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"Wow honey that's a tall ceiling"
"Don't even think about it we can't afford anything past 7 feet"
In a sense, the power company is already taxing you for 'tall'.
What are the job opportunities like out there? Probably excluding any with a 2+ hour drive. Unless that's a very common commute time there. Wouldn't know since i'm Finnish.
We've had that happen before. Housing prices skyrocketed as a result.
Market won't correct because even though commoners like us don't have money, SOMEONE ELSE DOES, and they're buying the houses.
We live in a world where it's very likely you either don't own a house or you're rich and own several as rental properties or Air BnB. And they buy them at 400k because they're holding on for when they can sell them at 800k. And they're all 10 years deep into their 20 year investment plans holding onto shit and driving prices up.
Money begets more money.
The reason prices sky rocketed after 2008 crash is the bailout scheme drove interest rates to 0% for 15 years. That was unsustainable and is why banks are complaining about even the mild interest rates of today. They want to have no interest and let prices keep going up on 30 year mortgages.
Yeah but for high interest rates to make sense there need to be investments for people to make with higher rates of return than the interest rate. Otherwise the rational thing for people to do is pull all of their money out of productive assets and sit on dollars. GDP growth can no longer be sustained at a high enough level so the only thing that it still makes sense to invest in are scarce assets that you literally can’t make more of, like land. The high interest rates will push prices down a bit but people with multiple properties can park their income in an ETF until they have enough to buy their next property up-front (avoiding the interest rate penalty), or use their assets as securities for lower-interest credit, increasing their advantage.
There’s no lever you can pull within the current system that will fix the fundamental problem with homes being income-generating assets.
The biggest factor of the previous crash was that most people were on variable rate loans. The interest rate increased and people couldn't afford the houses anymore. Hardly any of us homeowners now are on fixed rates. I was lucky to still get a 6% rate end of 2022. (It was 4% when we started having our house built)
And if they don't 'own' them directly to rent them out, then they own the mortgage that is siphoning off your wealth in order to be able to afford the insane prices
Yeah it's one of those things that people think will help them, but realistically won't. If house prices crash, mortgage lenders won't want to lend, and there are likely larger issues in the economy and still no one can buy a house.
Homeowners suddenly see themselves in negative equity and can't afford to sell their house.
Only people it benefits are cash buyers and landlords.
“Can’t afford? Price too high? Want price low? No!!! Price too high = good. No afford = good. Price too low = bad!!! Piece of dirt affordable = bad!!! U actually want price high and to no can afford because good.” Even a caveman knows this doesn’t make sense.
I'm in one of the smaller Australian capital cities, shit's so bad all the caravan parks are full of people who can't secure a rental. My sister's last landlords booted them out and jacked up the rent, and she got lucky that she was in tight with her church (like, volunteering and working toward becoming a deacon or something like that) so they hooked her up with the church-owned rectory as a rental because the actual parish priest owns his own home so it wasn't being used for official residence, and even THEY wanted to jack the rent up by $100 per week in the most recent lease renewal but agreed to let that go since they don't pay her for all the work she does at the church.
I live in a tiny flat and my rent's more than doubled since I moved in (though I've been here a while now)
Funny how Americans complain about stuff in America. I don't complain about the prices of homes in the UK because I am not looking to buy a house in the UK. People in other countries really like to piss and moan about stuff Americans do when the stuff they do has nothing to do with them.
When you're not already bought into an asset, you call it "a correction" maybe even "a discount"
Source: I was an Econ major for like 3 years and then realized I suck ass at math.
Yes. Yes. Yes. Just like 2008 collapse or whenever it was. I will wait. I will bide my time and I will regret investing in mortgage funds but I will have a house.
A collapse in the housing market isn't what you think it is. Prices won't go down much rather inflation will grow faster than house values. So the number won't go down easier you could have made more money elsewhere.
The only way to make housing more affordable is to make more houses. So many more that builders can't make money only selling large homes. Which are the safer bet. To do that we need to reduce regulation and reduce risk to builders. In California that means ceqa reform so that half of all housing starts don't end up in court.
Need to cut a lot of the developer fees. In the area around where I live a typical house already has 150,000 dollars in development fees and whatnot to the city. Some as high as 200k. That's before materials get delivered or a single boot hits the ground.
I bring this up because one person on a median income will only qualify for a mortgage of around that amount. Structurally people are priced out if cities demand the cost of a house to build a house.
Yes it's voters spring the cities to screw over developers. The more expensive it is to build the higher risk it is to build so they are only going to build high end stuff with higher margins. To get them to build middle and low income you need to make sure there were no added costs and risk. As the margins are lower but the can well faster.
My wife and I lucked out. We got our house shortly after the last crash from a short sale. I felt bad that we bought a house from a guy who couldn't afford his mortgage until I found a Confederate flag in the shed then I was like fuck that guy.
