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re: I think people need to accept that the housing window has closed
Posted on 8/2/26 at 10:17 am to UptownJoeBrown
Posted on 8/2/26 at 10:17 am to UptownJoeBrown
quote:
People spend money like dumbasses and also thinking they deserve that trip to Europe even if they are currently living paycheck to paycheck.
Houses twice as big with amenities only very rich people had back in the day.
Just out of curiosity, what did you pay for your house and what is the interest rate?
Posted on 8/2/26 at 10:20 am to Odysseus32
A couple a weeks ago someone made a similar thread. A guy came in here and told people to either join the military or buy a lot of land and round up a few buddies to help build you a house because that’s what his dad did…
Posted on 8/2/26 at 10:42 am to UptownJoeBrown
quote:
Houses twice as big with amenities only very rich people had back in the day.
Yeah I use to think everyone had it easier decades ago but if you look at the homes back then they were very tiny and no amenities.
Posted on 8/2/26 at 11:20 am to Zappas Stache
quote:
So what you’re saying is that people should go to college, work their arse off, earn an above average income, save $110k (20%) for a down payment for a neighborhood and house they don’t want. Sounds like the American dream to me
Yes....and this is what your parents did and their parents and their parents . Your entitlement is showing.
This is laughable. My parents first house was $80k in 1988 and they were able to buy at 23 years old right out of college. The house I grew up in was $120k for 3100 square foot in a great neighborhood purchased in 1998. Same house is $500k today. There was an extreme shift after 2020 that has made it nearly impossible for first time homeowners and the data proves it. My parents and grandparents didn't have it nearly this hard and my parents openly admit it. I am in the top 10% of American income earners and can’t afford a home in a decent area on my own - that’s crazy
This post was edited on 8/2/26 at 11:38 am
Posted on 8/2/26 at 11:41 am to MC5601
quote:
So what you’re saying is that people should go to college, work their arse off, earn an above average income, save $110k (20%) for a down payment for a neighborhood and house they don’t want. Sounds like the American dream to me
A $550k home is not the American dream. The "American dream" is that we live in the greatest country on earth with a monetary system that allows you to make as much money as you can figure out how to earn. Hard work and perseverance pays off all day every day.
There are no free lunches, so just make a plan, change your approach, and you will be fine. If you make a crappy salary in this country, that's on you.
Posted on 8/2/26 at 11:54 am to HouseMom
All bubbles eventually pop and this housing bubble will be no different. It can take years though.
Posted on 8/2/26 at 12:25 pm to fallguy_1978
No kidding. While I acknowledge it's tougher to buy in 2026 than it was 10 years ago, we've also been on the rough end of the real estate roller coaster. We're one of the lucky ones with a 2.875% rate now, but we also had to sell a home in late 2006 due to a work move. We carried two mortgages (at 7% and 6.25% respectively) for nearly a year. That's also two electric bills, two water bills, keeping up the yard, etc. Fun times.
I cannot explain the stress of having a home you can't unload do to a glut of availability. So maybe prices are higher now, but you know you'll be able to sell it in a reasonable time frame if you need to. Plus, as you said, the bubble will burst. They always do.
For those of you who were young during the 2008 financial crisis and weren't really paying attention, please go watch The Big Short.
I cannot explain the stress of having a home you can't unload do to a glut of availability. So maybe prices are higher now, but you know you'll be able to sell it in a reasonable time frame if you need to. Plus, as you said, the bubble will burst. They always do.
For those of you who were young during the 2008 financial crisis and weren't really paying attention, please go watch The Big Short.
Posted on 8/2/26 at 1:42 pm to fallguy_1978
quote:
All bubbles eventually pop and this housing bubble will be no different. It can take years though.
I wouldn’t call this a bubble because I don’t think we will see the fall we saw in 08, but prices in some major cities are starting to fall and likely normalize.
Posted on 8/2/26 at 1:45 pm to LSBoosie
quote:
Just out of curiosity, what did you pay for your house and what is the interest rate?
$414K. Paid off. I think it was 3% because we refinanced when the interest rates were low.
This post was edited on 8/2/26 at 1:46 pm
Posted on 8/2/26 at 1:46 pm to HouseMom
quote:
A $550k home is not the American dream. The "American dream" is that we live in the greatest country on earth with a monetary system that allows you to make as much money as you can figure out how to earn. Hard work and perseverance pays off all day every day. There are no free lunches, so just make a plan, change your approach, and you will be fine. If you make a crappy salary in this country, that's on you.
To Summarize:
Bootstraps bitches
Posted on 8/2/26 at 2:10 pm to MC5601
“$80k in 1988”
Equivelant is $230,908.90 in 2026.
