This is a really, really stupid question.
“Holding off”? No, I can’t afford it. I’d love to own a home but my wage doesn’t keep up with inflation.
At today’s prices, a family would need to earn $126,700 a year to afford monthly payments on an average home purchased in 2024, up from $79,300 annually in 2021, according to a report from the Harvard Joint Center for Housing Studies.
We are so screwed.
And they think someone can save for a down payment how? If you need 6 figures to afford the payments who can do that and have a down payment?
I love it when a headline makes me audibly laugh, thought this was the onion for a second
I hear many millennials prefer to live in their cars. 🤡
The longer you live in a car, the more coffee and avocado toast you can have.
Jesus fuckin christ are these people seriously asking that question??
Maybe it has something to with home prices rising an average of about 7.5 % per year over the last 10 years which means more than doubling.
Bought my house 2 years ago and it had doubled in price since 2013.
Meanwhile, wages have not kept up, largely to support/advantage/non-impact for those who bought in earlier. Boomers take advantage of low taxes, low-cost services, etc. driven by low wages.
Even with low interest rates, the size of the necessary downpayment is prohibitive and exposure to interest rate related shocks are much greater.
And everything else is much more expensive for an expensive house, including insurance, which is also getting harder to get and more expensive due to climate change.
Tl;DR: Younger generations are not getting housing because of older generations. We all know the answer to this question…
Ya housing prices right now are a joke. What nobodies talking about is it doesn’t only affect buyers. Owners are getting screwed on their taxes. I am paying $500/month more this year than last in taxes alone.
Everyone I know around my age that have purchased either bought before 2019 in the smaller cities of Texas where it was a house or it was sometime 2020-2022 when rates were sub 4% and home prices didn’t explode yet and those were condos. Also everyone was dual income or it was to co-own a house. I know one person that purchased by themselves but they sleep in the smallest room and rent out every other room to siblings and friends
Since some point in 2022, the only people I know that bought a home were a married late 30s couple that were high income and the home was like 70+ years old and a pipe burst and there turned out to be a lot of mold that made it unlivable for a period of time
It’s because all the realtors are woke!
Cost.
…could it be because they’re only affordable to first-time US homebuyers with generational wealth?..
hcol, cant afford, and piss poor job prospects which seems to be intentional those entering entry level right outside of many majors/fields. the only lucky ones last decade was mostly tech.
House expensive and job no pay enough.
People aren’t paid enough. The rich have too large a portion of the resources.
Eat the rich. Bury their collaborators.
Stop the food waste. Collaborators can be eaten too.
If they’re too bitter for consumption, they can probably be composted and used in a garden. Either way, we’ll get a rich meal.
The worst part is that I am getting paid a salary I could have only dreamed about years ago, and yet I still can’t afford anything with how drastically everything went up in price.
Wages in general have gone up a little bit, but it’s crazy to me that I’m earning more than 5x as much as I used to 15 years ago and feel like my buying power has not noticeably improved at all. I’m still stuck living in crappy apartments because that is all I can afford.
Exactly! My partner and I together make over $100,000 a year and finally we are just barely comfortable. All of our bills get paid and even though the budget is tight, we still have a little money and decent credit. I could put a $1,000 guitar on credit and pay that off no problem, but there’s no way we could get a house.
Maybe if our wages doubled then we could find something further out in the sticks. Hopefully by that time more companies allow full remote work because I already lose an hour or more a day traveling.
Companies demanding return to office is such a twist of the knife. It’s a pay cut, making someone spend an hour or two commuting without paying them for it. But the boss doesn’t care
Maintenance, gas, car insurance, more expensive food, tolls, parking, and time. It’s a massive paycut for many people when you really think about it.
Bury them where? I can’t afford a plot of land :(
Bring back the Commons; fertilize with rich bodies.
Ocean it is
WE ARE ALL FUCKING POOR
Honestly, better than being rich. I mean it.
As far as having a personality and sense of empathy? Absolutely. I also like knowing that people love me for who I am, rather than because I’d have money.
But to not have to worry about affording the roof over my head would be pretty nice.
I know no one really asked this question.
- Average house price in Q1 2025 was $500,000.
- $100k down at 6.5% with great credit and monthly payments of $3180 for 30yrs.
How many people can say they will have a job that pays that well for 30 yrs?
$100k down
Fucking LMAO
“Yeah, before you buy, we want an amount of money you will never have at any one point in your entire life before we consider thinking about suggesting a mortgage to you”
Oh…you poor bastard. Now you can pay the PMI and your morrgage will be around $4400 a month. You can save up $15-20k and refi when rates go down.
Welcome to renting for ever.
when rates go down
My sweet summer child, how dense and naive you are.
One magical day, they will return. So says the Flying Spaghetti Monster.
Unless you live near a major city. Then you double the price of housing.
also, major city now means any city with even an attempt at commuter rail
