Is home ownership possible for the majority of millenials and gen- z-ers?

Is home ownership possible for the majority of millenials and gen- z-ers?

I make $50,000 a year and live with my parents and it's going to take me a year and a half to save up enough just for a down payment.

What made real-estate so expensive?

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probably the Jew again

Majority? Probably not.

>What made real-estate so expensive?
many things.
easy credit, lax lending rules, subprime lending to niggers.
house as sole collateral: you can just walk away from a house instead of being sued by the bank.
leverage, speculation by millions of average people, and greater fool concept. the two memes that housing prices will just keep going up, and the meme that everyone needs to buy a home.
some cities restricted their growth. there's a fair bit of federal land not available to any buyer who wants it.

Boomers. Wall Street. Mostly Boomers though.

You don't HAVE to make a down payment. You can potentially negotiate a higher monthly payment, especially as a first-time home buyer.

Also, look at the Midwest, Texas, or any area that isn't 2 hours from the ocean. You can buy massive family-sized houses in Kentucky or Tennessee for the price of a 2/1 in Cali. Even brand new ones.

>it's going to take me a year and a half to save up enough just for a down payment.

Why is this a problem?

>You can buy massive family-sized houses in Kentucky or Tennessee for the price of a 2/1 in Cali.

Who cares about the size of the house if it is in some shithole backwards state? There's a reason it's cheap:

nobody wants it.

>in another bubble
>op wants to buy a house right now

this nigguh, chose a cheaper location and buy yourself a mantion

You live in the age of the internet. Half of the NEETS on Sup Forums could do the exact same thing they do every day if they essentially moved their computer to smaller Midwest cities. We're not even talking rural.

Plus the culture isn't degenerate as shit.

All of those white Christian cuties are just waiting to give you Aryan babies, and you could provide them a new 5/4 3000+ sqft house for less than 300k.

You're an idiot. Call a realtor.

You can get home loans that only require 3% down and you can ask for 3% back room the seller at closing so you essentially pay $0 up front.

If you make 50k you can pay it off sooner and lessen the interest penalty

In addition to a lot of the macroeconomic factors posted already, I would say that most young people don't have a clue how to save money.

Let's start with credit cards. I've never understood low APR, free transfers, or paying interest on credit card debt in general. I have 8 credit cards and I've never paid a cent in interest. I use them like debit cards, and I'm rewarded with credit score increases, promotional cash bonuses, and cash back.

Also, general spending. Young people don't know how to budget and live within their means.

Greed. Greed from bankers, realtors, developers and baby boomers.

Easy loans for people who shouldn't qualify was the main catalyst behind the last collapse.

This. You can get an FHA loan that requires 3.5% down, then apply for a state program for down-payment assistance, which usually covers 3%. Alternatively, you can apply for a loan from the USDA for a home outside of your city limits.

With the FHA 3.5% down program, you have to pay PMI for the full length of the loan, but interest rates are about to go up, so you won't really be saving much money by waiting until you have a larger down-payment.

You're right, that kind of area probably appeals to people who have very little ambition

No, what happened was the kikes at GS and Citi got in over their heads selling derivatives, goy greedy, and created incentives for mortgage brokers to give our fraudulent mortgages.

For the majority? No. Boomers have seen to that. Even ignoring the shitty job market Gen Y and Gen Z find themselves in, upper class Boomers took advantage of the bottomed out housing prices during the Recession and bought up the majority of cheap, single-family starter homes that were foreclosed on or went on sale. All of those affordable homes, perfect for young families looking to settle down were all either renovated into expensive mc-mansions and flipped, or turned into shitty rental properties.

I grew up in a little cul-de-sac neighborhood in Iowa with 7 other young families and their kids. I looked up the neighborhood a few years back and every single one of those houses is now a rental owned by some asshole from Chicago. My parents bought their first home, a 2BR 1BA for $26K in 1985. The cheapest, non-dilapidated home I could find in my hometown today is a 3BR 1BA for $280K.


Gen Y and Gen Z are fucked.

It's because you live in one of the wealthiest countries in the world.

If you want cheap land buy it in Eastern Europe when you can buy an entire homestead for a few thousand. But then who wants to live there? That is the reason why it is cheap and why it is expensive in America.

>I make $50,000 a year and live with my parents and it's going to take me a year and a half to save up enough just for a down payment.

you don't make that much bro, not to be a dick. I live in NJ and 50k is practically useless in almost the entirety of the state, except those weird periphery counties that I can't keep track of. When I'm done with school I'll probably be making 45k starting, but my gf will be making significantly more and our families have a lot of assets we're set to inherent

Mortgage loan officer here. Buying a home is incredibly easy and cheaper than renting. AMA

Year and a half is a blip of time in your life for a down payment.
Wait till you buy the house, then the bills, upkeep, etc, etc are the real challenge.

