4 ms·
As someone in their mid 20’s with a tech job, it blows my mind that 60% of people own a home. I can’t imagine having enough money to own a home in a major city.
by rychco 6y ago
As someone in their mid 20’s with a tech job, it blows my mind that 60% of people own a home. I can’t imagine having enough money to own a home in a major city.
- deleted 6y ago[deleted]
- chrisseaton 6y ago> I can’t imagine having enough money to own a home in a major city. Who do you think owns the homes all around you, and in all the suburban streets around the city? Normal people like you. There aren't hundreds of elites living on every US street, clearly. They're just normal people who saved up over a few years or got a little helper money from their parents.
- bashinator 6y agoDon't forget, "or were lucky enough to have the opportunity to buy at a low point in the market."
- EdwinLarkin 6y agoI think you just don realize the scope of numbers you need to play with especially if you dont start with a reasonable amount in the first place. Real estate is worse than crypto when it comes to speculation.I realized this myself when my property doubled in value in less than 2 years.
- McScroogy 6y agoIt doesn't say 60% own a home in a major city.
- rory 6y agoThe home ownership rate is a lot higher outside major cities. It's only 30-40% in most major US cities. Regardless, at current (historically quite low) interest rates, a typical software engineer's salary will qualify you for a very large mortgage. You'd be surprised. At 30, I saw many of my friends go from thinking they'll never afford a home to each buying one over just a few years.
- nly 6y agoMedian house prices in the UK are 8x median incomes. Banks will lend you something like 4-5x income on a mortgage. Low interest rates aren't helping most people, they're hurting by pushing up house prices. Only those with significant capital for a deposit benefit.
- chrisseaton 6y ago> Median house prices in the UK are 8x median incomes. Banks will lend you something like 4-5x income on a mortgage. Most people buy as a couple, so this is achievable.
- nly 6y agoUntil 1 parent stops working (entirely or goes part time) to help raise the kids
- rory 6y agoYes, sorry, I was referring to the USA specifically. The real estate speculation problem is a lot worse in other Anglosphere countries (UK, Canada, Australia). Outside California, US prices are still somewhat reasonable compared to incomes.
- scottious 6y agoSure, maybe right now when the real estate market is really hot, but imagine people in the market around 2009-2012 getting a really good deal on real estate. Once you're in the market, it's easier to STAY in the market. If house prices go up, you'll have to pay more to move to a new house but this is an easier pill to swallow because your current house has increased in value.