re: The average age of U.S. homebuyers jumps to 56

shite.

This is baaaaaaaaaaaad

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The answer for them is to learn to live without the sense of entitlement to an upper-middleclass lifestyle.

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these little shits need to learn to love overpaying for aging 60s ranch style houses

i know damn well i am voting to block any new home construction because it is my god given right as a home owner to see my value go up and up

Housing is ridiculously high but owning a home is not a fantastic idea, especially when you are young and your career is still something you're interested in growing. Renting is outrageous but it allows far more mobility and flexibility than owning.

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The credit industry has succeeded in making indentured servitude look like a good idea.

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Pay your bills on time and you wont have a problem.

Dont spend more than you make and it shouldnt be a problem.

I 100% do not like the credit industry or the banking industry but you not paying your bills is not their fault.

People have no sense of responsibility.

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And the average north American suburban woman thinks that a $400k house at 7.5% is just what it takes to get by these days.

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400k is below average

need to spend at least that to get into a good suburban school district

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Guess I'm the outlier. I bought my first house at 24 as a single dude with no kids.

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Same. Bought my first house when I was 26 in 2005 in Baton Rouge. Single, no kids. No money down and closing cost was grant money from government for first time home owner.

Wasn’t much more expensive than my rent at the time.

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Lmfao where is this 65k house that’s the price of a midsized sedan

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That was in 1986 you dolt. It was 1100 sf. Of course, prices have gone up since then.

But people today can't be satisfied with 1100 sf. They want 3000 sf straight out of college.

Start small. Build some equity. Then trade up. It takes time and patience.

I bought my first home in 1988 for $45,000. 985 square feet 3/1. I spent about $10K on it when I first bought it to update it to what was considered current finishes. My wife and I sold that house in 1996 for $82,000. It is now valued at $211K which is about $50K more than inflation over the same period of time. A lot of that difference is due to location....when we bought it the area was going downhill...when we sold it that was starting to change. When gas prices surged the entire area took off like gangbusters because its less than 15 minutes from the downtown connector in Cobb County. A lot of that increase is due to increased home size in the area...many of those homes that size in that area have been torn down and larger homes built in their place. You can't build on that lot today, it is on a septic tank and the water line crosses the lot behind it. Actually runs under the foundation of the house behind it.

There are very few buyers interested in buying a 3/1 under 1000 square feet today. When this house was built it as a lockheed mill house. There had been 3 families raised in that little house when we bought it. Most buyers today would not even considerate it. Its value has outpaced inflation but that is due as much to increased expectations of new home buyers and a surge in home prices resulting in people looking to live closer to downtown than it is anything. That house is not unique...there are several hundred still in that area. The only buyers are investors. No one is interested in a 1000 sq foot 3/1 as a starter home. It is nearly unthinkable to most buyers.

Edited to add - I was making what amounts to about $54k a year today when I bought that house. It was a STRUGGLE LOL. I think the mortgage payment was about $540 a month with taxes, insurance, interest and PMI....I paid about $5k down on it. I was single at the time. Thats about $14K down today and about $1400 a month. I think the interest rate was just under 10% but I would not swear to it. I suspect someone could get in a similar house in that area, for around $15K down and around $1600 a month now and would have more than a few homes that size to choose from....they just aren't interested.

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Where are these 3/1 1k sq ft houses now days?

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the ghetto