Houses in my area increases 82% in just 4 years

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• Jackthelad@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  You just need to stop watching Netflix and buying avocado toast.

  At least that’s what old people say anyway.

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  • scrubbles@poptalk.scrubbles.tech ⁨2⁩ ⁨weeks⁩ ago

    Can confirmed. I stopped drinking Starbucks and now I own a 50 acre plot with a 6 bedroom house on it. If only I would have listened to their Facebook comments sooner, I could have afforded that private jet too.

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    • possiblylinux127@lemmy.zip ⁨2⁩ ⁨weeks⁩ ago

      With the Star bucks prices you might as well by a house. Damn they are expensive. People spend like $10 on coffee

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  • SARGE@startrek.website ⁨2⁩ ⁨weeks⁩ ago

    Assuming you spend $10 on avocado toast every day, as well as $75 on eating out for every meal, $20 for Starbucks, and ALSO assuming you have $150 worth of monthly subscriptions:

    It will take you 25 years to save one million dollars. That’s assuming you never get sick, never lose a job, never need to buy a car or have major repairs, or basically any kind of surprise expense or setback that could wipe out savings.

    To be the richest person on earth, you would need to save that money every year for over 6 MILLION YEARS

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    • boonhet@lemm.ee ⁨2⁩ ⁨weeks⁩ ago

      Not to devalue your point, but if you truly were spending (10 + 3*75 + 20)*30 + 150 per month (so a total of 7800 USD) and you invest it in an index fund getting back 5%, you’ll have your million in 10 years. 8 years at 10% which is the long-term growth rate of DJIA and S&P 500.

      You’ll still never be the richest person in the world, but if you truly were burning away that much money, you could make decent dough just from investing it passively. In 30 years you’d have like 15 million, more than enough to retire.

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• PriorityMotif@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  A lot of boomers are going to die in the next ten years or so. That is the biggest age demographic in the u.s. the population is going to shrink by a lot. That’s why there’s a push to make people have more kids, because otherwise workers and consumers have a lot more power.

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  • rauls4@lemm.ee ⁨2⁩ ⁨weeks⁩ ago

    Private equity is already gobbling up the houses. Boomers are cashing in to finance extravagant retirement. Those who are not, are leaving it to their children who will then sell to private equity groups.

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    • PriorityMotif@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

      Eventually supply will catch up with demand which will supress rent (if we do something about the price fixing) and it will no longer be a viable investment. They’re probably losing a lot to management costs and capital expenses already.

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• gravitas_deficiency@sh.itjust.works ⁨2⁩ ⁨weeks⁩ ago

  Is this one of the areas where corps are buying up a shitload of real estate?

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  • Godnroc@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

    I believe it’s on earth, yes.

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    • Lost_My_Mind@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

      My moon base is not gaining ANY land value…

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  • mesamunefire@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

    If it’s on Zillow then yes. The trick is to find houses that are not on MLS/Zillow…but realistically there are none. GL! We got ours wnd in one year it went up 40%in a year.

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  • fuckwit_mcbumcrumble@lemmy.dbzer0.com ⁨2⁩ ⁨weeks⁩ ago

    At only 82% I’m going to say no.

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• JoMiran@lemmy.ml ⁨2⁩ ⁨weeks⁩ ago

  A house in Austin

  2018: $275,000 2022: $725,000

  Those are actual numbers from East Austin. I believe the 2024 market rate is $625,000 but it hasn’t changed hands again so I can’t say for certain.

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  • scrubbles@poptalk.scrubbles.tech ⁨2⁩ ⁨weeks⁩ ago

    And conservative Texans keep laughing that californians are moving to Texas because "They hate the blue politica$, never guessing that they would bring their blue politics and money with them, driving up land value. Definitely not saying that they’re bad, but that it’s ironic that they didn’t think through the consequences

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    • chiliedogg@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

      The people fleeing California for Texas aren’t people who love California and its politics.

      They’re mostly Republicans, and they’re making Texas more red AND increasing home prices.

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• Glifted@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  My lucky ass bought a house in late 2019. I’m happy I’m making money on it but this doesn’t seem healthy

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  • Fermion@feddit.nl ⁨2⁩ ⁨weeks⁩ ago

    You’re only making money if you downsize, move somewhere cheaper, or switch back to renting. If you move and all the other houses have gone up, then you just end up having to sink any gained equity into affording your new place. Rising prices really only help developers, realtors, and REIT’s.

