Do Affordable Homes Still Exist?

Today we’re talking about our horrible economy's impact on home buying. Boomers will look at young people and say, well interest rates were EVEN HIGHER when I was young, and I still managed to buy a home! Well, that was because your salaries increased along with the prices of homes, in 2024, that has not happened. As a result, young people are getting priced out of the market - especially if they live in bigger cities.
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[@SargonDestroyerofWorlds]

15 years ago I bought my starter home for $200k CDN. It is now worth $600K plus. Confident I could not afford to buy my house today.

[@RealSigmaQueen]

Thank you. Also Canadian. I don’t even live in a major city. Yet a detached house starts at over a million. And unlike the USA we can’t use the interest payments on our mortgage as an income tax deduction. My starter home will be my only home.

[@SargonDestroyerofWorlds]

@@RealSigmaQueen I was very lucky to be able to just buy my house back then. I feel for folks these days. Unless something changes in my life that requires me to buy a new place, this is likely my only home as well.

[@whasian1487]

17 years ago, my house was appraised for $175k. 15 years ago, it was appraised for $135k. Those 2 years was a big difference.

[@CactusJack252]

I'm American and bought my first home at 34 years old. In the span of almost 3 years the value of my home has gone up that I couldn't afford it today (and I'm not including interest rates added onto the payment either).

[@ToriMoffitt-nx8sc]

You don’t think you would’ve been able to save up in that 15 years and purchase a 600k house? Really?

[@Razzy-sr4oq]

I live out in the sticks. Rural. My neighbor passed away a year ago. Her ranch house, 3 bed, 2 bath, 45-year old house, sold for 600,000. I wouldn't call a 45 year old, single story house a "high roller ambition" but it certainly got priced like one.

[@syoung1908]

How many acres? Makes a big difference. Outbuildings?

[@paddington1670]

what a steal. that would be 2 million dollars here.

[@Razzy-sr4oq]

@@syoung1908 1 pole barn (which, in my state, is specifically designed to not be taxable or change property value) 5 acres.

[@AJZona-AJR79]

I bought a 1600 square-foot mobile home on an acre of property for under $100,000 in 2016, I can now sell it for almost 350k . It’s freaking ridiculous.

[@spacecoastkid5033]

​@Razzy-sr4oq you can't design a pole barn to not raise the property value unless it's falling apart.

[@mae2759]

This is going to sound pretty lame, but living with your parents until you're ready to get married is a great way to save money. I did that after college for 6 years and was able to save a ton of money. My mom charged me $200 rent and kept it in cash and gave it all back to me on my wedding day.

[@EcstaticTeaTime]

Thankfully, this is becoming more of a norm. But on the unfortunate side not everyone deserved to have children so they kicked their kids out as soon as possible/would exploit them if the child chose to stay.

[@sofort99]

In 1965, the average 1st home size was ~500 - 700 square feet. The average home was ~1300 square feet. The average home price was ~$20,000 ($191,035.44 with inflation). Minimum wage was $1.25 an hour.

[@paddington1670]

god those were the days. My Grandparents' house was super expensive and it was 80k. It's probably worth 800k now, in the middle of nowhere.

[@skyraider1656]

I bought my home in 1969 for $15,000. My son just bought a home after a 3 year hunt for more than $350 K, I can only imagine what he pays for his mortgage. I wish that prices were more realistic these days.

[@coultersheppard2052]

Minimal accommodations homes don't exist anymore. I would imagine it just isn't profitable to build them.

[@josephmorelli3408]

Housing prices WILL NEVER GO DOWN as long as places like Blackrock can buy whole developments and turn them into rentals. As long as SOMEONE is willing to pay 350k.

[@everettsgoldenduo4999]

@@coultersheppard2052it’s not. The issue is that building regulations require expensive permits and highly scrutinized mechanicals in new houses. Building a “small” house has the same base costs as building a large house, so obviously builders want to make more per house and with the more or less fixed government tax/permitting costs it makes more sense for them to build larger houses that’ll sell for more.

