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re: The average age of U.S. homebuyers jumps to 56
Posted on 11/4/24 at 11:57 am to 4x4tiger
Posted on 11/4/24 at 11:57 am to 4x4tiger
quote:
Bought mine in 1996 and it's paid off
Was right there, then my ex-wife hit 40 and wanted a divorce.
Had to refinance almost the original home price in the property settlement.
0
Posted on 11/4/24 at 12:02 pm to Klark Kent
Sounds like you have bad spending habits
Posted on 11/4/24 at 12:04 pm to stout
The little millennials these days don’t have good enough work ethic to own a house and all the work that comes with it. I should know, I’ve won yard of the month for 8 years in a row
Posted on 11/4/24 at 12:10 pm to fareplay
quote:
You’re going to realize that 400k don’t get a lot
Oh frick off. It buys a damn mansion in Louisiana.
Posted on 11/4/24 at 12:13 pm to yaboidarrell
quote:
You will own nothing and be happy.
Signed: Liberal Progressive Democrat Party
Where bills supposedly designed to curb inflation infuse government spending that fuels higher inflation. hahaa
Posted on 11/4/24 at 12:14 pm to DownshiftAndFloorIt
Where is this 400k mansion that has jobs near by that supports it
Posted on 11/4/24 at 12:14 pm to Shexter
quote:
Same, bought my 3 bedroom, 1600 sq. ft. of the American dream back in the late 90's.
This is part of the issue now. Very few builders are building “starter” homes and the younger people expect that they should be able to have a 2500+ sq. ft. house shortly after graduating college.
Posted on 11/4/24 at 12:15 pm to DownshiftAndFloorIt
quote:
Oh frick off. It buys a damn mansion in Louisiana.
the famous southern mansions, a 3/3 ranch in baton rouge
Posted on 11/4/24 at 12:16 pm to stout
quote:
The average age of homebuyers is now 56, up from 49 in 2023
How much of this is being driven up from older folks downsizing and/or cashing in their investment vs. younger people not being able to afford a home until they are established in their career, which appears to be around ...
quote:
first-time buyers also rose from 35 to 38
Posted on 11/4/24 at 12:17 pm to stout
Bought my first house at 26. Couldn’t afford the same house if we had today’s rates. Not sure how people in their 20s are doing it unless a two income household and they have way too much of the monthly nut in housing. Property taxes have grown quite a bit as well + insurance raises. It’s nuts.
Posted on 11/4/24 at 12:22 pm to fareplay
Basically anywhere in Louisiana. Do your own homework.
The prices are ridiculous but so are people's expectations. Raising a family of 6 in a 1200 sq ft house used to be normal 1 generation ago.
The prices are ridiculous but so are people's expectations. Raising a family of 6 in a 1200 sq ft house used to be normal 1 generation ago.
Posted on 11/4/24 at 12:22 pm to Hou_Lawyer
quote:
Not sure how people in their 20s are doing it
We are in debt up to our assholes.
Posted on 11/4/24 at 12:25 pm to DownshiftAndFloorIt
quote:
Raising a family of 6 in a 1200 sq ft house used to be normal 1 generation ago.
according to chat gpt
Here's how the average size of a new construction home in the United States has changed over time:
1790: 831 square feet
1910: 945 square feet
1950s: 983 square feet
1960s: 1,200 square feet
1970: 1,500 square feet
1973: 1,660 square feet
1981: 1,700 square feet
1985: 1,650 square feet
2019: 2,496 square feet
2023: 2,514 square fee
This post was edited on 11/4/24 at 12:26 pm
Posted on 11/4/24 at 12:27 pm to Dire Wolf
quote:
according to chat gpt Here's how the average size of a new construction home in the United States has changed over time: 1790: 831 square feet 1910: 945 square feet 1950s: 983 square feet 1960s: 1,200 square feet 1970: 1,500 square feet 1973: 1,660 square feet 1981: 1,700 square feet 1985: 1,650 square feet 2019: 2,496 square feet 2023: 2,514 square fee
This is largely a function of land and building cost, not consumer preference. It’s simply more profitable for builders to fill lots with larger floorplans, which only adds to the affordability problem for younger buyers.
