When did you buy? 2017/2018/2019?
The last time I could even think of getting a house was back then, and the prices here went up at least four fold.
Most millennials I know can’t afford houses and never could. If they didn’t buy before covid they can’t buy until the market crashes again.
Also you’re not gen z. The oldest gen zs are like 25… hence mommy and daddy’s money.
Gen z didn’t have a decade of extremely suppressed wages to account for, and if they graduated right into a cush work from home “job” during covid they won’t have any financial difficulties at all. They’re not dealing with the compound lost interest of a lost decade.
Home prices are rapidly falling in my area after several years of out of control growth. The real problem is interest rates, which add hundreds of dollars per month to mortgage payments for the same home price. Fortunately interest rates are temporary and are starting to go down too.
Where are you? In vermont prices just go up and up. I don’t even pay attention to interest rates as the prices are far beyond what I’m capable of.
Austin, TX. Prices here more than doubled from 2019-2023, but have been falling for well over a year now. A ton of new homes and apartments are still hitting the market too, so I doubt we’ve hit the bottom.
No, they did not increase 4x. Stop that, you sound silly.
2 years ago I purchased.
And while I understand your peer group may be struggling the group as a whole is still in largly able to afford homes over a 60% rate which is quite competitive in the Western world.
Don’t get me wrong, we should strive to improve housing, it’s just not the dystopia that the memes and shitty media would have you believe.
And the market isn’t crashing anytime soon (well with trump in office who the fuck knows). The last housing crash was fraud. This market is quite stable with good volume. It’s not a bubble.
No, they did not increase 4x.
Really depends on your market. New homes on my street in Houston are selling for twice what they went for before the pandemic. If you’re in a hotter market, on the East or West Coast, prices are higher.
And the jump from 3% interest to 6-7% interest following the pandemic raised monthly mortgage rates around another 1.5-2x (since taxes and interest are the lion’s share of the cost).
In vermont where I live, $150k houses are now nearly $600k.
The market in vermont is a bubble. Full of wealthy people from NYC and Boston pushing out locals.
The bubble WILL pop.
When all the expats and retires decide to move back to New York?
No no no. Those prices aren’t coming down any time soon. This isn’t 2008. There’s no flood of liar loans to default on. These are fixed prices going forward.
I very much doubt it. I doubt you’ll give me a zip code but there are incredibly few markets dealing with those increases. I won’t go to say it is impossible but it would be incredibly localized and an outlier on a national scale.
