I think that’s what’s scary to so many people on the outside looking in - is that not getting ahead is the new normal.

I have been a homeowner since 2009. I “lucked up” and was in the market for my first house right after the 08’ bubble popped and there were tons of incentives to instill buyer confidence and re-stimulate the market. So my wife and I got a modest house in a decent area for a price we could afford and a rate we could afford.

We owned the house for nearly 10 years and put a decent amount of money into it - and when we sold it as our family outgrew it - we basically got back all that we put into the house in equity.

Again, I feel like we were extremely lucky because we got into a larger house before COVID blew everything up.

So now we are in a larger house in a decent area with a decent price and a rate we can afford.

When I see what future homebuyers are facing - it makes me feel very fortunate how we didn’t or haven’t had to face that challenge and it also makes me sad because I know how important homeownership is to building wealth for the middle class.

I don’t make a ton of money but I try to live within my means. I worry for my kids and what they will face when he hits the real world.

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Posted by GeorgeReymond

Buckhead

Member since Jan 2013

10188 posts

Posted on 10/19/23 at 6:14 am to Jimbojambojumbo

Yeah it’s a scary thought but good for you. That’s how it should be

quote:
Median home prices have increased at four times the rate of household incomes since 1960, leading to imbalanced price-to-income ratios in most major metropolitan areas. Nationwide rents have increased at twice the rate of household incomes since 1960, making saving for a down payment increasingly difficult.

LINK

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Posted by chrome_daddy

LA (Lower Ashvegas)

Member since May 2004

2093 posts

Posted on 10/20/23 at 9:44 am to Jimbojambojumbo

quote:
I worry for my kids and what they will face when he hits the real world.

I don't. Because as long as I'm alive, I'll advise them into a POS fixer upper in a semi crappy part of town. Luckily their father has fixed many old houses and will be retired so I'll have time. They just need to be willing to put in the sweat equity and I'll help them. Then longer term, they do like I did: turn it into a rental and then upgrade.

Boomer checking in, lotsa boomer trashing in this thread.

Unlike some of my peers, I DO see how housing is much more expensive as a percentage of income these days compared to when I was younger, along with everything else.

But my kids will have the advantage of my experience and skills to help them (not necessarily financially).

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