How much would need for a down payment of a $200,000 home.

at least you're in a position where you can live at home with your parents and save

my dad kicked me out at like 18, i ended up living with a girlfriend for a few years, never really accumulated much wealth, always living check to check, saving a tiny bit but not enough to really matter

years later im mid 20s, making more money, but now living alone, all my expenses are much higher, rent is like $900/month plus all utilities on top, still not saving much. Now I'm 32, I have like $35,000 saved which is still jack shit at my age and am still renting.

I was planning to put a down payment on a tiny house or condo this year and then... laid off from work, 6 years with one company down the drain. Now I'm unemployed, banks generally want you to have ~2 years at one employer before they'll even consider giving you a home loan here, so I'm at minimum 2 years away from that, assuming I can even find a job that pays near what I was making before.

Shit sucks.

Been to California recently and now I know why houses there are so expensive. It's literally heaven.

50k

3% is the minimum on conventional and FHA so $6000. Plus a few thousand in closing costs and escrow set up. Probably going to end up bring 10k to closing. Most good realtors will get you several thousand in seller credit and you could take a higher rate for several thousand in lender credit

>what made real-estate so expensive
coastal elites and chinese buy up all the property

respond

>What made real-estate so expensive?

you are just not inteligent enough to play the game

$12,000

Still I'd recommend saving up more than that before leaving your parent's home though just so you have some additional wealth available.

>my dad kicked me out at like 18, i ended up living with a girlfriend for a few years, never really accumulated much wealth, always living check to check, saving a tiny bit but not enough to really matter

why do white people do this? I'm white but my family has been middle class for generations so we know not to fuck over our children

>Enough of this divide and conquer bullshit.
chinks

>Now I'm 32, I have like $35,000 saved which is still jack shit at my age and am still renting.

I can't speak for Canada but in the states you're in the top 15%. Over half of the country doesn't even have $1000 in the bank.

Well I'd save up a year's salary on top of this. So I'm 28 but by 30 I want out.

Move to a cheaper area

>3 beds 2 baths 1,232 sqft
>$34,999

zillow.com/homedetails/3958-N-20th-St-Lincoln-NE-68521/35977771_zpid/

You make 50k a year, live with your parents, but cant save money?

fucking idiot

1.5yrs is a joke.
Correct, you can't have a house because you don't want a "home" you want a status symbol, not something that grows and appreciates in value over a decade.

That's the intelligent and safe amount, 1/4th of total value. Watch the loan officer say something retarded like 1/16th

That's if the seller agrees. Now that prices are high there's a decent chance a seller might agree. When the markets are hot the seller, and his agent, can go tell the buyer to fuck themselves.

well in my case i think it was because both my mom and dad were not academics, not college educated, so they had a "you have to do hard physical labor for a living or you're a loser" type mentality, they didn't even encourage me to go to college, in fact I wanted to but they said that shit was stupid and then they wanted me to pay $750/month to live in their house (including food) so when I argued about it my dad just told me to GTFO and that was the end of it.

I know other people that had similar situations and their parents also were not academic. Most of the people I know who have parents that actually went to college and appreciate education were much better to their kids and cared more about their future it seems.

Even so I'm doing alright, could have been better but at least I'm not an alcoholic or drug addict living in a ghetto or something. Have just had to try extra hard, never given anything for free, no good job opportunities via networking, no connections, no financial assistance, etc. makes things harder but there's still a path to moderate success.

I bought a nice $1000 home in the Nevada desert, I commute four hours to work that's the only downside and have no social life.

The Federal Reserve and central banking's toiling in the market has fucked the prices up. As soon as the government stops medelling in the market we won't see extreme over valuations and instead just a normal over value and under value cycle.

How much land?

Section 8 vouchers for muslim refugee's made housing price's sky high.

Bought a condo in cash and had a kid by 27 and have 100k in the bank. Helps to have a dual income high salary household.

Even better the condo value went up 50% in 2 years.

...

Ya, it's really all just situational based on the market and the seller. If you are in a city like Atlanta or Denver where there is no inventory you will have a harder time getting any credit.

He didn't ask what is smart, he asked what was legally allowed.

Chinese (((investors))) and low APR (((mortgage)))

>Inflation and money supply adjusted income.
>Absolute home price valuation
Graph fucking discarded.

Allowing foreigners to own property in the US

>What made real-estate so expensive?

collapse of manufacturing and growth of financial services killed small cities and made more people flock to already overcrowded metropolitan areas
money funds can get better returns on real estate than they can in the market
construction companies only building large houses because they're more profitable

This. Living in isolated rural areas is the only redpilled way of living.