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    • EndlessNightmare@reddthat.com ⁨2⁩ ⁨weeks⁩ ago

      Housing price increases are actively harmful to those who want to upgrade, since it increases the incremental cost of upgrading.

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    • rauls4@lemm.ee ⁨2⁩ ⁨weeks⁩ ago

      Exactly.

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    • socsa@piefed.social ⁨2⁩ ⁨weeks⁩ ago

      Right but you then control the appreciation on a much larger asset. In terms of pure net worth and net present value, trading up is a huge gain even if it doesn't generate more short term liquidity.

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  • Lost_My_Mind@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

    You’re right. It’s not healthy to profit so much from corporations greed.

    Therefore, it’s only right that you sell me your house for $1

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    • misterdoctor@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

      I, too, would like a house for $1 please

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  • bjoern_tantau@swg-empire.de ⁨2⁩ ⁨weeks⁩ ago

    Same here. And my stupid ass father in-law spread the rumor that we wanted to sell and we instantly had several offers. But we like it here.

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  • NielsBohron@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

    We got in on early 2016 and the price of real estate increased by 20% while we were in escrow.

    Our house has more than doubled in price since then but if we had fallen out of escrow, we would not have been able to buy anything anywhere near our jobs/preferred city (and my partner and I have a combined income north of 150k/year).

    Shit is crazy these days

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  • scrubbles@poptalk.scrubbles.tech ⁨2⁩ ⁨weeks⁩ ago

    With you there. Didn’t realize how lucky we were, and honestly thought about waiting just one more year on multiple occasions. What’s done is done, all I can do now is not feel guilty I got in, but rather just make the most of it. Pay off as quickly as I can, and vote to help others afford houses too.

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  • possiblylinux127@lemmy.zip ⁨2⁩ ⁨weeks⁩ ago

    Well you are set so luckily it doesn’t affect you much in theory. If it crashes so be it as you probably aren’t in a hurry to move.

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• sleepmode@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  I like the utility feed hanging off the front of the house going straight through the roof and blocking them from installing the other fake shutter. I wonder what other construction horrors lurk inside.

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• SplashJackson@lemmy.ca ⁨2⁩ ⁨weeks⁩ ago

  Time to eat the rich

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  • TheReturnOfPEB@reddthat.com ⁨2⁩ ⁨weeks⁩ ago

    Best hurry … Ozempic is destroying the calorie benefit

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  • socsa@piefed.social ⁨2⁩ ⁨weeks⁩ ago

    No rich person is living in a 325k ranch house.

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    • TheReturnOfPEB@reddthat.com ⁨2⁩ ⁨weeks⁩ ago

      My man let me introduce you to globalism and people living in refugee camps in South Sudan.

      $325K is more money than most of the world would see in a lifetime.

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• Gingerlegs@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  82%, feel lucky. I bought my house in 2015 for $85. Last assessment was almost $300k

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  • possiblylinux127@lemmy.zip ⁨2⁩ ⁨weeks⁩ ago

    I keep thinking that it would be a great time to sell but then I realize there isn’t a lot of other worth while places to go.

    Unless you are ready to move to dead mans land

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  • independantiste@sh.itjust.works ⁨2⁩ ⁨weeks⁩ ago

    When the stock market doesn’t perform as much as a fundamental need

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• PoTayToes@sh.itjust.works ⁨2⁩ ⁨weeks⁩ ago

  Tbh this is more than mildly infuriating…

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  • 11111one11111@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

    That you don’t understand the realestate market? Or you didn’t know this has been projected for a decade now from millennials getting as old as the avg age of first time home buyers and being the largest % share of the US population creating more demand than available supply?

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    • pumpkinseedoil@mander.xyz ⁨2⁩ ⁨weeks⁩ ago

      More like that they probably are too young to have bought a home earlier. All people in their 20s (and I think we make a large percentage of Lemmy users) simply have to cope and buy some overpriced home regardless.

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• yessikg@lemmy.blahaj.zone ⁨2⁩ ⁨weeks⁩ ago

  This is because venture capitalists are buying all the homes to rent

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  • WhatYouNeed@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

    Said it before: no corporation except non-profits focusing on housing should own retail property.

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• Thebeardedsinglemalt@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  This is everywhere. I’ve been looking for houses for 3 months in NW Ohio. 300k is the new 150k, and all the houses are beat to shit on the inside needing 50k just to make them passable inside because nobody takes care of them.