[@amanda4901]

I live close to the “middle of nowhere” sadly homes here are averaging about 250k as well. People have started moving in more often to escape the city life (2 hours away) and buy homes where they can work remotely 🤦🏼‍♀️

[@okwathne]

So demand from people moving out there from the city increase the prices, and move the affordable even more into nowhere....

[@amanda4901]

@@okwathne exactly

[@tarrickmerdev2324]

@@okwathne It's funny how no one in these comments ever talks about mobile homes. Is that beneath you? Are you better than that? I had several friends growing up that lived in single-wides, some who later replaced with a double wide when they could. It's a very affordable option and lots in small towns are much cheaper.

[@LeeLee_LeeLee]

​@@tarrickmerdev2324mobile home prices have also gone up. Still cheaper, 130k+ but still tough to find or buy

[@shakes268]

@@tarrickmerdev2324 I grew up in Alabama. I've seen what storms do to them. I won't live in one. It's not a pride thing - for me its a safety thing.

[@lqstar]

Investors are buying up homes to rent. It's driving up prices in my area.

[@kevinle1083]

Screw these investors. I have no idea but these befuddling individuals are the reason why NO ONE cannot afford a home, unless if you have trillions in your pocket.

[@k-i-n-gf-i-s-h1823]

I had a friend who got caught up in that 2008 housing crisis mess. He lost his new house that he just bought and drank himself to death. My brother also got messed up in that and lost his condo. I've been able to do the renting game and it fit for me. So far it's helped me save tons of money. But I'm in one of those "Middle of Nowhere" situations that isn't for everyone.

[@richardfredericks4069]

My home 🏡 is a manufactured home. It cost $67k for 1190 sq.ft 3 bedroom 2 bath...best thing is it's payed for $0 owed and on private property also payed for $0 owed. All I do is pay property taxes on it

[@jonathanbair523]

I am in Fort Worth Texas... A starter home is way cheaper the then 300K... You need to look outside the LA bubble.

[@Ghostie-lovergirl]

As a real estate agent- I started at 18, everyone my age could still afford housing if they worked full time. Now I’m 21 not a single person I know can even afford rent. 😊

[@SENSEF]

Truth! The goal posts launched into the stratosphere overnight! It's gut wrenching.

[@Brittanysplittany]

The current administration is really running us into the ground 🥺

[@maerielYT]

Looking at today’s issues within our country seriously makes me think that my living situation must’ve been a God thing. I’m in my early 20s, married, and a home owner where I can be a stay-at-home wife (and eventually mom). I seriously don’t know how else to explain it, but I’m so eternally grateful for everything I‘ve been given. I just wish everyone could experience the stability I am so blessed to have.

[@THEAmberMBarnes]

My husband and I bought our first house in August for $150,000 and are still doing renovations, plus our mortgage is $1,400 a month. We got a great deal because there was a small fire in the house and it was vacant for 8 years. We live in Northeast Texas, about 2 hours from Dallas.

[@shellybingham3255]

The median home in my area is $500k, the house I own (bought 10yrs ago, payments under 900 monthly and has 3.25 intrest rate) cost me $142k. I now have 2 adult kids living with us because of the cost of moving out. (They pay rent and streaming services).

[@lqstar]

I bought my first home in 2014 also, for $203k. The market still hadn't recovered from the crash of 2008. We won't see prices like this again most likely. The best we can hope for is 2019 prices when they were at a steady rate.

[@kaygee2121]

My parents spent a lot more on cable than I do on Netflix...and we weren't well off at all. The fact that wages have barely increased in over 20 years while everything else has skyrocketed is the issue.

[@javajunky215]

A starter home when I was growing up in the 80's for our family of 4 was 1100 square feet. Now everyone thinks a starter home is a 2000 square foot McMansion.

[@homestar92]

I bought my house in late 2017. Between the increase in prices and the increase in rates, I'm not sure I could afford it today. Not even 7 years later. And my salary has outpaced general inflation due to a promotion in that time. It's nuts.

[@AS-yz2iz]

It IS so difficult for young couples startong out to buy a home. One of our kidsgot married in 2022 (age 22). He was able to buy a home with a not so bad interest rate. He had enough to put over 20% down and won out over 14 other bidders. Last year our 24 year old married and he had a heck of a time finding a house. He was looking 40 minutes outside of the closest metro area. Almost all the houses were junk. He finally lucked out on a small one on a bit of land. Another son is getting married this year. With housing prices and interest rates the way they are, we advised him to keep renting for now. This cant last forever.

