Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Having 2 incomes helps a lot. The problem I see is over half the population is single for the first time in history. It's always going to be more difficult for that group. Just utilities that are part of home ownership (except water and hot water) are going to cost the same if one person lives in a home or 5.
Ok, get a cheap apartment and save until you can afford to buy what you like. It's no different than two people other than a single person may have to get a studio or 1 bedroom. Or live in a less desirable area. All the same equation just different numbers.
Ok, get a cheap apartment and save until you can afford to buy what you like. It's no different than two people other than a single person may have to get a studio or 1 bedroom. Or live in a less desirable area. All the same equation just different numbers.
If their income is truly low enough they can also purchase a home with HUD/FHA assistance. Down payments are very low too through these programs. They go by household income so many singles qualify.
The basic problem is this... housing prices have grown completely beyond even the highest level middle class to comfortably afford.
Sure there are some cheap houses in certain areas of the USA but with the exodus from higher living areas... there is great pressure on prices there as well.
IMHO it doesn't take a genius to see we will soon hit a point where you cannot reasonably purchase a home in the USA for anyone but the most rich.
At the same time, we cannot just unilaterally force people to sell at lower prices because they would lose money.
Is there anything that can be done to reset prices to reasonable levels without destroying the savings of most of he USA?
The easiest and least costly policy change would be to stop/reverse immigration, which drives up the cost of housing. Also, prohibit non-citizens from buying or owning real estate in the US.
Vancouver is an extreme example, but the same principle applies everywhere:
Then stop supporting Leftist politicians that are owned by CHINA and Chinese money.
Show me where politicians in Vancouver have gotten kickbacks from China.
The reason the Chinese took an interest in Vancouver was because of the old Expo '86 lands were sold to a Chinese billionaire to develop.
The real interest came when Hong Kong was handed back to the Chinese. They bought because they saw Vancouver as a good investment.
Your leftist comment makes no sense, since if they were owned by the Chinese as you say, then why the heck would they put on these taxes?
Your an odd duck. You love to slam Vancouver and Canada with silly " leftist " comments..heck once you even called our media, communist, but yet there is that post where you stated that you could live in Vancouver. Ya, every time you slam Vancouver, I'm going to remind you of that
Sure we can deregulate the banks, require banks to give loans to minorities regardless of credit ratings, make balloon mortgages legal. Oh wait Bill Clinton and the Dems tried that and oops.
Here is a great idea.
1. Require folks to have a minimum of 10% down. If you cant save that much then you cant afford the house.
2. Lets use VAT taxes to pay for things instead of property tax. 1/3 of mortgage payments in many if not most places is Property tax.
I think everyone likes to compare what houses cost in another era. My father's house cost 4 Grand. My Grandfathers about $1200 and it was a really big house. I did construction in the 80's. Back then houses started around 50G in our area. Including the lot. I built my house myself doing much of the work myself, (illegal aliens were not allowed on the property), I built the house for about 85G. Its a 2400 SQFT house, the most expensive part at the time was the Geothermal Heat Pump. 10 Grand. I never regretted it.
My point is property costs have gone up. They always do. Sometimes it is due to property improvements or community improvements. That house of mine on 10 acres is appraised at 375G. The benefit of buying well, improving on the land and adding a pond.
The worst thing is to allow big brother to start making new rules. Thats how we ended up with the Bush Recession. He was Potus so he gets credit for it, but he had very little to do with the root cause.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,604,784 times
Reputation: 9169
Quote:
Originally Posted by boneyard1962
Sure we can deregulate the banks, require banks to give loans to minorities regardless of credit ratings, make balloon mortgages legal. Oh wait Bill Clinton and the Dems tried that and oops.
Here is a great idea.
1. Require folks to have a minimum of 10% down. If you cant save that much then you cant afford the house.
2. Lets use VAT taxes to pay for things instead of property tax. 1/3 of mortgage payments in many if not most places is Property tax.
I think everyone likes to compare what houses cost in another era. My father's house cost 4 Grand. My Grandfathers about $1200 and it was a really big house. I did construction in the 80's. Back then houses started around 50G in our area. Including the lot. I built my house myself doing much of the work myself, (illegal aliens were not allowed on the property), I built the house for about 85G. Its a 2400 SQFT house, the most expensive part at the time was the Geothermal Heat Pump. 10 Grand. I never regretted it.
My point is property costs have gone up. They always do. Sometimes it is due to property improvements or community improvements. That house of mine on 10 acres is appraised at 375G. The benefit of buying well, improving on the land and adding a pond.
The worst thing is to allow big brother to start making new rules. Thats how we ended up with the Bush Recession. He was Potus so he gets credit for it, but he had very little to do with the root cause.
10% down-payment for a first time home purchase is unrealistic in any market where you can't even get a teardown for less than $150k
A 2nd purchase onward is more realistic since you'll have equity from your old home (even if you didn't pay it off outright)
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,604,784 times
Reputation: 9169
Quote:
Originally Posted by InformedConsent
It's very doable. Work and save.
Saving anywhere from $15k to $100k in cold hard cash would take the average family at least 15 years if they didn't want to live like homeless people to save it quicker. Get real
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