>have no social life

That's a plus

>commute four hours to work that's the only downside

>2017
>not working from home

>easy credit, lax lending rules, subprime lending to niggers.
>house as sole collateral: you can just walk away from a house instead of being sued by the bank.
>leverage, speculation by millions of average people, and greater fool concept. the two memes that housing prices will just keep going up, and the meme that everyone needs to buy a home.
>s
The leaf nails it. I find it funny that I can put 3% down on an FHA loan and move in next week if I desire. I'll make sure not to make any payments and live rent-free for at least 12 months. The best part? I can go do it again in a couple of years with the FHA.

>well in my case i think it was because both my mom and dad were not academics, not college educated, so they had a "you have to do hard physical labor for a living or you're a loser" type mentality, they didn't even encourage me to go to college

that sucks bro. That working class mentality is absolute cancer, despite Sup Forums kids worshipping physical labor and knocking on college education all the time. I don't have an issue with a trade, but as college isn't for everyone, neither is being a tradesmen. It just sucks because of how many white families act like yours despite all these high paying positions ending up going to Indian and Asian immigrants. If their parents only saw them as investments and encouraged their education they'd be able to have gotten them instead. I'm also assuming you're white; which I don't know for certain but am basing it on the way your parents acted

>You should save for 5 years, move to a rural community, watch it develop into an urban center over two decades....but you don't want to build a civilization, you want popping downtown party scene right now, and THATS why you don't get a house.

>Get out of school at 25
>wait 25 years to have the life you want
>be 50 and too old to live it

Sounds solid

Vapitalusm Goy its good for you
Ill take these houses prevent more constructions bring in more people and prive it 2 million dollars, yeah you could complete this market in 2 months and build everyone a house but then how would a priviliged group gauge all the money generation after generation if not for interests and real estate?
Remember wny criticism is socialism and communism, good goy, you dont want to starve like our soviet dlaves?
Stay put.

Kinda, but
>equating living in an active area with having high ambition

Not everyone is happy with a busy life in a densely populated area. Some people are perfectly happy with tending their garden, reading, and going to their small town church. Rather than being housepoor in an area with access to everything (which I could rarely enjoy due to being housepoor), I'd rather have enough cash on hand to fully invest in awesome hobbies, private school for my kids, a dense portfolio, the finances to take a quality vacation., etc.

and designer stamped asphalt roads

Also rent is good for you, getting mugged and robbed 2,000$ because of power not of costs is completely natural goyim.

How I learned to hate thr Jews...

Wait, it'll take you a year and a half to save 10-20% of the value of a house?

One of the following is occurring:
A) You're trying to buy a house that's too expensive
B) You're shit at saving money

I'm gonna give you the benefit of the doubt and say it's A. Is your area ridiculously inflated or something? A single guy definitely doesn't need a huge house, and in my area you can get that for $100,000 easy.

(((Who))) told you that was "the life" you wanted. Instagram, clubs, Ferraris and sluts aren't compatible with working hard 40-60 hrs a week, saving, gym, building a good family, and buying a home. I don't care which, you just pick the life you want, however, don't complain when you have to live with the consequence.

There are plenty of good bars, activities, hobbies in cheaper/rural/smaller towns

Burning kikes is too kind.

>possible for the majority

No.

I hope an ambitious nigger mugs you urbanite fag

The reason nobody can afford to own a home is because retarded boomers, greedy kikes, and disgusting foreigners are treating houses like stocks and bonds. They buy and sell without any intention of living there, thus raising the prices for everyone.

>Majority brown state
>Heaven

Fucking Kraut Cuck

Listen to this user. Materialism will destroy your fucking life and you'll never recover. Family and independence are the most important things in life.

Im going to go with that market shouldnt exist and serves no purpose other than profiteering while not progressing the people., the market doesnt serve the increased production and maximum housing of people but the maximum dehousing, gauging and lowest qmounts of houses available to families.

>buying something you have to pay shekelberg (((property tax))) on yearly
>being this stupid

earth is not making any more of itself
>>>/fuckoff/

So it is a market without purpose, other than priviliged groups profiteering and special interests in land speculators.

yea im white

and I agree trades are fine too, in the area I live a journeyman plumber or electrician in a union can make like $45-50/hour I believe which is more than many college graduates make, but even that wasn't on my parents radar. My dad was a laborer and then a truck driver and my mom did waitressing, retail, cleaning, and eventually secretarial work, neither had any post-high school education.

I was a "smart kid" good at math, aptitude for computers at a young age, etc. but my parents mostly thought that shit was a waste of time (I graduated high school around 2001) and my dad wanted me to go do manual labor and start paying rent right away because they were greedy for the extra household income assistance from me.

For awhile I was really resentful especially after seeing the face book of some of my old high school friends and seeing they were architects, lawyers, accountants, chemists, tradesmen, etc. meanwhile I was doing low-skill labor.