[@saulgoodman2018]

Boomers, like Dave Ramsey, always say it was expensive 50 years ago. But 50 years ago, everything was much cheaper. Houses went up like 2,000-5,000% or more. Pay maybe went like 1,000%. 50 years ago, you can rent in NY and Cali for under $500.

[@lisasmitley8414]

No to mention the quality of products have gone down so you have to replace items more often.

[@CatholicTraditional]

@@lisasmitley8414Yes, an $80 Tommy sweater vest I got last Christmas had it’s armpit rip a month later.

[@christycolman6075]

My husband (24) and I (23) just bought our first home last year. It was more difficult than it should be and did take sacrifices. We did follow the Ghram Stephan strategy of only buying the things you absolutely need for all our years of engaged and married. We also calculated that we would make more money if my husband worked 2 jobs (both mostly from home) and I work as the support at home - dealing with familial events and the homesteading/ house keeping and food chores. When we conceptualized what our life goals were, we combined our forces and strengths in order to earn the most money, eat and be as healthy as possible, and still prioritize our family and friends. We live in DFW, so I'm sure the state you live in also contributes to how hard it is to find and afford a home. Thankfully, I happened to find our dream home the very same day I started looking, and then we closed on the house a month later. 😂 What a whirl wind.

[@vulcan3625]

The other thing people don't mention about finding cheap homes (besides likely being in a high crime area) is that the homes were probably built so long ago that they have material in them that can make you sick just by inhaling it. Alot of those homes are also in neighborhoods close to power stations, old factories, etc. People in those neighborhoods tend to have a higher risk of developing cancer and dying from it, so there's a strong chance you could be putting your health at risk by moving in one of those cheap homes.

[@lewisj2au]

I am worried too. I want to get a house within the next 2 years, but I'm worried about the cost. I may have to look at other options. Like buying some land on the outskirts of town, and building a barnamendium or purchasing a prefab house as temporary solutions until my finances are better adjusted for buying a larger home. I may even build some kind of garage apartment unit and live in it until I can afford to build a home.

[@justcallmebard]

starter homes in my area are $500k now, like 2 bedroom 1 bath patio homes... you can't get even just get the lot to build on for less than $350. Condos with $200/mo hoas are going for $400k for a 2 bedroom.

[@mattjohnson2526]

I live about a one-hour drive southeast of Los Angeles in a typical working middle-class city. You are a genius if you can find a 3 bed, 2 bath, 1,500 square foot home for less than $600k in an average neighborhood. I'm currently looking at a 3 bed, 1.5 bath, 1,716 square foot home that was built in 1946 and is selling for $699k. It doesn't even come with any views other than the homes of the other neighbors.

[@hyfy-tr2jy]

If you look at the average price per square foot for a home in the mid 1980s and today they are nearly exactly the same (adjusted for inflation). Over that same time the average home size has increased by 40%. So yes people's ideas of what a "starter home" has evolved into far larger homes. It's not the market it's the expectations.

[@susanpumphrey354]

Coming in hot with a Tucker & Dale clip though. 😂

[@jessicamailman2546]

The market is soooo competitive that having anything less than a 20% down payment will LESSEN your chances of having your offer accepted… it took 19 months for my husband and I to get an offer accepted…

[@benlee2659]

Our starter home was 400k..... There aren't many if any under that in our area anymore. It also wasnt in an area we wanted to live in and still didn't have many of the things we wanted. We settled for 1700 square feet and a back yard. Oh and our mortgage payment? 3000 dollars......

