The average age of U.S. homebuyers jumps to 56—homes are 'wildly unaffordable' for young people, real estate expert says
The average age of U.S. homebuyers jumps to 56—homes are 'wildly unaffordable' for young people, real estate expert says
With home prices up nearly 40% since 2020, buyers are now wealthier and older, making them more likely to outbid younger buyers with all-cash offers.
What we just pray for:
As a homeowner, I wouldn't mind seeing it. Would make for a great opportunity to refinance.
Assuming the rates go down, which, heh, the last fed cut had them going up so who the fuck knows.
You can pop it yourself, you just need something sharp enough.
I cannot fucking wait for the bottom to fall out of the real estate market. I’m on the wrong side of 35, and owning ANYTHING reasonably sized for a reasonable price has just seemed deeply laughable for the entirety of my career.
I’m on the wrong side of 35, and owning ANYTHING
reasonably sizedfor a reasonable price has just seemed deeply laughable for the entirety of my career.I'm right there with you friend. Almost done with my 30s and they have not been fun as far as economic/housing stability goes... I moved from "illegal" apartment to "illegal" apartment 5 times in the last 10 years with no end in sight.
Homes are wildly unaffordable for nearly everybody! In the last decade literally hundreds of homes have been built in my town that sell for over $500,000. I want to know who the hell is buying them and how the hell they are affording them!
I have no idea how my son, who is 24, is going to buy a home of his own and at this point I'm wondering if I should sell my current place for a compound with enough space that I can turn into a multi-generational place so I can leave it to him and his family when my wife and I die.
I want to know who the hell is buying them and how the hell they are affording them!
Blackrock and other investment firms.
You and your son are the problem, everyone knows the free market will fix all inefficiencies, such as almost every global center lacking affordable housing because developers only want to build high margin homes. The free market just works or something.
The problem could be easily solved by you and your son just becoming wealthy, either that or decades of planning and government initiatives to mandate minimum supply and affordability if not outright building by governments--but how much work would that be !?! Probably easiest just to pretend it's complex market forces and not greed.