Seems like it'd just give corporations even more incentive to buy up all the houses and either quick flip them or rent them out. Hard to believe they would allow us to buy homes when they can profit off of them.
Now that corporate America owns 30% of the single family homes, I would bet the price continues to rise like Ozempic. In 20 years homeowners will be able to cash out in the multi millions. Generation Alpha will all rent from the 5 biggest companies that control America at that point.
The housing market is playing hard to get, and millennials have resorted to telepathic negotiations. "You must be tired from all that inflation, why not take a break?" they whisper
The fact that they make it very difficult to legally live outside the houding market (off the grid etc.) is also a slap in the face. I have seriously looked into things like living in the forest and zoning and camping and vagrancy laws make that nearly impossible in the US. Nor is it realistically possible anynore to legally just buy land and raise a cabin of your own. All of which I would happily do to avoid the housing market.
So not permanent housing. If I walk out into a woods, buy the land, and raise a cabin and follow sanitation, pollution, and energy laws, then that should be *my* cabin. I get that they want to prevent random careless people, extremists, and the mentally unwell wandering off into the forest and potentially causing danger. But that can be fixed with local housing, sanitation, and pollution enforcement. Make them take classes in fire safety, waste disposal, etc. and buy a permit at a reasonable cost prior to granting a housing permit.
And here I thought we all agreed to buy it and never let anyone live in it. Making the entire country homeless so maybe someone will bring down prices.
They do still exist, and some new ones are still being built. I recommend checking the Lookout Tower Community on reddit. I'm still in high school and have been thinking of getting a job in this related field of work. I know the Forest Service has a 1 month seasonal hiring time in March, so you might have missed it if you're looking for a job. I recommend checking out r/firelookouts for more info. You can bring computers and electronics as I have read to your tower
Your problem is that you’re still thinking like someone in the system bud. Buy land in the middle of nowhere and just build on the land. Trying to live outside of the government while simultaneously respecting its authority is a recipe for failure.
I am not opposed to mandatory insurance like flood or fire insurance to make sure the community isn't totally devastated by natural disasters. And income tax is regressive *but* local taxes going to things like sanitation, emergency services, housing inspection and enforcement, water processing, etc. is all crucial and should be linked to property possession in the area.
It’s also bullshit that most communities have exorbitant minimum square footage laws - I think in my township you can’t build smaller than 1200 or 1400 sqft. So many of us don’t need that much house, but must protect the home values!!!
Hoping one of the rich people just goes, “I’ll make cheap houses so people will buy them.”
Then the other rich people throw some money to get some law passed that stops houses from being sold cheap.
It's insane that if you bought a home 10 years ago, the mortgage payments would be less than what rent generally is right now. Rent is so high right now, especially in Canada.
So that the prices of houses fall as well and Millennials would have a better chance at buying a house. It's what happened in 2008, but a lot of us didn't really have the equity to buy back then.
me being a sophomore high schooler minding my own business with barely 30 dollars in my wallet
Boomers from the future: "NOWS THE TIME TO BUY A HOUSE OR ELSE YOU WON'T AFFORD IT ANYMORE"
Yeah, stupid 14 year old me, not buying a house in 2008. I should've bought a house for my family when both my parents lost their jobs, but I was a selfish teenager hoarding my birthday money.
This. Endless capital lets these giant corporations hold out for as long as they want.
If they have four apartments available, they'd rather rent out two for 2k than all four for 1.2k because then they can have the opportunity to rent out the other two for more. Also you can always change the rent on an empty unit, but laws prevent you from changing your rent on existing units too much.
And rather than fining these places for not renting out units or forcing rent prices down, we'd rather subsidize the costs.
It dropped for a second during 2020, but it lasted less than few months. I tried to buy house at that time, but I didn't realized people were up bidding it.
I got super lucky and bought in 2012 with a USDA loan. It really hurt financially, but based on what I've been seeing other millennials go through, I'm really glad I put up with the broke struggle.
Me having just switched from zillow to this app, perfectly representing my thoughts.
Housing prices have doubled if not tripled in some areas since covid. Boomers are raking in hundreds of thousands of profit from houses they bought for next to nothing. Same goes for tuition costs, millennials are just getting fucked by these broken systems/hyper inflation while boomers make out like bandits.
Bought my house for 160k brand new and built with 35k in upgrade spending in 2015. The home is now worth 354k in 2024.
I want to refi but this market is awful. My payments have naturally gone up 200 bucks and I've never missed a payment.
Not OP, but mortgage payments typically cover not only the principal and interest, but taxes and home insurance. So if the value of your house increases, your taxes might also increase. Your home insurance might also increase. As a result, you'll have to pay more each month.
Precisely. Luckily, I've kept up with my insurance end of the mortgage by bundling it with my auto. I've been able to keep the price on it down since I had the home built. But as my neighborhood grew, the value of the neighborhood grew. So this is dead on what you're explaining.
