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re: Could you afford to buy your own house if you had to buy it today?
Posted on 7/5/22 at 10:30 pm to NC_Tigah
Posted on 7/5/22 at 10:30 pm to NC_Tigah
1. I don’t particularly consider people in their 30s to be “young adults” (as much as that pains me…)
2. Does the “average” house being $375k not strike you as a bit of an impediment to young adults? I’ve mentioned it on here a few times before, but my parents’ first house was a less than five years old 3/2 in Lafayette that, adjusted for inflation, cost them today’s equivalent of $75k. They’ve been able to flip equity every since.
Now, I own a house, so the sob song has nothing to do with me. But young adults today are trying to grab into a housing ladder whose first rung is 30ft off the ground. That’s a serious problem.
2. Does the “average” house being $375k not strike you as a bit of an impediment to young adults? I’ve mentioned it on here a few times before, but my parents’ first house was a less than five years old 3/2 in Lafayette that, adjusted for inflation, cost them today’s equivalent of $75k. They’ve been able to flip equity every since.
Now, I own a house, so the sob song has nothing to do with me. But young adults today are trying to grab into a housing ladder whose first rung is 30ft off the ground. That’s a serious problem.
1
Posted on 7/6/22 at 5:10 am to Joshjrn
quote:I would expect so. You conflate "average" and "starter", and maybe that's part of the problem.
Does the “average” house being $375k not strike you as a bit of an impediment to young adults?
Would you really expect no cost impediment for the average 22y/o to just pop into the national average home?
It certainly wouldn't say much for achievements of the average 40-somethings living with their family of four in the same. Would it?
Posted on 7/6/22 at 6:58 am to lynxcat
Did you not file for a homestead exemption?
Posted on 7/6/22 at 7:17 am to Spitting Venom
Yes, which caps at 10% increase each year unless you make a material improvement to the home (e.g., new pool, patio, etc.).
House prices are up ~50% in the last two years in my area so, even with homestead, it’ll be 10% increases every year for the foreseeable future.
House prices are up ~50% in the last two years in my area so, even with homestead, it’ll be 10% increases every year for the foreseeable future.
Posted on 7/6/22 at 7:59 am to NC_Tigah
quote:
I would expect so. You conflate "average" and "starter", and maybe that's part of the problem.
Would you really expect no cost impediment for the average 22y/o to just pop into the national average home?
It certainly wouldn't say much for achievements of the average 40-somethings living with their family of four in the same. Would it?
The problem is the floor, and how we define "starter home". Baton Rouge isn't exactly Austin when it comes to skyrocketting property values. Poke around on Zillow and see if you can find me a decent "starter home" for less than, say, $250k. You know, maybe a quaint little 1,500ft2 3/2 house that's less than five years old, like my parents bought in the middle of Lafayette a few decades ago for today's equivalent of $75k.
ETA: And for context, that little starter home my parents bought for the equivalent of $75k over three decades ago? That part of town is shite now, and the house appears to be in awful condition. Currently worth about $150k. So is my parents' house still supposed to be an acceptable starter home three decades later, for twice the cost?
Or have we redefined "starter home" to mean a 50 year old 2/1.5 that's falling apart in a shite part of town? Which, for the record, you likely still can't get for my parents' $75k
This post was edited on 7/6/22 at 8:17 am
Posted on 7/6/22 at 8:11 am to Joshjrn
quote:
The problem is the floor, and how we define "starter home". Baton Rouge isn't exactly Austin when it comes to skyrocketting property values. Poke around on Zillow and see if you can find me a decent "starter home" for less than, say, $250k. You know, maybe a quaint little 1,500ft2 3/2 house that's less than five years old, like my parents bought in the middle of Lafayette a few decades ago for today's equivalent of $75k.
I'm in Round Rock, a suburb of Austin, in a 1,180 sq ft 3/2 built in 1968 that went for 425k last year. I believe Zillow says it's worth north of 500 now.
Starter homes here aren't your average starter homes.
Posted on 7/7/22 at 10:43 am to oneg8rh8r
quote:
oneg8rh8r ... lets see some pics of our houses.
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