[@aarosario0915]

The issue is this doesn’t take into account real life circumstances, for example, I am active duty military, and I have been stationed in San Diego and in Hawaii due to my job position, I have to be within 45 minutes of work, which meant I had to live in San Diego county because if I wanted to own a house that was cheaper, I would have to move to Temecula or Murrieta, which is about an hour north with no traffic of San Diego county. Those houses up there were on average were about 450k to 600k which was out of the picture due to distance and I had to settle for houses in San Diego which was about 900k to a million. I then PCS’d to Hawaii due to still being in the military where the average house is 800k to one million. Here in Hawaii the poverty line is considered anything under 100k annually being in the military as in active duty E5 I make about 35k to 40k and with all my benefits and housing allowance and all that stuff I make about 75k to 78k so if you do the math, I would need to buy a house that is 800 K making not even 10% of what my house cost and that is strictly because I live in Hawaii apart from the fact that I’m already $22,000 below the poverty line. The whole aspect of people saying “oh well if you want a house just live further away or the middle of nowhere” is unrealistic because I don’t have that option being in the military. I have to be close to base or at least close enough and I can’t really tell the military I’m not moving to moving to whatever city you tell me to, because I want a house and I can’t afford it in that city. Inflation and these prices NEED to come down as well as pay NEEDS to go up, I don’t know the exact numbers but there’s no way that inflation can go up let’s say 25% in the past 20 years, but the pay stays the same the entire time and that no one sees a problem with that math

[@elichavez2275]

Me (25) and my wife (23) bought our first home an hour away from Atlanta. There’s nothing decent below 400k and we have to drive 20 mins to a Walmart or Target. Starter homes in this economy are practically out of the question. 3 bedroom homes are 370k and will require some work so you might as well go for a 5 bedroom 400k new construction as you plan to build a family

[@PumpkinSpicy-em6qx]

They need to start building in those more rural areas and small towns and give people a reason to move away from the bigger over saturated cities. If there were more homes built and more opportunities built and made in those smaller towns and cities it would help so so much. So many people commute from those smaller communities 2 hours into the city and it sucks. Our wages should be livable and they need to build up other towns!

[@ettie366]

2hrs?!!! My university is 2hrs away from where I’m renting and I’m exhausted from it every time I have to go in. I can’t imagine having to do that for work for years to come. Props to you for having the energy and the will to put in the effort 👏👏❤

[@thatlionsfan]

Yes, if you live in Southeastern Michigan

[@Razzy-sr4oq]

I live in Southeastern Michigan, 15 min from AA. Where's the houses you're talking about? I only see renovated ones from the 70s in places like Farmington or Rochester.

[@nootnewt]

​@Razzy-sr4oq probably something run-down in Detroit or a nearby suburb.

[@thelivingfaithfulhomeschoo9906]

Yes. Commuting is a real thing. We live 45minutes from a town, and my husband commutes 3 hours/day to work. God Bless him. But being here is incredibly important to us, and when he comes home it’s a vacation for him and all of us. Also, when we bought our land 3 years ago, it was 1/3 the price. Prices are insane right now…..

[@realnatewebb]

It's still possible! Like you mentioned a few months ago. It's not about how much you make or the state of the economy. It's about your priorities and how you spend your money

[@Weezy1975]

Sorry, but I think it’s a combination of many factors. The economy and your income totally factor into affording a home.

[@codycast]

Yes, affordable homes still exist. Just not in the downtown hip urban areas people want them.

[@elickes]

You touched on an additional reason starter homes don't exist: people bought starter homes, renovated, then rent them out. This takes those homes off the market, increases the market value of available homes, and prices the middle class out of available homes.

[@reneemendoza4495]

Tiny homes, double wides. They are under 100k. I see videos of people living in their cars. Man that’s crazy!

[@genericwatcher2439]

Paul is 100% right. My nephew wants a large 2 story with land and it can't be any older than 5 years old. I look at the real estate in my area and I see homes for $125k, but they are too old, not enough this, ugly, etc... He wants a $300k home. I'm gen-X and my first home was a 1940's ranch home on a quarter acre of land 45 minutes outside the city. Be willing to drive 30-45 minutes to your job and you will most likely find a starter home in your price range.