This post was edited on 11/4/24 at 12:28 pm
Posted on 11/4/24 at 12:27 pm to stout
Bought our first home in 2008 for $170K @ 5.7% just before economic crash within the hood of interloop of Houston. It was a complete piece of shyt. Spent four years remodeling it. Sold it for $225K in 2012 and bought another condemned piece of shyt for $130K (1,000 s.f.). Spent 3 years living in it and remodeling it. We sold it 2016 and moved to Louisiana.
Bought a home for $180K. Rinse and Repeat. By this time we had two kids (35yrs old.)
Bought a home in 2020 around 39 yrs old big enough to hold us and 3 kids. Was able to put over half down.
My wife and I put in our time and labor over the years. The difference is today these 30 yr olds just want to buy the 300k + homes right off the bat. I've explained to my cousins how to do it but the work ethic isn't there to build a purse. Pushing off life until you are 30 has its disadvantages....start early/young and be willing to start at bottom. That goes towards career growth and assesst management.
Bought a home for $180K. Rinse and Repeat. By this time we had two kids (35yrs old.)
Bought a home in 2020 around 39 yrs old big enough to hold us and 3 kids. Was able to put over half down.
My wife and I put in our time and labor over the years. The difference is today these 30 yr olds just want to buy the 300k + homes right off the bat. I've explained to my cousins how to do it but the work ethic isn't there to build a purse. Pushing off life until you are 30 has its disadvantages....start early/young and be willing to start at bottom. That goes towards career growth and assesst management.
Posted on 11/4/24 at 12:34 pm to Boss13
quote:
Damn you boomers for injecting all that money into the market 2020-2022 so you could corner the housing market!
Boomer here. I bought my first of many homes when was 26. $65K. What is wrong with you younger people? Start small and work your way up. You don't need a McMansion straight out of college.
This post was edited on 11/4/24 at 12:36 pm
Posted on 11/4/24 at 12:35 pm to stout
We've been in our house 9 years now, and I felt we'd have moved on at this point but financially it's just not a good idea. We have a 3.62% interest rate and anything we'd upgrade to would be a big jump in the monthly payment. Housing has really skyrocketed even in areas that aren't booming (which is an area we live in). I don't love our house and would like to upgrade but we're able to do a lot of other things (travel, invest a lot for retirement, kids college funds) with our current situation.
I grew up in Delaware and I check in on the real estate in my old neighborhood from time to time to time to see if my childhood home is ever on the market. The last two houses that went for sale there would be stretching it or unaffordable for my wife and I, and we have good jobs plus home equity already build up. I do feel bad for younger people looking to get into the housing market, but what's the answer? I
I grew up in Delaware and I check in on the real estate in my old neighborhood from time to time to time to see if my childhood home is ever on the market. The last two houses that went for sale there would be stretching it or unaffordable for my wife and I, and we have good jobs plus home equity already build up. I do feel bad for younger people looking to get into the housing market, but what's the answer? I
Posted on 11/4/24 at 12:38 pm to stout
Boomers, 60 and over who are downsizing to smaller places, are probably driving those ages up.
Posted on 11/4/24 at 12:40 pm to stout
Who knew that printing 5 trillion dollars in a few years would have a negative effect?
Posted on 11/4/24 at 12:40 pm to Gifman
quote:
YIKES. I thank my lucky starts I was ready to buy in 2019 in my early thirtys.
I bought my first at 24 y/o for $285k in 2014. I had to move for work and sold it in 2023, but even with a nice chunk of equity from a decade of ownership, I'm still priced out at 34. Doesn't help that I live along the front range now, the bottom of the market is around ~$550-600k here.
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