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Fellow home owners, are you ready for the housing market to crash? (lemmy.world)

submitted 9 months ago by ericbomb@lemmy.world to c/asklemmy@lemmy.world

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I know I'm supposed to want it to keep going up as a wealth generator or whatever.

But like... I wouldn't be able to afford the monthly payments if I bought my house right now and it's scary. Also none of my friends are buying homes, none of them are even renting full places. Just like renting rooms.

So what are your feelings home owners of lemmy?

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[-] lycanrising@lemmy.world 36 points 9 months ago

i bought my house at the top (two years ago) and no regrets. less about it being an investment and more about having a stable place to call my own that gives me safety and not at the whims of a landlord. i’d quite like it if house prices became more affordable for everyone, the counter intuitive thing to say. 🤷‍♂️ i was supposed to become a nimby and vote conservative but now i’m more left wing than ever.

[-] snf@lemmy.world 13 points 9 months ago

Pretty much this. I'm quite content with losing some of my net worth if it means other people don't have to struggle as much to have their own place to live.

[-] lumberjacked@lemmy.world 3 points 9 months ago

I bought at the peak myself to have stable housing while raising kids.

If house prices just stayed flat until wages caught up and then only increased similar to match wage increases (not inflation) that might be a reasonable compromise between the middle class who have a house and don't. Those who own will still be paying down a mortgage so increasing your equity that way without being decimated if you have to move. Unfortunately at this point, that could take awhile before wages caught up.

[-] stabby_cicada@slrpnk.net 0 points 9 months ago

I agree with you. I think property is theft; in an ideal world everyone would have the right to shelter and no one would own land privately. And I also think fear of housing insecurity - including the fear of a landlord extorting or evicting you - is the biggest reason America is obsessed with home ownership and I can't criticize anybody for pursuing it. The only way to have secure housing in the US today is to own your home, and everyone has a right to secure housing.

this post was submitted on 29 Sep 2023

360 points (95.2% liked)

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