4 ms·

Hmmm this just seems like a bad decision on your part. I bought my house in 2018 and it was expensive, yes, but definitely manageable on my salary. I definitely

Hmmm this just seems like a bad decision on your part. I bought my house in 2018 and it was expensive, yes, but definitely manageable on my salary. I definitely would not buy a house right now, especially if it required spending 'my entire net worth plus a good chunk of my future net worth'.

jiux 5y ago
What key metrics do you observe when it boils down to determining whether or not you feel it is a good or bad time to buy?
spoonjim 5y ago
Almost everyone spends more than their present net worth on their house. It’s great for you that you didn’t have to but I’m not in the minority.
granshaw 5y ago
It's a vicious cycle – OP and others are forced to commit most of their wealth to own a home because of all the NIMBYs that came before them, and on and on.
- JAlexoid 5y ago
  Nah... That's just ignorance. It's like the American opposition to pedestrianization of blocks. Pedestrianized blocks increase local business footfall and increase high margin economic activity. New developments in your community increase value of your home, far better than restricting development.
  - rabuse 5y ago
    How's that? Genuinely curious.
    - JAlexoid 5y ago
      Opposition to development hurts the homeowners value, a lot. The value of your home doesn't only depend on the fact that it's in a rich neighborhood with beautiful lawns, but the services and proximity to said services. NYC is desireable, not because it's a big city... but because you can get services there. Take away the services - you take away all of the value proposition.
      - rabuse 5y ago
        In my area, we have everything around us (big retailers, malls, nightlife, etc.) in the suburbs in a well-off area in South Florida. How would adding more houses appreciate my property's value?
        JAlexoid 5y ago
        More people = more service consumers = more jobs = higher demand for housing = higher demand for services
standardUser 5y ago
For most Americans, if you want to own property you drain most of your savings and take on debt worth many times your annual income. If people did not do this the demand for real estate would crater.

jiux 5y ago

What key metrics do you observe when it boils down to determining whether or not you feel it is a good or bad time to buy?

spoonjim 5y ago

Almost everyone spends more than their present net worth on their house. It’s great for you that you didn’t have to but I’m not in the minority.

granshaw 5y ago

It's a vicious cycle – OP and others are forced to commit most of their wealth to own a home because of all the NIMBYs that came before them, and on and on.

JAlexoid 5y ago
Nah... That's just ignorance. It's like the American opposition to pedestrianization of blocks. Pedestrianized blocks increase local business footfall and increase high margin economic activity. New developments in your community increase value of your home, far better than restricting development.
- rabuse 5y ago
  How's that? Genuinely curious.
  - JAlexoid 5y ago
    Opposition to development hurts the homeowners value, a lot. The value of your home doesn't only depend on the fact that it's in a rich neighborhood with beautiful lawns, but the services and proximity to said services. NYC is desireable, not because it's a big city... but because you can get services there. Take away the services - you take away all of the value proposition.
    - rabuse 5y ago
      In my area, we have everything around us (big retailers, malls, nightlife, etc.) in the suburbs in a well-off area in South Florida. How would adding more houses appreciate my property's value?
      - JAlexoid 5y ago
        More people = more service consumers = more jobs = higher demand for housing = higher demand for services

standardUser 5y ago

For most Americans, if you want to own property you drain most of your savings and take on debt worth many times your annual income. If people did not do this the demand for real estate would crater.