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Trying to buy a house is 'playing a game you can't win' (www.bbc.com)

submitted 6 months ago by MicroWave to c/news

26 comments fedilink hide all child comments

…

The median home sale price in the US has jumped by nearly 30% since the end of 2019, hitting $420,000 this spring.

At a time of rising property values globally, the leap has been one of the most dramatic in the world, according to the International Monetary Fund.

And that's not factoring in the added costs from higher interest rates, which now stand at roughly 7% for the 30-year, fixed-rate mortgage that is typical in the US, up from about 3% in 2020.

Homebuyers today need an annual income of more than $100,000 - well above the country's household median of about $75,000 - to comfortably afford a home in most places in the US, research firms such as Zillow and Bankrate say, and face monthly payments that have roughly doubled in just four years.

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[–] [email protected] 20 points 6 months ago

13 years ago I bought my childhood home from my parents. They basically gifted me the down payment and my dad helped me update it. I was exceptionally lucky them and I'd have no chance in hell buying a house now.