Turnes out an astounding 83% of Americans currently think it is a bad time to buy a house, according to Reventure.
This is more than TRIPLE the 27% low seen in 2020 and well above the 37% historical average.
Meanwhile, mortgage demand just hit a fresh 30 year low in January.
Current mortgage demand is 54% BELOW the pandemic peak and down 14% year-over-year.
Even as mortgage rates have dropped, affordability is still getting worse.
Buying a home is now a luxury.
Thanks, babyboomers. You fuckers destroyed the housing market and made it nearly impossible for my generation and below to ever even dream about owning a home.
In my country it is also a luxury to buy a house today, it is not only happening in the US, but I think that in the US the figures are even more alarming.
i'll never afford to buy one. salaries don't keep up.
If the minimum wage would have risen with the rate of inflation since the minimum wage law was put into law it'd be $34/hour. that's a statistic. A fact. and you all complain about people wanting $15/hour...
Sorry. It’s bad right now.
But look at this :
I priced out my house and then the value it went up in fiat price (68% increase since we bought in 2015), BUT adjusted for inflation only went up 10%, AND that is offset by taxes, repairs, maintenance, time, etc. So I’m net negative 25% in real terms. NOT up 68%!
Now compare that to if I had that money in Bitcoin. Bitcoin was up 19,000% since i bought in 2015!!!!
Note: I used 25% as the cumulative fiat inflation rate since 2015. In real terms we know it’s even higher than the government numbers
Just the Fed playing the market while they still can. Low fixed-rate mortgages seem to be another shitcoin.
I do think some of this is driven by unrealistic expectations of what we should be able to afford. Used to be that a family was happy with 2 kids in a 2 bedroom house. Now we need a bedroom for each kid, plus a guest room, office, playroom, and a home theater.