How is the housing market by you?

[Cosmic]

I am curious. I know it is different around the world and even state to state in America.

When I was growing up, you can easily provide for a family and own a house and even have health insurance making 48k a year. That is what my dad made. We were living in a nice area too and my mom only did side work at home making like $500 a month. There was three of us kids as well as a few dogs and a cat. Two cars as well.

According to averages and mortgage rates coupled with insurance costs, you need a minimum of 85k per year if you want to buy a house in a nice area but you need even more if you want to raise a family. I don't know if I will ever be able to afford a house much less a family. 

 

[tmcom]

Pretty dire here the rent keeps rising and our idiot politicians just raise immigration to compensate for next years Recession and by doing so make renting even worse, (and they have built a fraction of the new gov, houses they promised).

 

 

[JRexx]

The average cost to rent a house in my area is around $2,300 a month. Apartments are around $1,350. The prices for these same houses and apartments just 5 years ago was $1,600 and $800 per month. 

If you want to buy a house and have excellent credit, you should expect to pay around $1,600 a month for a mortgage on a 200k house with 20% down. With nothing down? $2,300. 

So basically you can rent a house for the same amount you can buy a house per month but there are very few houses on the market for under $300k which makes buying a house right now a nightmare. A friend of mine recently tried buying and was outbid on 4 different houses by as much as 40k. 

[britanica]

On 11/19/2023 at 1:23 PM, JRexx said:

The average cost to rent a house in my area is around $2,300 a month. Apartments are around $1,350. The prices for these same houses and apartments just 5 years ago was $1,600 and $800 per month. 

If you want to buy a house and have excellent credit, you should expect to pay around $1,600 a month for a mortgage on a 200k house with 20% down. With nothing down? $2,300. 

So basically you can rent a house for the same amount you can buy a house per month but there are very few houses on the market for under $300k which makes buying a house right now a nightmare. A friend of mine recently tried buying and was outbid on 4 different houses by as much as 40k. 

Sounds about the same by me. The interest rates have gone up and down between 6.7% and 8.4% for the last 6 months. I looked into some trend trackers and they expect it to drop below 6% at the end of December but it will not be steady until the end of 2024 which it is projected to be around 5.2%. In 2025, they are saying it should dip below 5% but who knows. 

[JRexx]

On 11/20/2023 at 2:55 PM, britanica said:

Sounds about the same by me. The interest rates have gone up and down between 6.7% and 8.4% for the last 6 months. I looked into some trend trackers and they expect it to drop below 6% at the end of December but it will not be steady until the end of 2024 which it is projected to be around 5.2%. In 2025, they are saying it should dip below 5% but who knows. 

I don't know what will fix this outside of a crash and I think they are preventing it which is making things worse. A crash would be bad for a lot of people but it would help build millions of people's futures being able to buy a home especially for people that want families. 

[britanica]

23 hours ago, JRexx said:

I don't know what will fix this outside of a crash and I think they are preventing it which is making things worse. A crash would be bad for a lot of people but it would help build millions of people's futures being able to buy a home especially for people that want families. 

The need to force the banks to lower interest rates and set something in place that won't allow for housing and rent to get this expensive. I mean it could be way worse, the US is sitting pretty compared to Canada right now. I have some family there and they can't even afford rent anymore.

[JRexx]

On 11/24/2023 at 5:13 PM, britanica said:

The need to force the banks to lower interest rates and set something in place that won't allow for housing and rent to get this expensive. I mean it could be way worse, the US is sitting pretty compared to Canada right now. I have some family there and they can't even afford rent anymore.

I heard about that. I don't know how to regulate something like this in a "free market". I like having a free market but not when rich people at the top are manipulating it and screwing us all over. After taxes, I only make like 40k so I can't afford much of anything in the US right now. I'd probably be homeless in Canada.