Zillow defines a starter home as one in the lowest third of home values in a given region. As of June, the typical starter home nationwide was worth $198,649, up 1.7% from a year earlier. But in well over 200 U.S. cities, starter home prices are a whopping five times as high as that.
Jesus Christ, I just wish all of these DSA’s, starting next year, would hold every fucking piece of legislation hostage until the food, rent, and health care crises are addressed.
Oh, is that the proof? I was still on the fence.
You can afford a fence??? Must be nice…
Bend the spikes with a hammer or throw a carpet over them. Ez
But who is buying? Also aren’t the industrialized countries shrinking in population? Why are prices going up then?
Average age of first time home buyers is at 36 now (Up from 30 ten years ago). More than a quarter of them are over 40. About one-in-ten are buying entirely in cash from money they inherited when parents died.
Basically, the only people buying are people who got help from their parents. Otherwise, it’s all private equity and Mom-and-Pop landlords trying to build their little fiefdoms.
Guilty. I got my condo at 43.
I’m only able to afford it because I took a huge gamble in March 2020, borrowed from my Roth 401k at work, and put a few thousand bucks in oil stocks which I was able to hold onto for a couple of years because I didn’t have any emergencies.
It wasn’t fuck you money, but it was life changing. Paid off my student loans and put the rest into a down payment on my home.
They’re being traded like fucking bitcoin
In the West, the decline in population is offset by immigration so there is always demand for housing but limited supply. I don’t know about South Korea, but in Japan, the houses really are affordable because of population decline.
in Japan, the houses really are affordable because of population decline.
Isn’t that mostly in the rural areas only though? Because the old people are dying off and the younger ones are leaving to move to the cities.
Not only there - from what i know, japanese culture is not very fond of preexisting structures, so older homes are pretty cheap in relation to newer construction.
greedflation
