Home Ownership

[Jibartik]

Originally Posted by Patriam1066 [You must be logged in to view images. Log in or Register.]

Anyway, just answering your question. You can afford your own home if you aren’t trying to get ri¢h or die tryin on Bitcoin like a dumb ass rapper

Homes within the commute to my work are very difficult to obtain.

I think the answer is more nuanced as evidenced that they talk about this on the news and it isnt just me that is noticing this.

Originally Posted by Gustoo [You must be logged in to view images. Log in or Register.]

Also fixing the home loan system. Home loans are for people to become home owners, because we used to believe we didn't want everyone around us to be serfs. Home loans are now being used more like business loans, so they favor giving new home loans to people that already own homes, as collateral. These homes are then used for commercial purposes (rental, air B and B) and therefore should be part of a business loan process rather than a home loan process.

Theres a lot of pretty straight forward ways to help this, but like everything it means less profits for wealthy people so its hard to pass.

As it is, they allow corporations funded by china and other outside nations to buy american homes and collect rent from us, LOL. "they" being the legislative branch. So it's a big fat joke, since they clearly don't give a shit about making american life as good as possible for most people.

I feel like this is a big part of it too

That first bit seems like something the gov may try to change in the next decade or 2 I wonder. I could see political initiatives to help people get low interest rate loans backed by the gov if the economy keeps growing and the rates go up while the prices continue to soar.

[Nocht]

I live in a two story Dorito bag.

[Danth]

There's some element of demographics shift at work too, I suspect. A disproportionate number of people keep trying to move into the same handful of regions. There's no housing shortage around here locally. Just within my little unincorporated town there are several abandoned houses and several more which have been bulldozed (due to falling apart from disrepair) within the past 5 years. Houses which go up for sale not infrequently take months to sell, if they sell at all.

Inside the actual cities themselves, like Cleveland, entire neighborhoods are being bulldozed due to population loss. In some areas there are now fields where there were once rows of houses. This is the opposite of a housing shortage.

Danth

[Gatordash]

There's an eviction moratorium and the government is spending $40billion/mo on MBS for the past year, so no, you will not be able to afford a house for at least another ~15 months assuming Biden and the CDC don't extend the moratorium and continue to not hint at even hinting at tapering.

[hobart]

The median price of a home here is $1.5MM. The average is just under $1MM.

Now, question for the Trumptards, what do all of the expensive cities to live in have in common?

I do think it is unsustainable, but as someone who paid <$400K for my house a long time ago, I don't have the same concerns as someone who's just pulling into town.

Even my rental 12 miles away has almost doubled in value since I purchased in 2016. If my tenants weren't so nice I'd be selling this summer.

[zodium]

Originally Posted by Jibartik [You must be logged in to view images. Log in or Register.]

Are we at a lack of supply because we could have many more houses than we have, but we just wont build them?

yes.

[hobart]

Originally Posted by Gustoo [You must be logged in to view images. Log in or Register.]

Home loans are now being used more like business loans, so they favor giving new home loans to people that already own homes, as collateral. These homes are then used for commercial purposes (rental, air B and B) and therefore should be part of a business loan process rather than a home loan process.

This is not true for the most part. Some people do game the FHA loan program, but most people who buy residences to rent do put substantially more down than the type of people who would need programs to buy a home.

I never ended up pulling the trigger, but I was able to find a loan for a second home (that I could have rented out part time) with 15% down. Typically that's more like 20%-25%. Still, me putting down $120K on an $800K in a resort area is not the reason people can't afford homes.

[HalflingSpergand]

Homes are "purchased" via a scam called a mortgage whereby money is fabricated out of no where and create slaves. This creates many problems.

[zodium]

basically

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[Gatordash]

Originally Posted by HalflingSpergand [You must be logged in to view images. Log in or Register.]

Homes are "purchased" via a scam called a mortgage whereby money is fabricated out of no where and create slaves. This creates many problems.

Ironically the more money they fabricate out of nowhere the more value your house is worth.