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My salary didn't change at all, but homes went up 82%. The money I saved for a down payment and my salary no longer are good enough for this home and many others. This ain't even a "good" home either. It was a 200k meh average ok home before. Now it's simply unaffordable

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[-] curiousaur@reddthat.com 5 points 3 days ago

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

[-] Gerudo@lemm.ee 12 points 4 days 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.

[-] bassomitron@lemmy.world 7 points 4 days 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.

[-] 11111one11111@lemmy.world 5 points 3 days ago

The other part i don't see anyone mentioning is that this was all projected as a result of millennial generation, the largest % of population by generation comparison, came into the age of buying homes. Creating a sharp spike in demand over supply.

[-] Magister@lemmy.world 12 points 4 days ago

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

[-] chonglibloodsport@lemmy.world 13 points 4 days ago

Right but OP is talking about a house in Waleska, Georgia, which has a population of 921 (as of 2020 census). Not really on the same level as Toronto or Vancouver!

[-] Kecessa@sh.itjust.works 6 points 4 days ago

People from big city retire, sell their house now worth a fortune and move out of the city and can afford to pay whatever people want for their house, this inflates the price of housing in rural areas and people born there can't afford to live there anymore.

[-] grue@lemmy.world 6 points 4 days ago

Hi, Georgian here. Trust me, nobody wants to live in the ass-end of Cherokee County, so far north it's only barely in Metro Atlanta, but not far enough north to have decent mountain scenery or anything. Frankly, I'm appalled at how overpriced it was at $200K four years ago, let alone now.

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[-] shalafi@lemmy.world 11 points 4 days 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.

[-] Buttflapper@lemmy.world 8 points 4 days ago

Y'all realize this is a bubble, right?

Can you explain why you feel that way?

[-] rauls4@lemm.ee 6 points 4 days 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.

[-] chiliedogg@lemmy.world 4 points 4 days 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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[-] bostonbananarama@lemmy.world 12 points 4 days 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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[-] MdRuckus@lemmy.world 10 points 4 days ago

Houses in my neighborhood are up 150-200%.

[-] ByteOnBikes@slrpnk.net 1 points 2 days ago

In my area, it's a 100-150% increase in four years.

It doesn't sound like much until you see numbers.

A $350k house is now $700k for no reason.

A $400k house is now a million.

It's depressing.

[-] perishthethought@lemm.ee 7 points 4 days 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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[-] bstix@feddit.dk 4 points 4 days ago

Are other homes increasing as much in that area? Or did they build a double garage, remodel the kitchen and install 15 swimming pools?

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this post was submitted on 03 Nov 2024
611 points (98.4% liked)

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