4 ms·

Honest question: how should people seeking to enter the market behave in such a situation?

• sword_smith 7y ago
  I guess many people will not, and that this will lead to a higher rate of renting. That promotes economic inequality as the middle class is then prevented from entering an important way building savings: owning a house outright.
• esotericn 7y ago
  I honestly don't know what the answer is. I've resorted to moving way out. I'm probably going to buy a house somewhere I can work remote from. I'm not paying 300K+ for a small home near a city with jobs, sorry, it's just not happening. Whether I can afford it or not is irrelevant, the value just isn't there other than as a proxy for "this now allows me to get higher paying jobs in the city and... continue the cycle?" I think this is something that really needs to be addressed from a climate perspective as well. It is cheaper, dramatically so, for me to live way out, buy a car, and use it for everything. I use an electric car, and I chuck a load of the savings into offsetting, and I'm pretty sure I'm negative. But a far better model would be if people just stopped the rent seeking bullshit and let me build close to town.
  • fartcannon 7y ago
    You're not paying 300k+? Clearly I live in the wrong city. 300k would get you a leasehold to someone backyard with a tent in it where I live. I need to move.
• CalRobert 7y ago
  Hard to say, but I saved like hell and then looked for houses no bank would ever lend on, and no landlord would want. Got a dumpy old architecturally protected house on three acres an hour from the city (by train) for €68k. Of course it's a huge pain in the ass (thatcher started yesterday) but I had almost no buying competition.