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I live in a house that I could just barely manage to afford the payments on when I bought it 15 years ago that's more than doubled in value since. When I drive
by commandlinefan 3y ago
I live in a house that I could just barely manage to afford the payments on when I bought it 15 years ago that's more than doubled in value since. When I drive home from work I drive by hundreds of houses that are two-three times the size of my house that I _know_ I couldn't afford the payments on if I had to buy it for what it's being appraised at right now (based on actual sales of comparable houses in my neighborhood). I'm doing well, too, and I can't help but wonder... who the hell is buying these houses and where the hell is the money for them coming from?
- fuzzfactor 3y ago>>Homes “unaffordable” in 99% of nation for average American >where the hell is the money for them coming from? No problem, the 1% can afford to pick up the slack better than ever.
- notacoward 3y ago> who the hell is buying these houses Sometimes people who make even more than you, or who inherited a significant amount. Most often, though, it's people who already bought and sold at least one other house. And often these categories overlap. A not-uncommon scenario is that the parents bought the house for absolute peanuts back in the 50s, then passed it on to their kids who sold it for a million or two so they could buy the houses you see. But whether the inheritance was dollars or a house, they'll never talk about it. "A little bit of a bump" is the most they'll admit.
- Eido95 3y ago> who the hell is buying these houses REIT > where the hell is the money for them coming from? From thousands of investors
- muzz 3y agoMore like "from low-interest borrowing" Institutional buying peaked in 2022 and has fallen off a cliff as interest rates have gone up