Which people?
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i dunno more people who want to buy than want to sell? First time home buyers like my cousin? But I guess she’s an elite headed for the guillotines now that she owns a home.
That just means people switch homes more frequently.
“the economy” means how you feel like you are doing financially, which is definitely worse than you feel like you should be doing financially.
Results of consumer confidence surveys. These guys have been doing this since the 60s.
Twitter is not real life.
If you have money.
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It’s an artificial supply shock due to the speed of rate hikes. Sellers can’t sell because they are locked in at 2.8 and know they can’t afford to even modestly upgrade. Source: me
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I dunno, $125 seems…reasonable for that order? And I mean reasonable in 2019 terms.
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Yeah I think that’s the point.
Same here. But I’m probably going to sell anyway in a few months. YOLO
Look, all I’m saying is this: “Statistics” may show that there’s been strong wage growth at the lower end of the income distribution, but everyone can see that the prices for things prepared and delivered by low-wage workers have gone way up! You can’t explain that. And the basic necessities that ordinary Americans rely on (filet mignon and lobster tail delivered to your door) feel increasingly out of reach. Who is this economy even for?
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Do we even want to live in a society where a regular Joe Sixpack can’t enjoy a simple filet mignon and lobster tail while watching the big game?
This is the problem Suzzer. Maybe it isn’t the case in KC, but this is a national average.
“It now costs 52% more to buy a home compared with renting an apartment, according to CBRE data emailed to CBS MoneyWatch, which analyzed the monthly cost of a new home purchase versus a new lease from 1996 through the third quarter of 2023. By comparison, at the peak of the housing bubble in 2006, it was 33% more expensive to buy versus to rent — a gap that quickly reversed when housing prices plunged during the Great Recession.”
Home prices and rents have both soared. So which is the better deal? - CBS News.
“On a dollar basis, that means new homeowners today face monthly costs of $3,322, versus $2,184 for people who sign new leases.”
If it costs 1.5 times to buy than rent right now, it makes zero sense to purchase. Most people just don’t have an extra 14 grand to spend every year.
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I filled up for $2.599 yesterday.
THANKS BIDEN!
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Dual income makes a huge difference. Try buying a home as a single person or a single income couple and it’s a different story. Not that long ago you could buy a respectable home on one income.
A lot of it has to do with location obviously, but the housing market near me is nauseatingly fucked. “Starter homes” that last sold for $150k 3 years ago are now $300k+.
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Jesus, I’m only paying 1500 for rent…
Ok but the reason home prices have gone up so much is that people have more money to spend and supply is limited. What exactly should Biden or Powell or whomever is responsible do about this?
Do you see my point about only looking at aspects of the economy that are negatives for some people, and ignoring anything that isn’t a negative? Stonks are at an all time high, unemployment is at an all time low. If this thread was a year ago gas prices would be front and center. Now that’s ignored because it doesn’t fit the narrative.
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If it costs 1.5 times to buy than rent right now, it makes zero sense to purchase.
Which is what LA was like for the first 15 years I lived here. I thought I’d never own a place. But it turns out incomes are also higher in places like this, and in some industries keeping good people means finding a way to pay them enough to at least think about owning a home.
I know I’m lucky to work in the right job. But right now there is still a TON of opportunity out there for anyone who’s some semblance of smart/hard-working/ambitious to make money.