Dude, fucking tell me about it. I make $30 an hour and can’t even afford an apartment in my own where I live. I’ve been reduced to living in my parents backyard in a small house we built.
Can I just please find something affordable already!
We talk about this often with the hope the market will crash again so we can buy a house. A house comparable to my parent's home who paid less than 85k in 1992 would now cost nearly 300k. It’s insane.
A crash will not result in cheap houses for you to buy.
A crash will result in large corporations buying a huge amount of the housing stock for cheap, and renting them out at a higher cost because they can afford to and you can't.
It'll result in banks stopping lending so you can't get a mortgage anymore.
It'll skyrocket interest rates and deposits so you'll have to save double what you did before.
A crash will fuck us all, because these days, everything does.
Whenever I was attempting to house shop in my city I couldn’t find anything that was livable for less than $400k. I grew up very poor so I’m not being hyperbolic whenever I say “livable”. I was not looking for anything glamorous. There were houses that should have been condemned going for $350k. This was in a “medium” cost of living area. I couldn’t even imagine what it would cost to buy in a high cost of living area.
You're not among the rich, that means you're always dealing with financial crises. They usually come in the form of "the company wasn't profitable enough, so we're firing people"