re: Cost to buy = $2,700/month. Cost to rent = $1,850/month

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There was a 1200 sq. ft house that sold for almost $500k a few weeks back I saw. Just laughable

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The people who are buying are idiots.

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I’ve given up moving. If I were to sell my home and purchase one of the same value my mortgage would double even at 40% down.

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Yep, this is the other side of the issue. People aren't moving because their current mortgage is too good to give up. Only houses going on the market are people trying to move into a good school system, like the one I just referenced. New home supply is at some of the lowest levels it has been in a long long time.

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If I were to sell my home and purchase one of the same value my mortgage would double even at 40% down.

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I just refinanced after a divorce settlement. Refinanced for less, but my mortgage went up nearly $200. FML

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The people who are buying are idiots.

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Yep. House is in a decent area, basically just on the outskirts of a good school system but isn't part of that school system. It is an area for starter homes that you move into the good school system after a few years when you start having kids. It is most likely bought by some wealthy parents for their daughter who just graduated or something. Very common around here.

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In all of the places I have rentals (Cali, AL, TN, GA), rental inventory is still low and applications fly in like flies to sugar on the first day.

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Interesting. It's obviously market specific but in the areas I pay attention to there has been a noticeable uptick in rental inventory.

I also notice that AirBNB is flooded with options vs just a few years ago.

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This is a useful chart.
Sometimes renting isn’t stupid.

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Here is the link to the article


LINK

It’s being propped up because current owners don’t have anywhere to affordably go, which keeps supply very tight.

ETA: there’s no real relief for that problem in sight, as rates aren’t going to be sub 3% again anytime soon, if ever.

Its the fricking absurd prices more than anything. a 150,000 home a few years ago is 220+ now

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They'll never understand bc it didn't happen to them. In their mind, its a right of passage that they had to go through themselves which couldn't be farther from the truth.

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Their money is worth less and less every year and they're starting from the bottom while paying their dues.

Are there a lot of them that are lazy and entitled? Sure.

Are there a lot of them that are hard working? Absolutely.

The reality of the situation is that these kids have gone to college, amassed a massive amount of debt (because universities are expanding unnecessarily due to charging these kids out the arse because they have government backed loans), and are having to dig themselves out of debt by working for wages that are completely stagnant and only allow for them to barely stay above water.

The idea of buying a house, starting a family, and being financially stable in the long term before 30 is becoming less and less attainable even for people who work hard.