We need discounted public housing more than ever. Every goddam US city is built on public housing and ending that shit in the 80s is the stupidest goddamn decision with the most obvious fallout
Fun fact: 20% down payment on $435,000 is $87,000 – that doesn’t include closing costs minimum monthly payments with a 30-year fixed mortgage at an interest rate of 6.889% would come in at $2,668 (this escrows taxes and home insurance). Just for fun, I’ll share that in 2012 my partner and I bought our first home (1,800 square feet attached 2-car garage in the Midwest with typical appearance for a starter home) for $146,500 and 20% down payment was $29,000 - we put down $48,000 since we had it – now you need nearly 3 times the amount to avoid Private Mortgage Insurance. Our minimum monthly payment was $1,032 on a 15-year fixed mortgage at 3.5% interest. The bar is just way to high for most people to even consider buying at this point. When we sold our first home in 2021, we sold it to a person who was planning to live their themself – no rental companies was our stipulation.
I’m starting to understand why people starting burning down all the real estate in the book “Parable of the Sower. “
That’s going to happen if population continues to increase and housing supply doesn’t keep pace. Between COVID shutdowns, following materials shortages, and now tariff fuckerey building has fallen way behind just barely keeping pace. We’re also in the fallout from keeping interest rates too low for too long, lots of people have mortgages in the 2-3% range and can’t sell unless something is forcing them to.
Not can’t sell, would be stupid to sell. Why would I ever give up my sub 3% loan? It’s the closest thing to free money a normal person ever got. Even if I wanted to move, it makes more financial sense to rent out my current house just to keep this loan.
I was talking to a relative about this recently. Basically anything that would be an upgrade would end up with me owning more on the new house with rate almost twice as high.
Literally going to be living in this house the rest of my life, given the way things are going.
I honestly regret not over-leveraging myself to get a second property while the rates were that low.
I mean, in hindsight sure, but at the time no one knew what a post covid world would look like.
So sales are down…
…but prices are up?
Ah yes, the “free market”
Yep. Some people see houses as ever increasing appreciating assets and don’t want to take a loss. Hence, maintain high prices and price out buyers
corporate landlords and real estates do, thats why they buy up houses and sit on them til the end of time.
And buy up more houses when they become available. Because too many available houses will drop the price of their current holdings and they can’t allow that, so they are obliged to keep snapping up anything that drops below market, keeping the price up.
For most people it’s the single largest investment they’ve ever made. So yeah, they’re reluctant to just see the price tank.
My vehicle is my second largest investment I’ve made and it is a depreciating asset. I’d argue that my house is too, as my 7 year old appliance may need to be replaced soon.
While I can certainly keep my current house when I move and I am encouraged to do so, I plan to sell. If I can manage, at a profit. If I can’t, oh fucking well. Why do we need to prevent utilizing an empty house?
My vehicle is my second largest investment I’ve made and it is a depreciating asset.
So is your house. Do little to no up-keep on it and see how it affects the value over time. But you don’t just get a new house when your roof starts to leak or when your furnace breaks do you? You replace it and fix it over time. You don’t do that as much with a car. At some point those maintenance costs outweigh the costs of getting a new vehicle.
But it’s also not just “the house” - it’s “property”. And property values change based on many other factors - lots of which are outside your direct control.
I do up keep on my house and it still feels like a depreciating asset. I’m behind on it because there’s an ever long laundry list.
Over-under, straight to jail.
Real estate is a goddamned scam.
You expected stolen land to be repackaged and sold back to us as anything else?
Pretty much everything you need to survive is now
Literally everything in this country is.
Can Canada get back down to a c$600k average home price? ** Cries in Vancouverish **
Who wants to live in a 'burb where you can’t be sure if it’s your house or the neighbors, because you turned left one street too early… and get shot by the neighbor for parking in his driveway and trying to enter “your” home… that’s corporate Murica… Gleichgeschaltene Gestalten