[@CavegirlMelanieHobby]

Also, rents doubling within about 2-3 years. We bought a s#ithole in 2022 for 165,000 in Florida to keep our payment low at around 1100/month. While living here, rents went from our $1300 rate to $2300/month! That's not the outliers, it's the average market rate. We were forced into home ownership of a termite-riddled 1940s cottage just to live and not be homeless. We've fixed the plumbing and have signed up for the foundation to start next month. Electrical will wait... Space heaters in the winter. But we're not homeless. Everyone I know lives or did live with their parents for at LEAST 2-4 years longer than they wanted to because of unaffordability. Each kid is one more year you can't move out, because the hospital charges you your home deposit. So.... That's what I see, even in Florida's strong economy.

[@hannahpolky1090]

Me and my husband bought a house because the rentals in our area were more expensive than the house we bought. To get a 1 bedroom apartment would’ve been more monthly than the house we bought. Crazy

[@IvanVazquezS]

NOBODY should be allowed to have more than 2 residential properties. That would solve the high prices, the over-offer of airbnb, and since there are more houses available for sale, the prices go down and people that are renting right now could afford to make a downpayment and buy their own place. Change my mind.

[@destinystarr3494]

I live in the Chattanooga area, which was a popular area for California retirees. The 3-bed home I grew up in has trippled in price over twenty years. I still make roughly what my mother made twenty years ago.

[@minime7375]

As a non-American I think there’s two major causes for it 1. The size of what you consider a “starter home” is obscene compared to Europe. For us, a starter home is a studio apartment. For you, a 2-3 bdr detached home is a “starter home”, much more square footage than your boomers would’ve had in their starter homes. The solution is to lower your standards and for the developers to stop monopolizing the market. People should be able to buy a piece of land, take a loan, and build their own home, according to their needs. 2. The job market. The metropolitan areas are full of “professionals” that work in the consumer se tor so to speak, things like broker, PR, web designer, etc. People are moving away more and more from the production, manufacturing and agriculture. The solution is to revive those sectors of the economy, stop being a consumerist economy and stop “delegating” all your production to China, Taiwan and so on. And slowly move away from the metropolitan areas.

[@Don-ds3dy]

The cheapest home for sale in my dying mid western town was 90k for a home the size of an RV...but an RV would be cheaper to buy and you could leave town with it. And yet some people mock me for renting a 800 sq ft apartment for 800$

[@Eusong]

There are actually some houses under 300k near me and I live in a heavily urban area in Florida. The problem is that my husband and I prefer to stay alive, unmugged, and unr@ped and those neighborhoods would make that impossible.

[@Megzimoo23]

A Brit here- it’s so common for those who work in London to have to buy 45 minutes to an hour away, because the average price of a 2 bed terrace house/ flat is over £500k. It’s not affordable!

[@narrowpathfarm]

In college station Tx, houses that should be $400k are $800k. They are pricing you out of ownership. There is no only the rich and the poor

[@matthewsan8201]

Affordable homes still exist you just need to offer and purchase at CORRECT prices. My parents bought their home on 5 acres of land, 2 stories and an unfinished basement for 375k. Thats my price point of comparison for my future home prospects. Anyone attempting to sell me somthing more expensive for less home / property I will laugh in their face.

[@crawlinwithkeagan5678]

Even property alone is up because everyone and they’re momma wants to build nieghborhoods and apartments

[@petitemaam]

Starter homes around here are 300k. Im a mortgage underwriter. Ive seen 200k. But you're not getting something to show off. Which is fine. You should be worried about getting in the market. Not a fancy countertop you can buy later. My first home was 1400 squ ft. Carpet, ugly tile. I replaced some tile and the carpet with laminate wood a year down the road. Made a huge difference. Replaced a couple fans, the kitchen sink and faucet. Those small things make a big difference and theyre not break the bank expensive.

[@MattW-vh1ew]

There are many houses in rural areas but to many want to be close to work/schools. House down road from me has 2 acres and is up for sale for 58k 4bd 1.5 bath, heated shop, built 1960. 30-45 minutes from nearest store..young people want to give money away instead of invest in a property like this. Mortgage would be well under 1k month. Head to any the cities around rent is 1k+ and will never have anything to show for it.

[@Finnjaymakes]

Short Answer in Australia: HELL NO

[@TTM1895]

Word

[@belmont9279]

Was told to move to Perth to buy. I'd rather shit in my hands and clap then live in that hell hole

[@the1darknight]

Why are you watching videos and commenting about American politics and the American economy if you live in Australia? This doesn't affect you in Australia.