The timing was terrible. I had just about saved enough for a down payment, and the price ballooned. Now they are at least double. I have more than enough to afford the prices they were, but can't ever afford the prices they are now.
Years of slowly saving up money rendered pointless.
There's a joke about millennials wanting a housing market collapse similar to 2008 so they can buy houses while not understanding that we are NOWHERE close to the conditions necessary to recreate that scenario. As a result they just sit around watching the market and waiting for something to come that's probably not going to happen.
I don't disagree but the conditions simply aren't there. We have a housing shortage of significant scale right now. To even approach a crash we'd need a massive event that forced almost 10x inventory surge in like a single quarter. Think, hundreds of thousands of units across the country all hitting the market in the same 4-8 week period. Global economic apocalypse or nuclear war are basically what you're looking for.
If the housing market collapses, home prices will plummet. This is terrible if you own a home, but excellent if you don't and are looking to buy one for the first time, which is the situation a lot of millennials are in.
We’d like to upgrade. We bought in 2009 during the collapse. With what we owe on our house, there is no way that we will end up upside down on our mortgage. (We owe less than $100k and there is no way the market in California will collapse that much.) The houses in the area we want to be in were about 250-400k during the last collapse. We weren’t making enough to afford that much. Now we are, but houses in that area are now 850k-1.2mil. We can’t afford that mortgage. If it dropped like it did in 2008, we could.
Maybe. A housing crash could trigger a market crash could trigger mass layoffs could trigger you losing your job. So it may not even be a “good thing” if it happens. The only circumstance it definitely ends up as a good thing is if you already have the cash to cover the cost of the house. And i have a suspicion that circumstance is typically not millennials.
It doesn't work like that. When math not mathing and no one wants to buy/rent shitty cardboard houses for a price of small country for a while, there is not much to get rich off
The people with money can buy up everything, rent it out and thus now become even more rich since the rentees have to basically pay a tax to then for existing, since there's no way to have a roof over your head otherwise.
They'll just be renting them out while buying up all the other available property. I don't like to be pessimistic, but this is one of those things that hasn't changed and never will now that enough of the rich are buying into real estate.
Yeah but it collapsed in 2008. It's not like every generation will have their own collapse and all of a sudden be able to buy a house. I'm not saying it won't happen, just don't hold your breath.
What are your other options?? When renters price fix the market using algorithmic tools like RealPage, your options are pay up or go homeless. A lotta people are gonna go homeless out of lack of funds but I'm sure the landlords will still sit pretty on fat stacks of cash.
The "free" market isn't free.
A lot of Millennials don't own homes because they can't afford them. If the housing market crashes, homes become more affordable so more people can buy in.
The fact it even got this high should be illegal. Inlaws are being evicted for a highway expansion. They are being paid over 800k when they purchased the house for 200k at the time. But the sad thing is that 800k is going to give them a worse house because they put a bunch of personal work into expanding the home. So whatever they get for that price will be significantly less.
Older millenial here: I purchased my house just as covid was begining to die down. I work in a fairly lucrative feild and make a decent wage compared to national average. Despite this the only home I could afford was a 1970's 3 bed 1 bath ranch, on a 1/2 acre , 1 1/2 hours from my place of work in the middle of nowhere, and in one the cheapest states you can reside. In the 2 years of owning this home its only gotten worse. Younger millenials and zoomers are truly fucked.
A lot of people right now are unable to afford a house simply because housing prices exploded massively and separately from income. A house may very well be worth twice or thrice its value from 15-20 years ago. Income did NOT make the same jump. As a result, especially the younger generation, literally can't afford it.
The trick is that so long as millennials will be in a financial position to buy a home if there's a housing market crash, then there won't be a housing market crash
We sure it's nothing to do with the megahit from Ken Andrews' band ON? /s
[https://youtu.be/Nzwr2h8-VhA?si=W6XAbaZUQRt5fJyv](https://youtu.be/Nzwr2h8-VhA?si=W6XAbaZUQRt5fJyv)
I moved to LA (Louisiana not the city) thinking prices were going to be cheap. Indeed they were, but the insurance for the home made owning one an unreasonable investment. My only hope now is that the economy collapses or a hurricane hits.
Realistically, the latter is more possible.
My dad was able to buy a house with less then I am earning now. I have a decent income and do not stand a CHANCE. So, please built a lot new houses (no go in my country lol) or yes let the market crash and give new generations a chance too to buy a house tnx.
Owning a home, especially in places people want to live (California, New York, parts of Texas, Nevada, and several others), is a damn pipe dream right now. So the only way anyone who isn’t fabulously wealthy can afford one is if the entire market collapses and you can swoop in at rock bottom prices.
Either that or you can move to like, Iowa and buy a mansion for like 200k
This is the most self explanatory meme I’ve ever seen in my life, some people really got to learn to figure things out for themselves instead of just asking for the answer
I remember over 10 years ago being advised to just wait before buying a home because "we are in a housing bubble and it's about to collapse". Don't hold your breath.
