Gen Z I feel bad for you guys and how you can buy homes

Columbus house prices are exploding, but yeah the rest of the state is still very affordable.

You are completely right, OP. I am borderline Gen X / Millenial (1979) and my husband and I paid 650K for our house several years ago. It's now worth 1.7 million per Zillow. Yes, salaries have gone up, but not that much. Housing prices are completely insane and untenable for young people in major blue cities like Seattle, San Francisco, etc. I'm not sure what's driving it, but if I were a young person, I would not move to these cities for a salary less than 250K. And very few young people can command that kind of salary.

In fairness to the baby boom generation. I think few people from that generation ever thought inflating home prices was a good thing. For them, the benefit of owning a home was just that: Ownership. With ownership you have control over your home. You are the landlord and nobody is going to jack prices up on you or evict you.

Somewhere in my lifetime came this nutty idea that a home was primarily a financial asset. Inflating home prices was no longer a bad thing, it was a good thing. Because instead of it being inflation on homes, the home is more like a stock where you want it go up so you can cash out on it.

I know that thinking started before the financial crises but it really solidified after that. It scares me how so many Americans now accept it as normal.

It's not me paying the rent, it's my tenants. 92,600K a year income and credit scores of 700 for income to rent 3x1 on a small two bedroom one bath house in a distant, but a nice suburb of the same city.

Also, parents that got lucky on the housing market and maintained health and gainful employment since, should take advantage of that to help their kids.

Prices of houses for sale in my locale are already beginning to soften. I keep a close eye because Redfin is, for some reason, a super addicting website.

We're in the beginning of a credit tightening cycle. Incomes will go down. Layoffs will be massive.

Slice of bread ~ 42 cents (assuming 12 slices in 5 dollar loaf)
1/4 Avocado ~ 50 cents (prices vary from 1-2 dollars)
1 egg ~ 25 cents (3$/dozen)
Total = $1.17

I don't think anyone is going broke because of this meal.

Not only more affordable homes, but lower taxes, safer and better schools, less hippies, friendlier people with better values, and less congestion.

Of course they are not making there Avocado toasts themselves. They buy them in a restaurant for $10-14.

Anyway, I just love that Avocado joke.

F*** 'em, all they care about it staring at their phones anyway. They don't need to be homeowners, just plug them into matrix/internet/tiktok world and they'll be happy.

Bro. We all gotta blame who is to blame. And that’s the federal reserve printing the piss out of money & not allowing free markets to play out. When you bail everyone out, this is what happens.

This is all the Boomers fault and the generation above them just not in the way you think. The wealth effect concept created by the central planners is directly responsible for out of control home prices. The financial engineering policy of the US government and federal reserve to drive up asset prices to try and encourage more borrowing and spending is directly responsible. Look it what has happened to interest rates over the past 40 years. Look how much mortgage back securities the FED has purchased. Policies like this are directly responsible for the explosion in home prices.

They should soften since the cost to borrow the money is higher (higher monthly payments) and the limit they’ll qualify for may be less too.

Paid 220k for my place in cbus in 2013, could likely get 525k presently.

When the boomers are dying off at a high rate soon…. Inventory will be high.

Fed straight ripped everyone off. All the urban youths thought they were better off getting stimmie checks but in the end this is what we get. Record inflation and everyone acts surprised.

J Pow kept that money printer on full brrrrrr, called inflation "transitive" instead of what it really is. Permanent.

Of course not. Demand will increase. The US is growing. The growth rate might be a lot lower but that doesn't matter if you don't build enough housing inventory.

2010 Population of 309,011,475

2020 Population of 331,002,651

That's 21 million people and maybe 8-10 million households who need a place to live.

worldometers.info

United States Population (2022) - Worldometer

Population of the United States: current, historical, and projected population, growth rate, immigration, median age, total fertility rate (TFR), population density, urbanization, urban population, country's share of world po...

Link:www.worldometers.info/world-population...

That's right! It's always someone else's fault!

I'm at the end of what is considered the Baby Boomer era. Definitely not the end you want to be at. However, I did put a lot more down on my $189K house in 2002 than the standard 20%. I will pay it off sometime this summer. According to Redfin and Zillow it's estimated right around the $630K range as neither of those two agree on what the price should be. Not looking to sell right now but maybe in about three more years.