[@Finnjaymakes]

@@the1darknight It was mostly a joke and house prices are insane in Australia anyways, A house you’d get in America for $100,000 Would be $1,000,000 in Australia, so it does affect us a lot.

[@Nina-hz9vv]

@the1darknight I live in Croatia (EU) but part of my family lives in the US. At this point I watch because the situation in the EU is just as bad as in the US and it's fun to compare how in both places the economy, culture, politics and overall society is crashing at the same exact pace.

[@pamm2652]

One thing they need to start doing is focusing on building starter homes. There aren't enough. Pretty much all of the new home are 2,000 feet + have at least one bonus room.

[@adamb4159]

The $399K starter home is over $1M over the life on the loan. Look at the place and think to yourself "Is this really a Million Dollar Home?"

[@dashnja.9202]

Definition of starter home has definitely changed. Unfortunately though, a simple home you could order from Sears no longer exists.

[@vulcan3625]

A girl I know from college works in Nashville, but the cost of living is so high there that her and 2 other friends found a house during the pandemic in Antioch, and decided to co-lease it. I don't think I'd want to do that personally because that seems like a recipe for disaster and a quick way to end a friendship, but they said that since all 3 of them are single, have no kids, and are friends, they agreed to split the rent 3 ways and live together for the next 30 years to pay it off. Also, all of them are over 30 years old.

[@DarkAbyss9]

I would loooove for a starter home to cost 300k. In Australia, double it as a minimum and you're almost there. Not to mention we are unable to lock in mortgage rates for longer then 5 years and you get charged a premium to do it. I locked for 2 years 4 years ago at a rate of 1.94%, great deal but if I wanted to lock for 5 it would have been 3%! What a joke

[@allisonlucas018]

I live in southern Ontario and there is not a single affordable house for 350K even an hour away. Most houses are going for 500K- 1M. My boyfriend however, lives in Manitoba and you can buy a fixer-upper on 3 acres of land for 100K! And charming houses that don't need renos for 250K! My mom really wants me to stay here in Ontario once I get married, but why would I when I can make the same income out there, buy a house with my then husband, and have chickens?

[@dylanheath6176]

3 years in the army and I bought a house with my VA loan. Paid $0. Where there’s a will there’s a way.

[@angusharris424]

Houses are unaffordable in urban and rural Australia

[@amireallythatgrumpy6508]

Nope.

[@tim2024-df5fu]

The homes they want are nearly twice of their parent's first home and then they complain they're too expensive. I have one word for them. Duh!

[@janissevalenzuela]

In 2019 my husband and I got married and we bought our starter home 🏠- brand new house 4 bed rooms 2 and 1/2 bath all for $188K in nice neighborhood grade B with a salary for $40K annually… don’t think we could do this today in 2024 😅… grateful we bought a house in 2019

[@carlawisch]

This seems like nothing new. In my twenties, even though I was a college graduate with a stable job and good credit, I could not qualify for a home loan. At that time, the place I live in California, had very affordable housing. All my married friends had bought houses because both spouses worked. I finally qualified for a loan that enabled me to buy a condo when I was in my mid-thirties. I still didn't live in the neighborhoods where my married friends lived.

[@christinahendrix5217]

My entire neighborhood is houses under 300K, Houston, TX.

[@markgonzalez4070]

I think you said it best. Sacrifice! That’s is something a lot of people are refusing to do nowadays, you cannot have your cake and eat it too. Until your older.

[@DeadnotAlive]

I’m just glad I never partied and wasted money during school because while my peers were wasting time I was working my ass off and now their worrying about the crap I’ve already gone through but on hard mode and I’m chilling in a decent house that I’d consider never selling it’s a 7/10 house love it a lot

[@leehutchison]

The biggest issue with having to commute 30-45 minutes each way is that it creates a large issue with having children and child care options.

[@adamathepianoman]

I work for home buying investors, and am constantly SHOCKED at how absurd prices are. Just down the road from where my wife and I are renting, a 900 square foot house that had been renovated sold for $300k, and that’s in one of the more affordable parts of our city. New homes are outrageous, being priced between $350-$400 per square foot, sometimes more. I can attest that 5 years ago, housing prices were literally about half what they are now. It’s discouraging.