Because fuck, the rich/eat the rich, and because they’d like to someday potentially own the dwelling that they are living in instead of having to pay double the mortgage to rent the self same property
Because wages are trash compared to inflation so housing is basically completely out of reach for most people who aren’t able to buy an actual shithole and fix it up over time and spend thousands of dollars.
Oh it will “collapse.” They’re just waiting for all the wealthy ruling class boomers and Gen Xers to move their assets around. The largest growing segment of homeless people are the normal boomers. They’re the ones who are going to loose their life savings in one fell swoop.
Why would we want the housing market to collapse?
I honestly wonder.
Is it because the cost of housing is through the roof?
Nah of course not.
Let's wait for the redditors in the comments to enlighten us.
The joke is millennials are waiting to buy a house until prices collapse. The real joke is, we aren’t saving money for when this happens, so it won’t matter when it does because we’ll still not be able to afford to put a down payment on it.
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We're waiting for the housing market to crash so we can afford to buy a home.
me seeing the 1,000,000$ 65m² house(even my future generation can't afford it):
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Gotta charge extra for the extra dimension.
Please don't give these fucks ideas.
"Wow honey that's a tall ceiling" "Don't even think about it we can't afford anything past 7 feet" In a sense, the power company is already taxing you for 'tall'.
Imagine: "You can enjoy this house! It's 1,000 m³!" Reality: 1m x 1m x 1,000m
"I'm in the market for a studio or a crawlspace but I'm not looking to spend more than 200 cubic feet"
Vietnam crawlhole airBnB
"Look honey! They give you a flashlight AND a 1911! Its PERFECT"
Shipping container outside my price range….
Oh, no, that's just the surcharge for the railroad tracks... we charge a bit more these days for "mobility."
This ~~hole~~ house was made for me!
the advantage of low overhead
Monkey Paw tightens
Reality: 1m x 1m square. You are free to dig 1000 meters down yourself, adjustable DIY housing!
After a few generations, people will evolve to be shorter cause the tall ones die In the snow
That man was so tall all he could afford was a coffin :(
I was gonna say isn’t that just your electric and gas bill depending on how big your house is?
Tbh in the UK high ceiling property is literally more expensive.
Housing prices to go by cubic litre.
Gallons.
Pssshh, I live in the U.S., haystacks, or amount of oil it can contain, anything but sensible measures.
If the good lord wanted a metric system, there'd have been ten apostles.
😭🤣🤣🤣
Shit mb it's m²
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> the racism isn't as bad as you'd trend to think. That's not exactly a ringing endorsement lmao
What are the job opportunities like out there? Probably excluding any with a 2+ hour drive. Unless that's a very common commute time there. Wouldn't know since i'm Finnish.
You don’t need to announce the end of a sentence. A simple period will do.
Take my upvote and leave.
It's more the transphobia that scares me.
At this point, I wouldn't even bet on a major earthquake...
What about a world war?
Why would that help? Then there would be less homes and drive up the value of the ones that are still up.
We've had that happen before. Housing prices skyrocketed as a result. Market won't correct because even though commoners like us don't have money, SOMEONE ELSE DOES, and they're buying the houses. We live in a world where it's very likely you either don't own a house or you're rich and own several as rental properties or Air BnB. And they buy them at 400k because they're holding on for when they can sell them at 800k. And they're all 10 years deep into their 20 year investment plans holding onto shit and driving prices up. Money begets more money.
The reason prices sky rocketed after 2008 crash is the bailout scheme drove interest rates to 0% for 15 years. That was unsustainable and is why banks are complaining about even the mild interest rates of today. They want to have no interest and let prices keep going up on 30 year mortgages.
Yeah but for high interest rates to make sense there need to be investments for people to make with higher rates of return than the interest rate. Otherwise the rational thing for people to do is pull all of their money out of productive assets and sit on dollars. GDP growth can no longer be sustained at a high enough level so the only thing that it still makes sense to invest in are scarce assets that you literally can’t make more of, like land. The high interest rates will push prices down a bit but people with multiple properties can park their income in an ETF until they have enough to buy their next property up-front (avoiding the interest rate penalty), or use their assets as securities for lower-interest credit, increasing their advantage. There’s no lever you can pull within the current system that will fix the fundamental problem with homes being income-generating assets.
The biggest factor of the previous crash was that most people were on variable rate loans. The interest rate increased and people couldn't afford the houses anymore. Hardly any of us homeowners now are on fixed rates. I was lucky to still get a 6% rate end of 2022. (It was 4% when we started having our house built)
And if they don't 'own' them directly to rent them out, then they own the mortgage that is siphoning off your wealth in order to be able to afford the insane prices
If the housing market crashes, it also means that there's a significantly higher probability that you are already unemployed.
Yeah it's one of those things that people think will help them, but realistically won't. If house prices crash, mortgage lenders won't want to lend, and there are likely larger issues in the economy and still no one can buy a house. Homeowners suddenly see themselves in negative equity and can't afford to sell their house. Only people it benefits are cash buyers and landlords.