Equivelant is $230,908.90 in 2026.
Posted on 8/2/26 at 2:23 pm to UptownJoeBrown
That’s pretty damn good. How much was your first house?
Posted on 8/2/26 at 2:30 pm to HouseMom
We sold our first house at a loss after the 2008 decline. We had to write a check at closing to sell it. Thankfully we've been more fortunate so far with the 2nd one. It probably doesn't matter anyway though. We'll probably just stay in this one.
Posted on 8/2/26 at 2:31 pm to Aguga
quote:
I wouldn’t call this a bubble because I don’t think we will see the fall we saw in 08, but prices in some major cities are starting to fall and likely normalize.
It's because employment is still pretty strong. What would this market look like with 10% unemployment?
Posted on 8/2/26 at 2:34 pm to HouseMom
quote:
greatest country on earth with a monetary system that allows you to make as much money as you can figure out how to
Yeah, until people figured out how to make even more money by draining the middle class.
Posted on 8/2/26 at 2:39 pm to MC5601
quote:
My parents first house was $80k in 1988 and they were able to buy at 23 years old right out of college
My parents couldn't afford to buy a house until they were late 20s and it was a small 1200 s.f. house in a working class neighborhood. They would have preferred a nicer area but it was all they could afford. I lived in that house with 3 other siblings from 5 years old until I graduated HS. Me and my brother shared a room and my 2 sisters shared a room and we had 2 toilets and 1 bathtub. Everybody wants a palatial mansion now and whines when they can't afford it. I just had a friend buy a house for $300k in a close in neighborhood in Dallas. I've had other friends buy for less than that in Dallas but its not in the desirable neighborhoods. But they are nice houses in safe areas where most of the prima donnas don't want to live. The house I am in that I bought 27 years ago wasn't my first choice but an old guy I knew that owned the next street over....who paid $17k for his place in the 70's, told me to buy now and I would be able to tell people how cheap I was able to buy when I was his age and he was spot on. I couldn't afford to buy where I am now as its become a very popular neighborhood but back when I bought it was not a popular place to live.
This post was edited on 8/2/26 at 3:07 pm
Posted on 8/2/26 at 3:11 pm to MC5601
quote:
I am in the top 10% of American income earners and can’t afford a home in a decent area on my own - that’s crazy
This has to be a troll. Earning $200,000+ and can't afford a decent home. Where?
quote:
This is laughable. My parents first house was $80k in 1988 and they were able to buy at 23 years old right out of college.
Now describe that house: size, types of floors, height of ceiling, types of walls, countertops, light fixtures, how many bathrooms, gas, or all electric, etc.
Everyone loves to quote the cost of the 1980's house and compare it to today's market while completely ignoring the amenities which is what drives the cost of a house up significantly.
This post was edited on 8/2/26 at 3:42 pm
Posted on 8/2/26 at 5:43 pm to armytiger96
A few comments.
1. Stretching to pay for a home is not the end of the world assuming that you are in the military or have some type of unionized government job. Layoffs, downsizing, and right sizing can hit at any time as anyone who has been paying attention for the last few decades can attest. With AI coming, a number of people with well paying jobs might become unemployed. The only thing worse than paying $500,000 for a starter home that needs work 40 minutes from your office is losing your job.
If you lose your house because you lost your job, greater than 50% chance your wife will be gone too.
2. The hard costs associated with the permits and studies and wetlands, etc.., that accompany a new house ensure that only an expensive one will have the profit that builders require. I have heard estimates of $40,000 for hard costs after the land is purchased but before the ground is broken for a foundation.
1. Stretching to pay for a home is not the end of the world assuming that you are in the military or have some type of unionized government job. Layoffs, downsizing, and right sizing can hit at any time as anyone who has been paying attention for the last few decades can attest. With AI coming, a number of people with well paying jobs might become unemployed. The only thing worse than paying $500,000 for a starter home that needs work 40 minutes from your office is losing your job.
If you lose your house because you lost your job, greater than 50% chance your wife will be gone too.
2. The hard costs associated with the permits and studies and wetlands, etc.., that accompany a new house ensure that only an expensive one will have the profit that builders require. I have heard estimates of $40,000 for hard costs after the land is purchased but before the ground is broken for a foundation.
Posted on 8/2/26 at 6:30 pm to LSUA 75
quote:
“$80k in 1988” Equivelant is $230,908.90 in 2026.
You are proving my point. That same house is $450k today
Posted on 8/2/26 at 6:33 pm to armytiger96
quote:
This has to be a troll. Earning $200,000+ and can't afford a decent home. Where?
DFW. Try to find a 4/3 house in a safe neighborhood with good schools for under $450k and under 45 min commute to downtown. Impossible
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