[@ashay33]

What?? 300k home. Unless you are buying a home in a small town. Most metropolis area with jobs suburb its 400K to 550K. Most people can afford a home in their mid 30s.

[@ElisePitts]

Starter homes are 300k that’s what blows

[@Defofone]

home prices follow disposable income. two incomes means higher prices even in lower income areas. Many of my friends bought homes and have roommates to help support their home purchase and add more money toward payments and upgrades/repairs. they then flip. With renters seeming everywhere this may be the best strat for now.

[@thanosianthemadtitanic]

just bought home recently. Its beyound bad out here folks to the point of cartoonish. As engineer making 6 fig with no debt could barely afford a shack in the rural bushes.

[@caelyngg1]

In my area, medium income is 170k, but house is 1.3 million+

[@screwdestiny]

I would argue that a starter home is not usually going to be a standalone single-family home. It will likely be a condo, duplex, or townhome. And that's fine. It's still yours and you are building equity in it (and may very well have a cheaper mortgage payment than rent). Plus, these properties generally come with the benefit of not having to take care of *everything* yourself, so they're even better as a first home experience. My husband bought a condo for $175k shortly before we met and it's great. We get to enjoy our home and we also don't have to worry about the cost of say, roof repairs.

[@gregorymcnew88]

Love the Tucker and Dale reference!!!

[@briannamiller9931]

FHA loans make you pay PMI for the whole loan. Where as a conventional loan can be the same 3% down and the pmi falls off after you get down to 80%

[@jamhutchinson2554]

The thing about not getting 'coffee and netflix' is not only to buy a home, but to save up for financially challenging times like these... be the little ant and store up for the hard times. I think it is important to always live somewhat frugally during the economic highs so during economic depressions you don't sink. if you're hoping to live to at least 80 you are going to go through very challenging seasons - war, economic lows, etc... its just part of life.

[@f7i6f67fkh]

You've gotta compare the cost of mortgage interest, insurance, and property tax versus rent minus earnings from what you would have spent in a down payment. Quite often, unless you make a huge down payment, renting is the better deal

[@matthewspiers8205]

The issue with purchasing a home now is everyone wants to live in trendier areas that cost much, much more. Florida, California, New York are no longer affordable for younger people, but with everyone wanting to live there, of all ages, there's more competition than ever which drives prices higher. You can buy a house for around $150k-200k in the Midwest with no issues; and that's what would happen in the past. People would move to places like Tulsa or St. Louis. But everyone wants to live in IG-worthy areas. Unfortunately until people learn they have to go more rural if they want to afford a home, this won't stop.

[@davidpapp1732]

I bought my home which I consider a starter home, although it’s probably bigger than one should be since it’s 3 bed 2 bath, for $182k. It depends on where you buy. For your first time, do not buy anything in or near a large city, and now that a ton of jobs are remote, it is certainly doable.

[@Danielamoral45]

Well, now you know why many people literally CAN’t have kids. They are expensive. My husband and I we are in the process of buying a house to start growing the family… houses are expensive!!

[@Kia-iq7dh]

I closed on my first house this past December a day before my 32nd birthday. Cost 180k but the sellers could have sold for a lot more (3 bed, 2 bath, 2 car garage, 2 acres, 30 years old, decent condition). The only reason it was sold this cheap was because it was an inherited home after the parents died and the children specifically said they wanted to see a middle class family move in. They didn't want some rich guy to buy it and rent it out or tear it down. So I thank God daily because it truly felt like a gift and miracle. Simply because a wealthy family didn't want or need more money we got lucky. But yes i live in the middle of nowhere with the closest grocery store or any city being 45 min away 😂

[@Bulmachan224]

Starter homes are super high. Hell even fixer uppers!!