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  • Soleos@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

    I wonder what proportion of it is also due to people fleeing 1 million + average house markets during the pandemic work from home wave. Not saying this about you, but it makes me think it’s funny how the common refrain of “Don’t like it? Just move” is often uttered by NIMBYs.

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    • Thebeardedsinglemalt@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

      I think a big part of it is we’re on the other side of the peak of all houses going for 100k over asking regardless of condition. A number of houses have that grey vinyl flooring installed in a bunch of rooms that’s as cheap as it is ugly.

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• Debs@lemmy.zip ⁨2⁩ ⁨weeks⁩ ago

  Being able to buy a $200,000 house in the town I live in would change my life so much.

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• Xyphius@lemmy.ca ⁨2⁩ ⁨weeks⁩ ago

  Friend of mine was saving up for a house 5 years ago. Prices have gone up almost 150%

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  • Asafum@feddit.nl ⁨2⁩ ⁨weeks⁩ ago

    Yeah that was me too… I FINALLY got to the point where I could realistically start looking, got the pre-approval and everything just after COVID started… People had already starting WFH and moving away from where they worked and investment companies kept buying and now I’m still living in someone else’s garage because prices went through the roof pretty much as I was looking…

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    • jj4211@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

      WFH is a logical thing to imagine, but there’s a simpler trend that can be seen by looking at two graphs: fred.stlouisfed.org/series/M2SL fred.stlouisfed.org/series/MSPUS

      “Please don’t melt the economy” printing press fired up in 2020 and real estate investors seemed to get plenty of that cash. While inflation didn’t quite match the M2 injection, anything “investment” like saw that bump. The M2 injection was enough to save the stock market, but housing, which did not see the same crash as stocks, got the same boost.

      This is why, more than ever, people see that individuals almost don’t get to participate and big companies are instead buying the stuff and maybe letting people rent them if they feel so inclined. The big companies got the boon of the M2 and most individuals got a modest bump by comparison.

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  • Lost_My_Mind@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

    Only 37 more years until he has that down payment.

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• TheObviousSolution@lemm.ee ⁨2⁩ ⁨weeks⁩ ago

  This won’t change as long as property ownership and property renting is unified. There’s just to much of a business incentive from renting, even if it takes decades to make it back. Worst that can happen is that it can sell it back to a market that criminalizes homelessness instead of treating it or its causes.

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• shalafi@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  Y’all realize this is a bubble, right? I almost feel sorry for these investors, gonna have their ass handed to them in the coming decade.

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  • OsrsNeedsF2P@lemmy.ml ⁨2⁩ ⁨weeks⁩ ago

    If Big Macs, houses, gas and college tuition all went up, it’s time to realize these are not all in bubbles and instead realize due to inflation your salary has been halved.

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  • Buttflapper@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

    Y’all realize this is a bubble, right?

    Can you explain why you feel that way?

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  • rauls4@lemm.ee ⁨2⁩ ⁨weeks⁩ ago

    Not really. The system will instead keep finding ways to get people to rent at higher prices or take out low down payment loans with ever larger monthly payments taking a lot more of take home salaries and making it harder than ever to save and invest.

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  • chiliedogg@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

    The rental aspect isn’t a bubble. Until they start viciously taxing single-family home rental, home prices are going to stay high because they’re not being bought as homes but as assets for rent-seeking.

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  • WanderingVentra@lemm.ee ⁨2⁩ ⁨weeks⁩ ago

    Shout out to housing_bubble2@lemmy.world

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  • this_1_is_mine@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

    I feel sorry for any one whose bought a house over the last couple years.

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    • BigTrout75@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

      Bought a house 5 years ago. Cheaper than renting and equity says I made 100k. It’s good.

      It’s just lame how expensive they are now. BTW, they were to expensive 5 years ago too.

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    • Mojave@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

      I don’t, it’s strictly better than renting

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  • possiblylinux127@lemmy.zip ⁨2⁩ ⁨weeks⁩ ago

    It depends on the area. Some places are actually gowning that fast in population

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• localhost443@discuss.tchncs.de ⁨2⁩ ⁨weeks⁩ ago

  Also here in Europe this is the type of construction we use for a garden shed, not a house.

  Even when we do modern timber frame, it’s generally still brick or block at the bottom. How long do these houses last in the US? I imagine a lot of the continent is pretty humid

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  • ayyy@sh.itjust.works ⁨2⁩ ⁨weeks⁩ ago

    It’s a good thing you aren’t a building engineer.

