The real estate industry will crank up the lobbying for Student Loan Forgiveness to 11. Bank on it.
Besides the college loan debt, another big difference today is that so many young people expect to be able to buy a 4 bedroom house, 2500 sq feet, less than 15 years old, nice suburb area, with all new flooring, new appliances, granite countertops, etc.
In our area, there are plenty of 2 bedroom bungalows available for 1/3 the price, which more closely resemble the “starter” homes of a generation or two ago.
It’s not very affordable when your government mandated health insurance premium is more than your mortgage payment might be.
Become familiar with housing prices in Trump Country.
Thanks to the Federal Reserve, their soviet-style central planning, their 8 years of zero interest rates, and their $4.7 Trilion balance sheet
there’s a lot of money chasing certain sectors of assets
In the area I am at then the answer is no. $500,000 for a fixer it upper. Whereas in my home state they have many $70,000 to $250,000 homes in move in condition by a lake, river, creek. The only drawback is I work in California and I am not moving anytime soon due to work.
In my neck of the woods, folks can afford the home, but not the property taxes.
Buy a house based on the husband’s income only, and, don’t buy the biggest house on the street. Also don’t buy on a lot where they say, “they’ll never widen this road”. If you follow these three things, 99% of the time you’ll do fine.
Buy a house based on the husband’s income only, and, don’t buy the biggest house on the street. Also don’t buy on a lot where they say, “they’ll never widen this road”. If you follow these three things, 99% of the time you’ll do fine.
This new generation should really thank the socialist professors, 0bama, and their less than stellar education for their status. 0bamascam costs are skyrocketing so you can pay for 0bama’s welfare recipients, which is a very socialistic thing to do taught to you by your adoring professors while forsaking your education so you can play with crayons and play dough because Trump won the election, for you outsourced jobs. That about sums it up.
If rents which cost more than a home are affordable then a home is affordable.
Seems a real estate investor just wants people to rent.
I'm shocked it's even 1 in 5.
If you consider the starter home to cost -- let's round it out -- 100k, where does a 20-something get 20k for the 10% deposit? And never mind when the bank mulls it over for months and then says they want 20%.
Where is the milly going to get the credit rating to borrow from a bank, with student loans hanging over his head?
They're thinking in conventional terms. Banks, mortgages, credit.
They ought to try fsbo's, flippers and foreclosures.
Tell your dad you need 1k for bail. Let it sink in. Then when you can see his wallet, tell him you really want it for a house going cheap at a sheriff's sale. He will be so thrilled and relieved, additional funds may fly out of his pocket. Buy the house, clean it up a little, put it on craigslist and finance the buyer who has 2k or more deposit. Pay dad back. Lather rinse repeat. Do it enough times and the bank will come to you.
Never go into debt for more than you're worth in bail! :)