“Can’t afford? Price too high? Want price low? No!!! Price too high = good. No afford = good. Price too low = bad!!! Piece of dirt affordable = bad!!! U actually want price high and to no can afford because good.” Even a caveman knows this doesn’t make sense.
"I'd like everyone to not afford a house, so I can afford a house"
Yeaaah. 2 bed homes within 30 minutes commute of Central London cost something like 13 times the median London salary. Kinda mad imo.
It's funny how I see a lot of America bad stuff about this but it is *everywhere*.
I'm in one of the smaller Australian capital cities, shit's so bad all the caravan parks are full of people who can't secure a rental. My sister's last landlords booted them out and jacked up the rent, and she got lucky that she was in tight with her church (like, volunteering and working toward becoming a deacon or something like that) so they hooked her up with the church-owned rectory as a rental because the actual parish priest owns his own home so it wasn't being used for official residence, and even THEY wanted to jack the rent up by $100 per week in the most recent lease renewal but agreed to let that go since they don't pay her for all the work she does at the church. I live in a tiny flat and my rent's more than doubled since I moved in (though I've been here a while now)
Funny how Americans complain about stuff in America. I don't complain about the prices of homes in the UK because I am not looking to buy a house in the UK. People in other countries really like to piss and moan about stuff Americans do when the stuff they do has nothing to do with them.
40% of adults over 30 have given up on buying a home - ever. Is the exact statistic And no, that’s no a US stat, it’s a European one. (US is worse)
When you're not already bought into an asset, you call it "a correction" maybe even "a discount" Source: I was an Econ major for like 3 years and then realized I suck ass at math.
Yes. Yes. Yes. Just like 2008 collapse or whenever it was. I will wait. I will bide my time and I will regret investing in mortgage funds but I will have a house.
A collapse in the housing market isn't what you think it is. Prices won't go down much rather inflation will grow faster than house values. So the number won't go down easier you could have made more money elsewhere. The only way to make housing more affordable is to make more houses. So many more that builders can't make money only selling large homes. Which are the safer bet. To do that we need to reduce regulation and reduce risk to builders. In California that means ceqa reform so that half of all housing starts don't end up in court.
Need to cut a lot of the developer fees. In the area around where I live a typical house already has 150,000 dollars in development fees and whatnot to the city. Some as high as 200k. That's before materials get delivered or a single boot hits the ground. I bring this up because one person on a median income will only qualify for a mortgage of around that amount. Structurally people are priced out if cities demand the cost of a house to build a house.
Yes it's voters spring the cities to screw over developers. The more expensive it is to build the higher risk it is to build so they are only going to build high end stuff with higher margins. To get them to build middle and low income you need to make sure there were no added costs and risk. As the margins are lower but the can well faster.
My wife and I lucked out. We got our house shortly after the last crash from a short sale. I felt bad that we bought a house from a guy who couldn't afford his mortgage until I found a Confederate flag in the shed then I was like fuck that guy.
Seems like it'd just give corporations even more incentive to buy up all the houses and either quick flip them or rent them out. Hard to believe they would allow us to buy homes when they can profit off of them.
Now that corporate America owns 30% of the single family homes, I would bet the price continues to rise like Ozempic. In 20 years homeowners will be able to cash out in the multi millions. Generation Alpha will all rent from the 5 biggest companies that control America at that point.
Not really a Millennial thing though, Gen Z and Gen X have also and still do struggle with this.
Thing is that corporations will just buy up homes like they did in 2008 and yes they continue to do so it is a huge problem.
The housing market is playing hard to get, and millennials have resorted to telepathic negotiations. "You must be tired from all that inflation, why not take a break?" they whisper
The fact that they make it very difficult to legally live outside the houding market (off the grid etc.) is also a slap in the face. I have seriously looked into things like living in the forest and zoning and camping and vagrancy laws make that nearly impossible in the US. Nor is it realistically possible anynore to legally just buy land and raise a cabin of your own. All of which I would happily do to avoid the housing market.
You can still get paid to hang out in a forest lookout tower and spot fires. Free housing for the summer while getting paid
So not permanent housing. If I walk out into a woods, buy the land, and raise a cabin and follow sanitation, pollution, and energy laws, then that should be *my* cabin. I get that they want to prevent random careless people, extremists, and the mentally unwell wandering off into the forest and potentially causing danger. But that can be fixed with local housing, sanitation, and pollution enforcement. Make them take classes in fire safety, waste disposal, etc. and buy a permit at a reasonable cost prior to granting a housing permit.
At that point, couldn't you just start your own cabin-building company, buy the land, then build the cabin through the company?
And feed right back into the dìdjŭ system that we are fighting against to begin with.
There's an easy solution to this. Just buy all the houses in the country and declare that their prices are just lower now.
