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this post was submitted on 11 Sep 2023
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I'm English so can't comment on the situation in the US, but reading the comments in this thread it seems quite similar to the one here.
I bought a house in 2010, just before I turned 23 and I'm very much the exception to the rule. I live in an area with some of the lowest house prices in the country. I didn't go to University and got my first full time job when I was 19. It didn't pay well but I lived at home and I was a stoner. I didn't go out much, just to friend's houses to get high. My town is walkable enough that I didn't need to drive (I get that not driving isn't really possible in the US, or even in some parts of the UK).
This meant I saved up a lot of my money without really trying. The house I bought cost £41,000. I sold it in 2022 for £39,000 which should give you some idea of the state of it.
My Dad bought a house in 1986 for £12,000. I can see that house from the one I live in now, which cost me £79,000 in 2022.
You bought a house for less than $45K? Excuse me?
For comparison, a 2 bedroom 1 bath house at about 1000 square ft in my area would cost 250K for a place that needs repair and remodeling.
For us using metric who are not used to freedom units:
1000 square ft = 93 m2 (92,9 m2 to be exact)
So I guess you can divide by 10 to get a rough estimate in m2 that is 7% off.
Fore 3 years ago we bought a house in a decent size city at £103K at 133m2 in Denmark, and the houses prices is still pretty much the same the prices have gone up £11k on our house but mostly because I have renovated over the time.
But here in Denmark if you buy a house you pretty much need to could renovate by our self, because the professional is extremely expensiv, if I needed to hire a professional to replace my roof it would cost us £100k and I can do it by my self for £10k.
Edited: with symbols for pound on all now
Yes I figured as much from the "for 3 years ago", which is totally Danglish, "3 years ago" is enough.
Sorry, I just found it funny, that I figured a Dane wrote that from the first 3 words.😀
And yes professionals are really expensive, USD 100k to replace an entire roof doesn't even sound expensive, if it includes materials, it's sounds dirt cheap.
Edit I just checked prices, and apparently you can get a new roof for a 100m2 house approximately 1000 ft2, for about USD 10000.
In Denmark, the cost equivalent of a roof replacement is 100k UK pounds? That price in the US is so high it shocks the conscience unless you're talking about a mansion or doing some special kind of roof material like slate and hiring only engineers with advanced degrees as laborers.
I think I specified USD = US dollar, but that is cheap, our neighbor got an offer of USD 160000 for a house of about 180m2. That was with ceramic tiles, but afaik it's not that much cheaper even if you chose cheaper materials, I think the cheapest was about USD 120000.
Edit
I have been misinformed, I looked up prices and you can get a new roof for a 100m2 house approximately 1000 ft2, for about USD 10000.
Depends a lot on what type of roof you have. Comp shingle is pretty cheap.
You're out by a factor of 10 if you think a new roof is 100k
You can't get a professional to replace your roof for 10k£
Yes, The offer my neighbor got must include rebuilding the construction or something.
You can get a new roof for a 100m2 house approximately 1000 ft2, for about USD 10000.
1 Krone is $0.14 USD. Holy shit. $14k for a roof? I just got mine done for $6k by a pro here in the US - I thought about doing it myself but realized that I'm a father now, have zero safety equipment or roof replacing skills (lack of experience never usually stops me) and knees that now randomly dislocate for no reason, and I'd probably die. That said, it would still have cost me more than $1.5k in materials. How can folks afford such prices? How can the market sustain such prices?
Why assume krones when their other prices were pounds?
I didn't know what the symbol for Krone is and incorrectly assumed they use the pound symbol (they don't - Kr is the symbol). 100k pounds for a roof is absolutely insane, and now I absolutely need more explanation as to why.
It was all converted to pound for ease.
And why the prices fore a professional is so damn high in Denmark is becous the labor force is very well paid in these proffesions, so price is: 50-60% salary, 10-30% taxes, the rest is material.
And the symbol is "DKK" i don't think there is symbol like $.