Eventually I just cut all that negativity out and actually started going to school lats year (better late than never) but it's rough. I think one of the hardest parts is when you're in your 30s like I am and you can't really take any pride in any accomplishments in your life because you have none. I'm not an expert at any profession and have no real wealth. I went on a date a few weeks ago and the girl asks me what I do for a living, to tell her that I'm a laborer at a factory is just embarrassing at this point in my life. Hopefully I can fix that over the next few years.

That's cute. I'm saving up for a 700K house (average where I am), and I can only find casual retail work. Engineering degree with 1st class honours too.
Australian life, ahh...

Yes, incredibly easily.

>be student
>get below min wage in student bux
>$8,000 spare if I do nothing
>$15k spare if I do medical trials
>$20k spare if I do trials+studentbux+job

If you have a proper job it would be piss easy. People who say it's not will spend money on overpriced shit like $700 phones, take outs, stuff from the convenience shop, lottery ticvkets etc

>be faggot op
>feign interest in home ownership while obviously not looking into it at all
>what is fha loan?

I'm 27, bought a house 5 years ago, literally just sold it for 100k profit. Kys

The eternal chinks...
Why cant the state build 30 million houses in australia?
Oh right kikes and profiteering special
Interests that profit off the misery of others...

>I make $50,000 a year and live with my parents

That could be because you're a loser.

Yes.. individual anecdotal applies to everyone, kys.

Another kike/special interest.

If what he states about himself is true, he should have a much easier time buying a house than I did. That being said only a retard would buy a house in the current market.

Kek insists.
post stream

>What made real-estate so expensive?
It's not expensive, it's still way under priced, buy now or you'll regret it in the future when it becomes unaffordable.

Of what, myself rolling in cash? You are trash.

Hang on, could you explain your rationale here? First of all, saying it's a market that doesn't serve a purpose is sort of missing the point: a 'market' isn't something someone intentionally established, it's just the facts on the ground. People are willing to pay a certain amount, and buyers are willing to sell for a certain amount. That's all it is. The purpose of the market is to distribute capital to where it can yield the greatest return.

Should companies be able to buy housing? Is it a worthwhile investment? Are we in a bubble? All these are valid questions; saying the market "doesn't serve a purpose" is missing the point.

Bullshit, people had a much easier time buying a house fifty years ago.

well mate, the best way to look at it is that the educational system is a pretty damned good way forward, and playing it. An attentive parent guiding and helping their child is much more important than a wealthy one. Your experiences lend you to being a good influence, and when and if you have children you'll know what to do and what to prioritize

ITT

poltards not adopting the Asian Model

Many Asians live with their parents until they get married; some people still live with their parents even after getting married.
This is because Asians are usually more family-oriented and they would save money when they live with their parents.
Therefore, it is acceptable for an older person to be living with their parents, no matter how old; which means Not Moving Out is a very, intelligent, move for Asians around the world.

pretty good advice, I live with my family, plan on raising my kids to be even more family-centered and communal so that we can keep passing down assets and growing them

oh shit my bad.

fred.stlouisfed.org/series/MEHOINUSA672N#0

there's the website, can you fix the graph for me then? i really don't want to spread wrong information.

Fifty years ago we used to have to work hard to buy our houses, young people today can just make videos for youtube playing nintendo and get paid handsomely for it, I bought several house from the hard work that I put in when I was your age, 4 of which I now rent out, you should do the same, it's only going to get more expensive, land is a limited commodity so it can only go up in value, buy now or regret it later.

>clapistanis coexisting peacefully under one roof
>never seen siblings squabble over stupid shit like bathrooms, poaching food, and other nonsense
>thinks they're going to make any attempt to live together
We are cutting our social safety nets to bits right now.

Nigger I make 30k a year and I just bought a house last year. Maybe try not blowing your money on pointless bullshit.

They can only live inn the midwest. Good fucking luck trying to exist on the east or west coast with their massive house pricing. Most of the modern world is like that now. My city has rentals and there is no housing in the city anymore because all the houses are rentals. There are people that own 400 houses and make close to a million a year from them. Best bet is to get a house out of the city.

This did not answer ops question and you can post that shit in green text here you lazy bastard
Yes you can buy a house but they have made it extremely difficult to do so here in the uk
It takes months and requires an uncertain no. of credit checks, background checks, house checks, finance checks and final checks

how can you not save enough for a down payment when you live with your folks? do you have your heart set on a 250k+house or something? my house cost 33k, and i put nothing down on it. with the little bit of work i put into it, it is now worth 10k more than when i bought it according to this years tax assessment. its not even mortgaged, i got this bitch with a personal loan. there is no reason you cant do the same.

Parents are shitty and the law lets them do that at 18. I think even if they are still in highschool.

I work in Atl and unless I want to commute 2 hours you can't find a home worth a damn under $200k