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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
Didn't think I'd ever see Waleska on Lemmy... but, yeah. This is just the story all over North Georgia right? No one wanted to live in the mountains until all of the sudden you could work from anywhere. Now everyone earning city and suburb pay is happy to live an hour farther out than they were before.
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.
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
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.
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.
Keep in mind that inflation has risen over 30% in just the last 4 years, which explains at least part of the rise in prices. I wouldn't be surprised if inflation is even higher in certain areas of the country. I'd also not be surprised if Georgia is getting a lot of natural disaster refugees from places like Florida.
The other part i don't see anyone mentioning is that this was all projected as a result of millennial generation, the largest % of population by generation comparison, came into the age of buying homes. Creating a sharp spike in demand over supply.
In the lat 80s / early 90s, my SO and I saved up for 7 years to be able to afford the down payment for our first home. Now, that would be more like 20 years, which is too much.
Time to consider moving to Europe or Costa Rica or Mexico City or somewhere, if you're in that boat now.
It's not as bad in Germany, but pretty close. It's a very good time to sell houses. And on top of that they are generally much more expensive than American houses to begin with.
That's cheap as hell compared to California. And I work remote from anywhere I want. Thanks for the tip!
:laughs in Australian:
Are other homes increasing as much in that area? Or did they build a double garage, remodel the kitchen and install 15 swimming pools?
For my area it's all of them. Could have afforded a home a few years back. If you bought in 2014, 23000 got you a massive home with 4 car garage. Now that how is 600000.