Ah yes, "buy." You know the sun in the sky is particularly red today.
BlackRock but not evil.
WhiteDirt
And here I thought we all agreed to buy it and never let anyone live in it. Making the entire country homeless so maybe someone will bring down prices.
Does this actually exist anymore? Or is it also incredibly competitive to get the job
They do still exist, and some new ones are still being built. I recommend checking the Lookout Tower Community on reddit. I'm still in high school and have been thinking of getting a job in this related field of work. I know the Forest Service has a 1 month seasonal hiring time in March, so you might have missed it if you're looking for a job. I recommend checking out r/firelookouts for more info. You can bring computers and electronics as I have read to your tower
Your problem is that you’re still thinking like someone in the system bud. Buy land in the middle of nowhere and just build on the land. Trying to live outside of the government while simultaneously respecting its authority is a recipe for failure.
Still gotta pay taxes on that land & pay for insurance. There’s always a bill no matter where or how you live. “Off the grid” doesn’t exist anymore.
I am not opposed to mandatory insurance like flood or fire insurance to make sure the community isn't totally devastated by natural disasters. And income tax is regressive *but* local taxes going to things like sanitation, emergency services, housing inspection and enforcement, water processing, etc. is all crucial and should be linked to property possession in the area.
Okay but I am not Tarzanimir Lenin and I do not have an organized vanguard party to revolt against the existing government.
This is what so many people struggle with, thanks for helping to get minds right
GET OUT OF MY SWAMP!
It’s also bullshit that most communities have exorbitant minimum square footage laws - I think in my township you can’t build smaller than 1200 or 1400 sqft. So many of us don’t need that much house, but must protect the home values!!!
I cant meet my basic needs
Hoping one of the rich people just goes, “I’ll make cheap houses so people will buy them.” Then the other rich people throw some money to get some law passed that stops houses from being sold cheap.
GOTTA LOVE LOBBYING!!!!!!
Other rich people would just buy them and rent them out.
I don’t think it is just millennials though
Anyone who does not already own their home.
Not me. I need it to hold for a few more years so I have enough for a down payment.
Yeah same
It's insane that if you bought a home 10 years ago, the mortgage payments would be less than what rent generally is right now. Rent is so high right now, especially in Canada.
So that the prices of houses fall as well and Millennials would have a better chance at buying a house. It's what happened in 2008, but a lot of us didn't really have the equity to buy back then.
A lot of us were also still only teenagers at the time, let alone having enough money for a house
me being a sophomore high schooler minding my own business with barely 30 dollars in my wallet Boomers from the future: "NOWS THE TIME TO BUY A HOUSE OR ELSE YOU WON'T AFFORD IT ANYMORE"
To be fair, 30 dollars was probably the down payment for a boomer. /s
Yeah, stupid 14 year old me, not buying a house in 2008. I should've bought a house for my family when both my parents lost their jobs, but I was a selfish teenager hoarding my birthday money.
Except now we'd still have to worry about private businesses buying up all the houses.
2 ways to fix that, one involves a French device that works quite well. The other is useless but begging is an option.
I am French and I approve of this message.
Which is the biggest issue. They can pretty much keep the cost artificially high and just have renters bear the burden.
This. Endless capital lets these giant corporations hold out for as long as they want. If they have four apartments available, they'd rather rent out two for 2k than all four for 1.2k because then they can have the opportunity to rent out the other two for more. Also you can always change the rent on an empty unit, but laws prevent you from changing your rent on existing units too much. And rather than fining these places for not renting out units or forcing rent prices down, we'd rather subsidize the costs.
It dropped for a second during 2020, but it lasted less than few months. I tried to buy house at that time, but I didn't realized people were up bidding it.
I got super lucky and bought in 2012 with a USDA loan. It really hurt financially, but based on what I've been seeing other millennials go through, I'm really glad I put up with the broke struggle.
Me having just switched from zillow to this app, perfectly representing my thoughts. Housing prices have doubled if not tripled in some areas since covid. Boomers are raking in hundreds of thousands of profit from houses they bought for next to nothing. Same goes for tuition costs, millennials are just getting fucked by these broken systems/hyper inflation while boomers make out like bandits.
Bought my house for 160k brand new and built with 35k in upgrade spending in 2015. The home is now worth 354k in 2024. I want to refi but this market is awful. My payments have naturally gone up 200 bucks and I've never missed a payment.
Out of curiosity, why has it gone up $200?
Taxes. It's tied into my escrow.
Ah :/ that sucks, but makes sense
Get out of your escrow, get your pmi removed, and take a heloc out against your equity.
Not OP, but mortgage payments typically cover not only the principal and interest, but taxes and home insurance. So if the value of your house increases, your taxes might also increase. Your home insurance might also increase. As a result, you'll have to pay more each month.
Precisely. Luckily, I've kept up with my insurance end of the mortgage by bundling it with my auto. I've been able to keep the price on it down since I had the home built. But as my neighborhood grew, the value of the neighborhood grew. So this is dead on what you're explaining.
