I see a lot of expensive houses being built in my area. A LOT. And the weird thing is that they’re being bought pretty quickly. Are these people just making more money than me? If so, what are they doing for a living? Or are they just living house poor? How exactly are they affording these places?

Edit: For reference, my neighborhood is starting to become popular (because the other popular neighborhoods have priced most people out of affording places there). The normal price of newer homes here is $700k. My home, built in 1965, which is 2500sq ft on a quarter acre of land, is $500k.

  • The Giant Korean@lemmy.worldOPEnglish
    3·
    11 months ago

    Ramit Sethi does a good job of breaking this all down WRT to home ownership vs renting. He basically says the same thing as you.

    It was worth it for us to buy, so we did. We’ve already replaced the roof and the hot water heater, though, and the furnace is next. It adds up.

    Edit: Also, I just thought I should mention what happened to me with my first house. I bought it when I was 27. Right after that, my property went down in value due to a bubble, and I was forced to take on a permanent position at my job and lost $20k a year. That was rough. I was eventually for to get out from under it, but it took time and a lot of money. Buying a home isn’t always a sure thing.

    • neanderthal@lemmy.world
      2·
      11 months ago

      THANK YOU! I get so tired of: buy good. Rent bad. The answer is it depends. 2008 was only 15 years ago. Many people lost boat loads of money from it. People HAVE lost lots of money from factory closures, base closures, market bubbles, a highway being built, etc

      The ideal situation is a variety of housing options, for sale and rent.