Priced out of buying a house? Renting may be smarter than buying for now, according to new data from the real-estate technology platform Cadre.
    • edgemaster72@lemmy.world
      551·
      1 year ago

      Pippin: What about the Great Recession?

      Aragorn: You’ve already had it.

      Pippin: We’ve had one, yes. What about second Great Recession?

      Merry: I don’t think he knows about second Great Recession, Pip.

        • MagicShel@programming.dev
          24·
          1 year ago

          If you look, historically there was a big crash every ten years or so prior to the great depression. Then a whole bunch of financial reforms and regulations were put into place and we had about forty years of relative stability. And then in the 80’s and 90’s most of them were thrown out. And fuck me if we aren’t back to a regular cadence of crashes.

          Something something history doomed something…

        • pensa@kbin.social
          24·
          1 year ago

          Yet, somehow the rich get richer, even in “once in a lifetime” economics crashes.

    • Nurgle@lemmy.world
      43·
      1 year ago

      Bubble? Home prices are down 5.5% YoY in the US, rates are just at 20yr highs.

      • spitfire@infosec.pub
        131·
        1 year ago

        I pay a ridiculously high amount for rent. An equivalent mortgage a decade ago would have put me in a very large property. I pay much more for rent than anyone I know who owns. But I cant afford a house 🤷🏻‍♂️

    • LesserAbe@lemmy.world
      2·
      1 year ago

      I couldn’t have bought my home without help from family for the down payment. That said, if interest rates didn’t make the monthly payments so high, there are some programs that will give you a grant for the down payment, for example ones that encourage people to move to more rural areas.

  • Flying Squid@lemmy.world
    141·
    1 year ago

    Our mortgage is under $1000 a month. For a three bedroom house. Granted, we don’t live in the most desirable city, but it’s in a really nice, low-crime neighborhood which is close to a bunch of stores and the mall.

    I don’t even want to know what rentals cost around here.

    • sylver_dragon@lemmy.worldEnglish
      5·
      1 year ago

      Ya, for those of us lucky enough to have been in a position to buy when the market was down, it’s great. People looking to buy a house today are fucked. We bought our home at the end of 2011. We paid $150k for a ~1250sq.ft. home, on about half an acre of land and the local school district is well rated. It’s a more rural area, with the local economy linked to several area US DoD installations. We refinanced the loan and pulled some money out to re-do the roof and windows and now sit at 3.5% APR. The end result is a monthly mortgage payment of ~$950/month.

      Our house now appraises for ~$340k. While some of that movement is likely related to finishing the basement and adding 500sq.ft. of living space and an extra bathroom, most of it has just been market movement. Given today’s interest rates, payments would be north of $2000/month. While we could probably make that work, it would make saving any money difficult.

      Given current conditions, I think the article is right. Rent for now and hope the housing market corrects.

    • Jwin@sopuli.xyz
      4·
      1 year ago

      That sounds like a dream. I just bought a $550k house with $130k down and pay $3500 a month. Rates are absolutely ridiculous. At the same time, I don’t think it’s cheaper to rent at the moment.