Comment on Boomers scolding us about how they were able to buy a house working at a gas station...
Pyr_Pressure@lemmy.ca 1 day agoBecause he gets a steady supply of money and then in 10-20 years it will be worth 100 years of your rent on top of the 10-20 they collected already.
BCsven@lemmy.ca 1 day ago
The bubble could pop though and you lose out. The market has softened near us and there are people that have lost 100s of thousands in equity already, and are upside down in the mortgage
ElegantBiscuit@lemmy.zip 1 day ago
The bubble will inevitably pop as the boomers start dying and the housing supply relative to the population starts increasing. Plus no want wants to pay for the catchup work needed to address 30 years of deferred maintenance, so a lot of houses will go for cheap.
Thor_Whale@lemmus.org 20 hours ago
Exactly. Example: my dad’s house needs 3 new bathrooms, a new roof and repaint. Also new basement lighting and a new family room carpet. What people will be buying is the closeness to grocery, Costco, the highway, rural views, a lake, and a major airport.
BCsven@lemmy.ca 1 day ago
This. I was going to mention the depracating property. Our place needs a new roof soon. I have seen people skip it as well as lots of other outside water shielding maintenance and the place is a rotten mess 50 years later
dream_weasel@sh.itjust.works 1 day ago
I feel like “lose out” is an overstatement. There are/were still steady rent payments even if the whole bottom falls out.
festus@lemmy.ca 1 day ago
Of course, but a generation of homeowners grew up learning that, barring short disruptions, home prices always go up. Nevermind that this was largely due to interest rates steadily dropping since the 80s, reaching basically 0% during Covid.
Since there isn’t really room for interest rates to drop anymore people shouldn’t expect home prices to rise faster than incomes rise, but it’s going to be hard to undo 30 years of observation.