The average age of U.S. homebuyers jumps to 56—homes are 'wildly unaffordable' for young people, real estate expert says
The average age of U.S. homebuyers jumps to 56—homes are 'wildly unaffordable' for young people, real estate expert says
With home prices up nearly 40% since 2020, buyers are now wealthier and older, making them more likely to outbid younger buyers with all-cash offers.
shit sucks. bought my house at age 38, that was fucking old back then, but i'm in an expensive metro so okay. thing is, we're ready to upgrade and an upgrade is going to be fucking $2M, if i can even find a fucking upgrade in my town (questionable). all of this to say: i'm probably stuck, and if i can even move, some schmuck is going to buy my mediocre house for like $1.2 - $1.3M. housing's totally, completely fucked.
I'm at the edge of being able to buy a house in my lifetime and it is so frustrating. I've had decent career progression, I live fairly comfortably right now, I still rent. Every year my finances are at a place where I could afford a home in a couple years but those couple of years never gets closer. I've decided I'm going back to college instead so I can crack into a more fulfilling but lower paying job. If I'm going to be a wage slave forever might as well be doing something I find value in instead of chasing a dead dream of owning a house
Ouuuhh interesting! Watcha gonna study?
Back to game dev. I tried the first time around over ten years ago, dropped out of college, got one abusive job in, then switched to QA automation for pay. I had a heavy focus on programming because I'm naturally good at it but I want to be a level designer so I'm going to study that specifically. Gonna halve my salary or worse to get into level design
As an office worker I sometimes wonder if welding would have been a better path. Honestly don't know. Depends on the person.
The downpayment required on a home in my area, is almost the cost of the entire house was 20 years ago. We can't even save for a downpayment when the finish line is running ahead of you at full speed
Well, yeah. "House" no longer means "Place where people live". It's now defined as "long-term investment/passive income generator".
Exactly. Which is why so many super expensive houses are actually fucking run down in run down shit neighborhoods.
I rarely agree with dictators, but when Xi xing ping said that houses are for living and not speculation he damn well was right.
That's just a nonsensical metric to use to track the impact on young buyers. The fact that it has risen from 49 in the past year means there is something big going on, but what an indirect way to track it!
The median age of first-time buyers also rose from 35 to 38, while the share of first-timers dropped from 32% to 24% of all buyers for the year ending July 2024.
Median is better, and the fraction of first timers is an indicator. Would be best to know the median age of first timers.
Yeah, I've been saving hard for nearly 6 years now, I have zero debt from higher education, extremely cheap rent because I live in my parents' backyard, and a well-paying job... and I still don't know if I'll be able to get a house by 2026.
If even one of those factors were different for me, then owning a home would become completely unrealistic.
And politicians wonder why we're not having kids, huh.
I'm in the same boat. I'm not living in my parent's backyard, but I still have cheap rent. All I can do is sit and wait and hope something changes.
If only they weren't into avocado toast and coffee, this wouldn't be a problem. /s
And yet they wonder why populism and extremism is on the rise...
"Access Denied"
anyone have a TLDR? I guess I pissed off cnbc somehow.
Here you go https://archive.is/zFv0k
Thanks!
So after reading a bit does this mean that houses will just be for the retired people in a few years?
I bought a property for my son to live in. I figure, I can pay for a modest condo now or he can buy it after I die. And #2 means paying rent for 20 years or so.
Great only 13 years until I can buy a fucking house
Hahaha. No. In 13 years those prices will have quintupled, but I'm willing to bet your income won't.
Anyone who cannot afford a modest home today, will simply never be able to unless they inherit, win a lottery or land a ridiculously well paying job.
Saving up 5 years for a down payment? The price goes up faster than you can save. You could live like a hermit and eat nothing but ramen and still need years upon years only to even be considered for a loan.
No, people need to understand what has been stolen from them and rise up against it. Keeping the current system afloat will never bring any change, and what do they have to lose?
If the average mortality continues to fall will we see a situation where the average home owner is a corpse? Half of Americans are already dead from neck upwards.
F*CK
If you ever want to own a house like your parents, it's time to start thinking up ways to bump off your siblings.