3 ms·

Why exactly are you forever priced out of the housing market? There’s a ton of excellent homes/units available in the 300k range. There’s more to the country t

• nly 5y ago
  > I have no idea why millennials feel they deserve to own property in extremely expensive areas for cheap. All areas are more expensive now. Boomers may have suffered other high costs over the decades, and higher interest rates and inflation, but there were folks in London over the last 20-30 years putting mortgage deposits on their credit cards, paying them out of a single annual bonus, or simply putting down nothing. Well paid professionals who bought property in London in the 90s can easily be multi-millionaires now. These people have seen asset appreciation that has almost beaten the global stock market. That's without considering the effects of their leverage. And unlike the stock market those capitals gains are absolutely 100% tax free (on primary residences of unlimited value). Relative to median incomes the average house is now 3x as expensive as it was in the 80s and 90s. Low rates only help if you can get a deposit and a mortgage together to get on the ladder. When houses are 10x median income it's just really really hard to do that, even for the well-paid.
  • rank0 5y ago
    The idea that every area is HCOL is just wrong. You can get property for as little as 3% down. You can rent out extra rooms. It’s remarkable that our generation willingly takes out 6 figure loans for worthless college degrees but can’t save 10k for a down payment on a condo in Atlanta. People spend more money on their homes nowadays. Especially now that remote work is widely accepted.