this post was submitted on 03 Nov 2024
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Mildly Infuriating

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My salary didn't change at all, but homes went up 82%. The money I saved for a down payment and my salary no longer are good enough for this home and many others. This ain't even a "good" home either. It was a 200k meh average ok home before. Now it's simply unaffordable

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[–] socsa@piefed.social 9 points 11 hours ago (2 children)

Not that this is "ok" but it's why "buy whatever you can as soon as you can" is good advice. If you'd put whatever you had into a shitty condo four years ago, and kept saving at the same rate, you'd likely be in good position to trade up soon.

I see a lot of people I know end up in the same position because they've been waiting for either the exact right circumstances or for prices to "crash." All the people i know who started with anything they could afford now have a huge amount of equity in nice homes. The difference is real and primarily about timing more than income or location.

[–] EatATaco@lemm.ee 4 points 11 hours ago (1 children)

I bought 5 years ago when it was still reasonable. I have a great rate on a great house that has increased by about 50% since I bought it.

I don't want to, because this is just about the perfect size house for us in a great location, but I can't really "trade up" as the interest rates are through the roof and everything is more expensive too.

[–] 667@lemmy.radio 2 points 5 hours ago

If your circumstances change, you can make a lateral move and invest the net profit in an index fund.

[–] michaelmrose@lemmy.world 4 points 11 hours ago

I think you misunderstand. He didn't have the financial wherewithal to acquire a home of any sort because a down payment was expected even of the shitty condo. He didn't have the money then he doesn't have the money now he's on the same shitty treadmill that the rest of us in the permanent underclass are.

[–] SplashJackson@lemmy.ca 27 points 17 hours ago (2 children)
[–] socsa@piefed.social 9 points 11 hours ago (1 children)

No rich person is living in a 325k ranch house.

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[–] TheReturnOfPEB@reddthat.com 13 points 17 hours ago* (last edited 15 hours ago)

Best hurry ... Ozempic is destroying the caloric benefit

[–] sleepmode@lemmy.world 33 points 19 hours ago

I like the utility feed hanging off the front of the house going straight through the roof and blocking them from installing the other fake shutter. I wonder what other construction horrors lurk inside.

[–] curiousaur@reddthat.com 3 points 12 hours ago

That's cheap as hell compared to California. And I work remote from anywhere I want. Thanks for the tip!

[–] Thebeardedsinglemalt@lemmy.world 18 points 19 hours ago (1 children)

This is everywhere. I've been looking for houses for 3 months in NW Ohio. 300k is the new 150k, and all the houses are beat to shit on the inside needing 50k just to make them passable inside because nobody takes care of them.

[–] Soleos@lemmy.world 5 points 16 hours ago (1 children)

I wonder what proportion of it is also due to people fleeing 1 million + average house markets during the pandemic work from home wave. Not saying this about you, but it makes me think it's funny how the common refrain of "Don't like it? Just move" is often uttered by NIMBYs.

[–] Thebeardedsinglemalt@lemmy.world 3 points 16 hours ago (3 children)

I think a big part of it is we're on the other side of the peak of all houses going for 100k over asking regardless of condition. A number of houses have that grey vinyl flooring installed in a bunch of rooms that's as cheap as it is ugly.

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[–] jj4211@lemmy.world 12 points 19 hours ago (1 children)

So occasionally I look out of curiosity and the reason is pretty plain.

I look for houses for sale in a suburban area as public listings, and there's like 1 within a few square miles of the area.

I switch over to renting, and there's like 12 houses just like the one for sale available, all owned by companies. I also know a coule that aren't listed that have no tenants, but are still owned by one of those companies. You can tell because those yards are now waist deep grasses (in an area where HOA throws a hissy fit if your yard looks just a smidge unkempt).

Don't know why the companies find it more profitable to buy houses people aren't looking to actually move into, at least at the rent they are willing to accept. If I fully understood why, it might just piss me off more. Like maybe the houses work better as a loan basis than other assets, so even empty and unused they are valuable as some sort of financial trick.