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  • UnpledgedCatnapTipper@lemmy.blahaj.zone ⁨2⁩ ⁨weeks⁩ ago

    My parents’ timber house is from the 1780s and is still solid. So, 240 years at least, give or take. I’m aware of plenty of timber houses from the 1600s that are still standing and functional as well.

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    • No_Eponym@lemmy.ca ⁨2⁩ ⁨weeks⁩ ago

      Is a timber frame house from back then the same as one built post 1950 though? Some Q’s:

      • Have materials/practices decreased in quality?
      • Has there been a shift from a sense of pride in craft and duty to build well towards cutting corners and saving $?
      • Has the density and properties of wood changed as we use smaller trees grown more quickly in monocultures compared to old-growth harvested lumber of pre 1900s?

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• socsa@piefed.social ⁨2⁩ ⁨weeks⁩ ago

  Not that this is "ok" but it's why "buy whatever you can as soon as you can" is good advice. If you'd put whatever you had into a shitty condo four years ago, and kept saving at the same rate, you'd likely be in good position to trade up soon.

  I see a lot of people I know end up in the same position because they've been waiting for either the exact right circumstances or for prices to "crash." All the people i know who started with anything they could afford now have a huge amount of equity in nice homes. The difference is real and primarily about timing more than income or location.

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• jj4211@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  So occasionally I look out of curiosity and the reason is pretty plain.

  I look for houses for sale in a suburban area as public listings, and there’s like 1 within a few square miles of the area.

  I switch over to renting, and there’s like 12 houses just like the one for sale available, all owned by companies. I also know a coule that aren’t listed that have no tenants, but are still owned by one of those companies. You can tell because those yards are now waist deep grasses (in an area where HOA throws a hissy fit if your yard looks just a smidge unkempt).

  Don’t know why the companies find it more profitable to buy houses people aren’t looking to actually move into, at least at the rent they are willing to accept. If I fully understood why, it might just piss me off more. Like maybe the houses work better as a loan basis than other assets, so even empty and unused they are valuable as some sort of financial trick.

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• lud@lemm.ee ⁨2⁩ ⁨weeks⁩ ago

  Keep in mind that 4 years ago was COVID times when everything was shit.

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• Gerudo@lemm.ee ⁨2⁩ ⁨weeks⁩ ago

  My janky duct tape together house I bought in 2010, that was built in '58 was 98k. In 12 years I sold it at 280k, with it still technically being out of code. My house was the cheapest sold in the neighborhood, some selling for 320k. It’s insane.

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• Magister@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  About everywhere… In Toronto it’s now 1 million+. In Vancouver it’s now 2 millions+

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• w3dd1e@lemm.ee ⁨2⁩ ⁨weeks⁩ ago

  It’s the same in Kansas City. I just checked a random house in my city and it’s up almost $100k in 4 years.

  Image

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• bostonbananarama@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  If it makes you feel any better, that house would sell for at least double that price where I live.

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• rbesfe@lemmy.ca ⁨2⁩ ⁨weeks⁩ ago

  A 1200 sqft bungalow near me just sold for 1 million Canadian rubles

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• MdRuckus@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  Houses in my neighborhood are up 150-200%.

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• perishthethought@lemm.ee ⁨2⁩ ⁨weeks⁩ ago

  In the lat 80s / early 90s, my SO and I saved up for 7 years to be able to afford the down payment for our first home. Now, that would be more like 20 years, which is too much.

  Time to consider moving to Europe or Costa Rica or Mexico City or somewhere, if you’re in that boat now.

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• AstridWipenaugh@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  Yep, that’s on track! My house has almost tripled in price since I bought it 12 years ago. Denver metro. No way I could afford it if I had to buy it today.

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• bitwaba@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  Didn’t think I’d ever see Waleska on Lemmy… but, yeah. This is just the story all over North Georgia right? No one wanted to live in the mountains until all of the sudden you could work from anywhere. Now everyone earning city and suburb pay is happy to live an hour farther out than they were before.

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• bassomitron@lemmy.world ⁨2⁩ ⁨weeks⁩ ago

  Keep in mind that inflation has risen over 30% in just the last 4 years, which explains at least part of the rise in prices. I wouldn’t be surprised if inflation is even higher in certain areas of the country. I’d also not be surprised if Georgia is getting a lot of natural disaster refugees from places like Florida.

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• curiousaur@reddthat.com ⁨2⁩ ⁨weeks⁩ ago

  That’s cheap as hell compared to California. And I work remote from anywhere I want. Thanks for the tip!

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