this post was submitted on 12 Apr 2024
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A Boring Dystopia
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I just signed a new lease on a single family home that went for $3,400 in 2020 and $4,100 in 2024, David. The landlord didn't improve or change anything in that period, they just can charge more because everyone else is doing the same. The number of shit holes I've seen going for hundreds more than they went for just the year prior is fucking infuriating.
The house I grew up in, a massive 3 story, 6 bed 3.5 bath, pool, deck, 2 car garage home, with a basement was built new in '95 for $330k. That home sold last year for $1.6M.
I've worked full time hours and sometimes more every year of my life since age 16. I can't afford a home because people use property as income sources and they're stealing my income to pay their mortgage off and then some.
Maybe landlords should get a job and earn an honest wage instead of taking mine.
That all said, I'm hoping to escape the rental market in 2-4 years time because my partner has managed to save up enough to put a down-payment on a 2 bed, 1.5 bath 1,500 Sq ft townhouse (that goes for roughly $550k) BECAUSE HE STAYED AT HOME WITH HIS PARENTS UNTIL AGE 32 INSTEAD OF PAYING RENT
Funny enough ( not funny at all actually) your old grow up home adjusted for inflation accounts for just under $700k. So they added 900k on top of that. Over two times the price for the same home accounting for inflation
Something, something inelastic demand.
I have to buy a house to take care of my aging mom (long story, it's the best way I promise, I wish it wasn't), and it will be my wife and I, my sister in law, and my mom with her retirement pay all living in and paying for one house, and we still can't afford most 3 bedroom houses. Not even in a big city. It's madness. The 3 non-retirees I listed all make more than minimum wage. It's infuriating that 3 employed adults can't afford to house and take care of one single elderly person in the current state of the US.