[–] Semi_Hemi_Demigod@lemmy.world 10 points 18 hours ago

Don’t know why the companies find it more profitable to buy houses people aren’t looking to actually move into, at least at the rent they are willing to accept. If I fully understood why, it might just piss me off more. Like maybe the houses work better as a loan basis than other assets, so even empty and unused they are valuable as some sort of financial trick.

That's one thing, but housing has been a low-risk investment for a long, long time. If they bought the house OP posted in 2020 and sold it in 2024 they would have almost doubled their money even without renting it out.

[–] yessikg@lemmy.blahaj.zone 11 points 19 hours ago (1 children)

This is because venture capitalists are buying all the homes to rent

[–] WhatYouNeed@lemmy.world 3 points 11 hours ago

Said it before: no corporation except non-profits focusing on housing should own retail property.

[–] localhost443@discuss.tchncs.de 5 points 16 hours ago (5 children)

Also here in Europe this is the type of construction we use for a garden shed, not a house.

Even when we do modern timber frame, it's generally still brick or block at the bottom. How long do these houses last in the US? I imagine a lot of the continent is pretty humid

[–] XeroxCool@lemmy.world 3 points 6 hours ago

Timber frames are sheathed in treated plywood and then wrapped in siding. Rain doesn't reach the wood of a barely-maintained house, exterior humidity won't do damage in any hurry, and wood is rarely making ground contact. These houses last at least a hundred years given that this style is approaching 100 years. It's usually storm damage through the roof that causes the rotted wood you're imagining, not normal wear and tear.

[–] ayyy@sh.itjust.works 12 points 16 hours ago

It’s a good thing you aren’t a building engineer.

[–] UnpledgedCatnapTipper@lemmy.blahaj.zone 10 points 16 hours ago (1 children)

My parents' timber house is from the 1780s and is still solid. So, 240 years at least, give or take. I'm aware of plenty of timber houses from the 1600s that are still standing and functional as well.

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[–] dan@upvote.au 2 points 12 hours ago* (last edited 12 hours ago) (1 children)

In California at least, houses made with a wooden frame are usually on top of concrete (either a concrete slab under the whole house, or a concrete perimeter under the exterior walls), and the frame is bolted into the concrete along the entire perimeter.

Older homes often aren't bolted into the concrete, but it's common to retrofit this to improve earthquake resistance. Without the bolting, the house can move around during an earthquake. The government here has a program (Earthquake Brace and Bolt) where they cover part of the cost of doing this work.

Masonry (houses made of bricks, stone, etc) are much less common here, since they perform much worse in earthquakes.

[–] pumpkinseedoil@mander.xyz 1 points 11 hours ago* (last edited 11 hours ago)

👍 in Europe earthquakes luckily are less of a concern, so we care more about longevity (you'll find many places where pretty much every house is well over a hundred years old (the oldest one in my village is about 900 years old)) and good isolation (to keep the heat inside in winter and outside in summer so we can heat less / don't have to use air conditioning on our way to net zero)

[–] pendulous@lemmy.world 6 points 16 hours ago

When wood is properly sealed up in walls, it lasts a very long time. We don't really have buildings on an old world timescale, but we do still have colonial wood frame buildings.

[–] AstridWipenaugh@lemmy.world 9 points 19 hours ago

Yep, that's on track! My house has almost tripled in price since I bought it 12 years ago. Denver metro. No way I could afford it if I had to buy it today.

[–] rbesfe@lemmy.ca 10 points 20 hours ago (7 children)

A 1200 sqft bungalow near me just sold for 1 million Canadian rubles

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[–] TheObviousSolution@lemm.ee 15 points 23 hours ago

This won't change as long as property ownership and property renting is unified. There's just to much of a business incentive from renting, even if it takes decades to make it back. Worst that can happen is that it can sell it back to a market that criminalizes homelessness instead of treating it or its causes.

[–] w3dd1e@lemm.ee 10 points 21 hours ago* (last edited 21 hours ago)

It’s the same in Kansas City. I just checked a random house in my city and it’s up almost $100k in 4 years.

3bd, 1bath 976 sqft

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