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The two-question test I use is: 1) Do your parents own their home? 2) Could people with similar jobs/savings/backgrounds get a similar house today? Usually th
by nikanj 5y ago
The two-question test I use is:
1) Do your parents own their home?
2) Could people with similar jobs/savings/backgrounds get a similar house today?
Usually the answer to 1 is yes, and the answer to 2 is no. 95% of homes are priced like the top 5% of homes. A million-dollar mansion used to be, well, a mansion. Now a million-dollar house is "a detached house within a 45 minutes driving distance to downtown".
- scruple 5y agoAt the rate things are going, in a few more years I wouldn't even be able to afford the home that we got into in 2016. It's already "appreciated" by 60% with no signs of slowing down. Every home that sells in our neighborhood today sells inside of a weekend and for "record-breaking" amounts. It's hard for me to even describe the way that this makes me feel. I suppose that I should be happy because, wow, look at my "investment" go! But, I don't. I feel afraid for my family's future, especially so when it concerns my very young children. I imagine that this is similar to how people felt during the run-up to the 2008 crisis. edit/ words.