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Fellow home owners, are you ready for the housing market to crash? (lemmy.world)

submitted 1 year ago by ericbomb@lemmy.world to c/asklemmy@lemmy.world

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I know I'm supposed to want it to keep going up as a wealth generator or whatever.

But like... I wouldn't be able to afford the monthly payments if I bought my house right now and it's scary. Also none of my friends are buying homes, none of them are even renting full places. Just like renting rooms.

So what are your feelings home owners of lemmy?

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[-] xkforce@lemmy.world 10 points 1 year ago

My grandparents bought their house back in the 1950s for the equivalent of 35,000 dollars adjusted for inflation and now that house is worth over half a million. The house I live in now was bought for around 150k back in the early 2,000s and it too would sell for about half a million. And of course, last year housing prices increased by 30% in one year. There is no way in hell this is sustainable. It is not a question of if the housing market collapses but when and it will thoroughly deserve it.

[-] BigilusDickilus@lemmy.world 2 points 1 year ago

My grandmother bought a new house on top of Mt Soledad in La Jolla, CA for 0 down with a decent mortgage in 1960. I can't even imagine what that house is worth today.

this post was submitted on 29 Sep 2023

360 points (95.2% liked)

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