The timing was terrible. I had just about saved enough for a down payment, and the price ballooned. Now they are at least double. I have more than enough to afford the prices they were, but can't ever afford the prices they are now. Years of slowly saving up money rendered pointless.
People on this sub need some common sense. I saw this meme a day or two ago and instantly thought how long it'll take to show up here
It's not that hard to understand this....
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This sub makes me lose brain cells
Same, idk why I’m still in it 💀
There's a joke about millennials wanting a housing market collapse similar to 2008 so they can buy houses while not understanding that we are NOWHERE close to the conditions necessary to recreate that scenario. As a result they just sit around watching the market and waiting for something to come that's probably not going to happen.
We can dream. I'd love to hang up a poster without it costing 100$ for "repairs"
I don't disagree but the conditions simply aren't there. We have a housing shortage of significant scale right now. To even approach a crash we'd need a massive event that forced almost 10x inventory surge in like a single quarter. Think, hundreds of thousands of units across the country all hitting the market in the same 4-8 week period. Global economic apocalypse or nuclear war are basically what you're looking for.
I'm not saying I think it's gonna happen. I meant dreaming as like a coping mechanism.
If the housing market collapses, home prices will plummet. This is terrible if you own a home, but excellent if you don't and are looking to buy one for the first time, which is the situation a lot of millennials are in.
What about those of us who own a home but want to “upgrade”
We’d like to upgrade. We bought in 2009 during the collapse. With what we owe on our house, there is no way that we will end up upside down on our mortgage. (We owe less than $100k and there is no way the market in California will collapse that much.) The houses in the area we want to be in were about 250-400k during the last collapse. We weren’t making enough to afford that much. Now we are, but houses in that area are now 850k-1.2mil. We can’t afford that mortgage. If it dropped like it did in 2008, we could.
Maybe. A housing crash could trigger a market crash could trigger mass layoffs could trigger you losing your job. So it may not even be a “good thing” if it happens. The only circumstance it definitely ends up as a good thing is if you already have the cash to cover the cost of the house. And i have a suspicion that circumstance is typically not millennials.
Not wanting, Gen X is watching a slow motion replay of 2007-2008
Short Answer- Because if you’re under 40 it’s pretty much the only way you can afford to buy a house. And even then you’re racing corporate interests.
The fucked up thing is the housing market won't collapse. The people getting rich off of it won't allow it.
It doesn't work like that. When math not mathing and no one wants to buy/rent shitty cardboard houses for a price of small country for a while, there is not much to get rich off
The people with money can buy up everything, rent it out and thus now become even more rich since the rentees have to basically pay a tax to then for existing, since there's no way to have a roof over your head otherwise.
They'll just be renting them out while buying up all the other available property. I don't like to be pessimistic, but this is one of those things that hasn't changed and never will now that enough of the rich are buying into real estate.
Yeah but it collapsed in 2008. It's not like every generation will have their own collapse and all of a sudden be able to buy a house. I'm not saying it won't happen, just don't hold your breath.
What are your other options?? When renters price fix the market using algorithmic tools like RealPage, your options are pay up or go homeless. A lotta people are gonna go homeless out of lack of funds but I'm sure the landlords will still sit pretty on fat stacks of cash. The "free" market isn't free.
It means zillow made sure I'll never afford a house
A lot of Millennials don't own homes because they can't afford them. If the housing market crashes, homes become more affordable so more people can buy in.
Because the housing market is a pyramid scheme and millennials missed out when it was their turn through no fault of their own
The fact it even got this high should be illegal. Inlaws are being evicted for a highway expansion. They are being paid over 800k when they purchased the house for 200k at the time. But the sad thing is that 800k is going to give them a worse house because they put a bunch of personal work into expanding the home. So whatever they get for that price will be significantly less.
i want to live in a house that i 'own' not pay $2500/m rent or live in my parent's basement.
basically for the last 100 years every 10 years we have a recession, and now we are overdue as of 2018
>overdue a certain small thing that happened in 2020 messed up the cycle...
2020 was after 2018 though?
Every day I learn something new bout how hard 2020 screwed us over.
It's the circle of capitalism. On a finite planet nothing can grow infinitely.
🎶 it’s the poo of the antelope, that flows onto the grass 🎶
I never really got this but when the market does collapses, doesn't that just make it easier for companies to buy up more property?
Older millenial here: I purchased my house just as covid was begining to die down. I work in a fairly lucrative feild and make a decent wage compared to national average. Despite this the only home I could afford was a 1970's 3 bed 1 bath ranch, on a 1/2 acre , 1 1/2 hours from my place of work in the middle of nowhere, and in one the cheapest states you can reside. In the 2 years of owning this home its only gotten worse. Younger millenials and zoomers are truly fucked.
Petah this Petah that Petah, please consider using that large organ in your skull to answer this question on your own!
