talking about this. Like it has somehow become acceptable that our kids can't afford to buy a house now. You would think that would be a number one issue in any presidential candidate's platform, but it seems like none of them are even mentioning it. Something is VERY wrong.

a reply to: openminded2011

Well why would they? Elected officials are agents of the banks, the people who are responsible for and benefit from the current housing market. The only elected officials I can recall ever mentioning this problem are Bernie Sanders, Tulsi Gabbard and maybe AOC at one point.

Nobody's gonna want to hear this.

I bought my current home in 2020 for $15k cash, no mortgage. Property taxes are 1100 per year.

It's a trailer on .48 acres. It's from the 1980's so it's rough. But, I have my own well & septic, the VZW tower is visible from my window. I am surrounded by Mennonites, who are actually very nice.

Within 1 hr drive of Syracuse, Rochester, Ithaca and Elmira. Worked in Auburn today which is closer. I can get Instacart, Uber sometimes, and pizza delivered.

I looked for 3 years before finding this place. It may be a dump, but I still consider myself lucky and it's actually very liberating, I just staple wires to the ceiling, and if I see the bubble it's close enough. The roof is sound.

originally posted by: Mantiss2021
a reply to: putnam6

Bought my first, and current, house in 2012 for $128k US. I retired on a pension in 2018.


The house next door to me just went up for sale this last weekend. It is about 100sqft smaller than mine, but has a spa and a built-in BBQ in the backyard. Asking price is $439k US.


As soon as Social Security kicks in (about a year from now), I plan to do me some renovatin'!

Too late to edit, so I had to quote myself to update my posting.


The neighboring house I referred to in my post above now, as of less than 2 weeks from its first listing, has a "Sale Pending" sign on it.


Seems someone was able to come up with the $430K USD to purchase this late 50's(?) 3b/2b rancher in Northern California.