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> Think about young people trying to buy their 1st home now, its becoming impossible. At least in Finland today it's much easier for young people to buy their
by baobabKoodaa 2y ago
> Think about young people trying to buy their 1st home now, its becoming impossible.
At least in Finland today it's much easier for young people to buy their 1st home now compared to 15 years ago. Interest rates are roughly where they were 15 years ago, but house prices in real terms have gone way down. There's also huge market asymmetry with large amount of vacant properties that nobody wants to buy, and relatively few buyers.
- actionfromafar 2y agoSo, are young people buying their 1st home now? If not, is it actually easier for them to buy?
- lifestyleguru 2y agoI'm not an expert on Finland but looking and economy and geopolitics young Finns might have a massive problem with the second secret ingredient to buying their 1st home - a job. Then looking at fertility ratio only people who can afford buying housing to their children decide to have children.
- baobabKoodaa 2y ago> So, are young people buying their 1st home now? If not, is it actually easier for them to buy? No, young people are not buying their first home. Despite that, yes, it is actually easier for them to buy. What is stopping them? I would say mainly the expectation that housing prices will drop further as the economy is going further down the drain, leading to better buying opportunities at a later time.
- actionfromafar 2y agoThat sounds like buying a home not to live in and start a family in. Pretty sad if so.
- baobabKoodaa 2y agoThings are not black and white. People who are starting a family and buying a house will typically contemplate a long time on when it's the right time to buy. It's natural that financial aspects play a part in that equation (expectation of having a job, expectation of housing market going up or down, etc.)
- kleiba 2y agoThat's great to hear for young Fins - other countries, unfortunately, are not as lucky when it comes to the price developments of real estate over the last 15 years.
- Epa095 2y agoHow did you manage that!?! It was my impression that increasing housing prices is a problem all over, and that it partially stems from the mega trend of people moving to cities. Most countries have a lot of room to build houses, just not where people want to live! So why is it different in Finland? Is there a lot of free space around then cities? Or doesn't everyone want to live in Helsinki?
- nthingtohide 2y agoThe home crisis can be solved if we insist that people can buy property only for living and not as an investment. Chinese are buying homes in Canada which is the reason for housing crisis there.
- FL33TW00D 2y agoWhy not just construct more homes?
- nthingtohide 2y agoProblematic. Nearby city centre homes will be snatched up by those who have capital while others will have earn for 4-5 years to be in a position to buy
- ryandrake 2y agoExactly. If the problem is "Rich people and private equity are snatching up every home that gets built, as investments" then the solution cannot be "just build more homes." Those homes will just get snatched up by the same people.
- deleted 2y ago[deleted]
- Gravityloss 2y agoWell, it's a bit more complex. Some areas have gone vastly up in price. But there's also been a lot of building and new mass transit projects, making it possible to now commute from an area that was a bit more complicated before. For example metro expansion and associated building.