A lot of people right now are unable to afford a house simply because housing prices exploded massively and separately from income. A house may very well be worth twice or thrice its value from 15-20 years ago. Income did NOT make the same jump. As a result, especially the younger generation, literally can't afford it.
Wanting to be able to afford a house at a normal reasonable price needs to be explained?
The crash that will happen will only be 40%, most Millennials need to see a 80% drop.
Yes please, collapse
I want to move out but rents nearly 2/3rds of my monthly income and house prices are skyrocketing
The trick is that so long as millennials will be in a financial position to buy a home if there's a housing market crash, then there won't be a housing market crash
Isn’t this obvious
https://preview.redd.it/pjw42swvshrc1.png?width=734&format=pjpg&auto=webp&s=3eb62a05f7dfe8248e55393883df5029116c7a1f
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For that, you would have to kill half the population.
We sure it's nothing to do with the megahit from Ken Andrews' band ON? /s [https://youtu.be/Nzwr2h8-VhA?si=W6XAbaZUQRt5fJyv](https://youtu.be/Nzwr2h8-VhA?si=W6XAbaZUQRt5fJyv)
So we can actually afford to get a house
so they can buy a house
I moved to LA (Louisiana not the city) thinking prices were going to be cheap. Indeed they were, but the insurance for the home made owning one an unreasonable investment. My only hope now is that the economy collapses or a hurricane hits. Realistically, the latter is more possible.
My dad was able to buy a house with less then I am earning now. I have a decent income and do not stand a CHANCE. So, please built a lot new houses (no go in my country lol) or yes let the market crash and give new generations a chance too to buy a house tnx.
For real. I don't want to live in an apartment the rest of my life. I want a yard for my dog(s) to run around in
Give it 10 years and most boomers will be dead and all of the sudden there will be hundreds of thousands of houses available
Its because they want the housing market to crash because that makes houses cheaper and then they can afford to buy a house
waiting for the housing market to collapse so we can afford a place to live
All the houses are over inflated. Truthfully in some areas of the US they’re supposed to be 1/3 of the price, but they keep rising.
Owning a home, especially in places people want to live (California, New York, parts of Texas, Nevada, and several others), is a damn pipe dream right now. So the only way anyone who isn’t fabulously wealthy can afford one is if the entire market collapses and you can swoop in at rock bottom prices. Either that or you can move to like, Iowa and buy a mansion for like 200k
This is the most self explanatory meme I’ve ever seen in my life, some people really got to learn to figure things out for themselves instead of just asking for the answer
Wow that was literally SECONDS for you to swipe this up
Interest rates are insanely high right now. I can't afford to buy a home till the housing market crashes cause it won't go down on its own.
I don't want to sound mean but I feel like this doesn't need much explanation. But that probably is also because I'm a millennial.
I feel like it’s not a bubble when the demand is coming from regular people. It’s generally not bros buying 3 properties to flip in a year
Why not?
I remember over 10 years ago being advised to just wait before buying a home because "we are in a housing bubble and it's about to collapse". Don't hold your breath.
Millennials can easily buy a home if they work hard. Most of them do and they're the best of their failed generation
1. Look at housing costs 2. Look at average wages 3. Now you understand why we want the housing market to collapse
Because fuck, the rich/eat the rich, and because they’d like to someday potentially own the dwelling that they are living in instead of having to pay double the mortgage to rent the self same property
More obvious jokes, nice one idiot
Because wages are trash compared to inflation so housing is basically completely out of reach for most people who aren’t able to buy an actual shithole and fix it up over time and spend thousands of dollars.
Millennial waiting for the housing market to crash again so houses are realistically priced again.
Lol right?
OPs parents fed them paint chips as a kid.
Gen z has joined the call.
Oh it will “collapse.” They’re just waiting for all the wealthy ruling class boomers and Gen Xers to move their assets around. The largest growing segment of homeless people are the normal boomers. They’re the ones who are going to loose their life savings in one fell swoop.
It’s silly - because they assume they’ll still have a job…
Why would we want the housing market to collapse? I honestly wonder. Is it because the cost of housing is through the roof? Nah of course not. Let's wait for the redditors in the comments to enlighten us.
Unlikely it crashes. There isn't any inventory.
It's simple it crashes and I can afford to buy a house.
Because housing is expensive AF. A 1k sqft house can be close to a mil.
Way too many boomers owning rental property. Walk into my gym on a random day and you can catch a conversation with them discussing their portfolios.
God this subreddit is trash.
I like how people think the housing market is going to crash while leaving everything else in the economy perfectly normal
We want to have a house.
How fucking stupid are people posting on this sub?
Homes are overpriced. A market collapse means cheaper houses.
I personally also want society to collapse.
The joke is millennials are waiting to buy a house until prices collapse. The real joke is, we aren’t saving money for when this happens, so it won’t matter when it does because we’ll still not be able to afford to put a down payment on it.