[@sambulthuis287]

Bought my first home in a north Texas/Dallas suburb for $289k a year and a half ago, it's small but it's definitely better than nothing

[@brucemsabin]

Why doesn't some investor / builder buy a four 1/4-acre homes in a decent area of Nashville, tear them down, and build 20 townhomes or condos? That would increase housing supply in desirable areas, decrease prices, and prevent suburban sprawl and longer and longer commutes. Well, the reason nobody does this is because zoning laws prevent it. The reason housing supply is so low in Nashville is because zoning laws limit supply. And when you limit supply below demand, you get skyrocketing prices. Basic economics.

[@seriouslywtf4790]

I really appreciate this take. I am a conservative in my 50's and conservatives in my 50's drive me nuts on this topic. The cheapest homes in my area *are* 300k homes. I bought a house recently that was very similar to a house I bought in 1997 for $69,000. It was $425,000. My salary is a lot higher now - but it's 4x what it was then, whereas that home purchase price is over 6x what it was. And I have really hustled - went to school, got the six figure job. Not to mention my down/closing costs in 1997 were $3500 and closing now was over 10x that!

[@jjharmon8075]

I bought house in Arizona that cost $10,000 and yes it needed some renovations and we have done that and I will turn around and sell it for $100,000 and buy another house that is bigger.

[@acheronus1998]

A workmate just bought his first home in suburban Australia....for $AUD 1.2 MILLION!!!!

[@danielr951]

I know our generation love to complain about everything. But it’s really hard to afford a house nowadays. my wife and I moved from our home town because we couldn’t afford anything there. Our parents kept sending us place that we “could buy” because it was the houses they bought making 30k 20 years ago. Now they were 350k plus and even making 120k a year we can not afford that.

[@MISTARJONES]

The medium or "standard" house price in Sydney Australia at the moment is 1.4 million ....... We are having a national housing crisis as well

[@amireallythatgrumpy6508]

NSW is having a housing crisis. Other Aus states are not.

[@MISTARJONES]

@@amireallythatgrumpy6508 NSW & QLD really

[@AinsleyMayersky]

But can we also talk about the insane competition in the market? My husband and I are in the throes of this crazy process and our offers are getting beat out on these “starter homes” by people offering anywhere from 50k to 100k above asking (and that’s being conservative). So even if you adjust your priorities and find a home that fits within - you still get caught in a financial whirlwind.

[@elasticharmony]

Experts are saying that prices should soon be falling,real estate is collapsing. There may not be affordable normally but housing has many speculative times . You have to have an integrated strategy not just work and pay bills but invest in things you want.

[@ravenclaw2898]

I'm 25F in Nebraska. Seriously thinking about buying a house here and renting out the rooms I'm not using to help cover the mortgage. I have a 793 credit score. I need to do more research and save for a down payment but I think I'll be able to do it. I'm not waiting around for a man to sweep me off my feet and buy me a house.

[@sambritton6583]

I recently got approved for my mortgage and bought a 160k 1100 sq ft home. If only my interest rate wasn't 6.5%. But I know people in my area that are paying 7% on their mortgage.

[@atlas9001]

I was stuck at home for two years because of COVID. When things finally back to be relatively normal, the recession ensued, so another year without much career success. The best three years of a young man's life (24-27) were completely wasted. Now I am 28 and for the first time, I feel like I am getting my life back, only to realize the dire situation ahead of me.

[@edolezel87]

If more people did move to those cheaper rural communities there would become a higher demand for more things including jobs, schools, etc. It would make the small towns a little bit bigger but bring in money for the entire community. We have the space to spread out a little more.

[@sammygeorge943]

I just bought my first home for 30k it's old. Has plater walls and knob and tube wiring.the avg pay wage is like 20/hr

[@graciegore8042]

My husband and I own a home 1 hour away from Grand Rapids. I love it, but sadly, my husband's work is transferring him to Ohio, so we have to move into an apartment. But we are still keeping our home since it's almost paid off.

[@graciegore8042]

I'm only 23 and my husband is 22. We have 1 daughter.

[@johnthewalrus7308]

I bought a house in 2018 and we are very comfortable. I could never find a way to afford my house if I had to buy it in 2024.

[@terra1241]

Nah, those $200k big houses in the middle of nowhere almost always have issues, a bunch are unlivable because of floors, ceilings, walls, or things like plumbing or electrical needing repairs. And once you add in the repairs, definitely still out of our price range.