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It is 'nearly unavoidable' that AI will cause a financial crash within a decade, SEC head says
(www.businessinsider.com)
this post was submitted on 16 Oct 2023
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I've been reading that nobody can afforrd to buy houses for at least a decade now and the price just keeps going up so clearly people can afford it.
In my blue collar, median wage earning workplace the vast majority are homeowners and having an investment property is seen as normal and expected., it's the new baseline for doing ok. They have dual incomes, two cars, and overseas holidays every year. They are migrants who had no bank of mom and dad and they prefer to send their kids to private or carholic schools.
They are not poor, but if you believe what you read on the internet they should have zero kids and be living paycheck to paycheck.
I bet every single one of them bought prior to the bubble and rate increase that started during the pandemic.
You are outta your mind if you think they are dropping $100,000-$300,000 for a down payment on a house, only to turn around and pay $3,000-$6,000/mo for a mortgage.
Those properties you see being sold are wealthy folks using them as investment vehicles.
Those numbers are very regional, though. $100K down payment is 20% for a $500K purchase, and lots of homes are under $500K. I just bought a new home (as in, literally just built & never lived in) here in California for less than that.
Not sure why people are downvoting your lived experience.
Investor purchases of single-family homes have spiked to 28% of home sales, and well above 30% in many high-demand localities. Market prices reflect that competition, so when one says, "the price just keeps going up so clearly people can afford it", one must also concede that many of those people are investors who are displacing buyers with less money. Those lower end buyers -- who could have afforded a house if an investor wasn't ready & waiting to flip houses or turn them into rentals -- have been frozen out of a home purchase.