this post was submitted on 01 Jul 2024

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Housing Bubble 2: Return of the Ugly

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Mom Takes Her Adult Son Apartment Hunting & Realizes There is No Way He Can Afford To Live On His Own — ‘Millennials Are Not Lazy’ (www.yourtango.com)

submitted 5 months ago by SeattleRain to c/housing_bubble_2

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[–] jordanlund 20 points 5 months ago (1 children)

I could see that in some states, pretty much not anywhere on the West coast, at least not a house you could live in.

$25,000 - 1966 mobile home. But you can't get traditional financing on a mobile home that old because they aren't worth anything.
https://www.realtor.com/realestateandhomes-detail/16745-SE-Division-St-Unit-131_Portland_OR_97236_M22120-62557?from=srp-list-card

$60,000 - 1997 mobile home, same deal.

https://www.realtor.com/realestateandhomes-detail/12420-SE-Bush-St-Unit-5_Portland_OR_97236_M11761-60151?from=srp-list-card

https://www.justanswer.com/landlord-tenant/jgpyy-depreciation-schedule-mobile-home.html#:~:text=For%20tax%20purposes%2C%20the%20U.S.,useful%20life%20of%2027.5%20years.

27.5 year limit. So anything older than January, 1997.

[–] tomalley8342 11 points 5 months ago

In both those cases you still have to pay one thousand dollars in rent every month to the actual property owner, so I don't know if I would call that home ownership except only in the most generous sense.