Personal Finance

3857 readers

1 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 2 years ago

MODERATORS

[email protected]

125

Housing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onward (finance.yahoo.com)

submitted 1 year ago by [email protected] to c/[email protected]

27 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[+] StereoTrespasser -7 points 1 year ago (2 children)

Okay? I mean we live in two entirely separate worlds. $550k in my area gets you 850 sq ft with added condo fees. And of course if you're locked in (trapped?) at 3% you're not going anywhere. You can't go anywhere even if you wanted. If that's worth the advantage of doing your own landscape maintenance on the weekend, and having to drive everywhere for the simplest of errands, then head on.

[–] [email protected] 3 points 1 year ago (1 children)

and having to drive everywhere for the simplest of errands

You say that as if most people lived in cities that didn't require driving for every simple errand, whether they lived in a house or apartment. Good on you if you live in a walkable city, but you're the exception.

[–] Not_mikey 2 points 1 year ago (1 children)

If your paying 550k for a 1 bedroom you better be living in a walkable city.

[–] [email protected] 2 points 1 year ago

Lol. Salt Lake City. 300k for a one bedroom condo - almost not quite bikeable.

[–] [email protected] 2 points 1 year ago* (last edited 1 year ago)

Okay? I mean we live in two entirely separate worlds. $550k in my area gets you 850 sq ft with added condo fees.

There's not many "worlds" with those price points, so you're probably in Boston, NYC, SF, or somewhere similar. I, too, live in one of the highest cost-of-living areas in the US, so I get it more than you think.

But rent in those areas... 1 Bedroom apartments in Boston $4000/mo for 800sqft. Same thing, actually a bit more expensive to rent than to buy.

you’re locked in (trapped?) at 3% you’re not going anywhere. You can’t go anywhere even if you wanted

How so? If I actually were willing to rent, I could pocket a couple hundred grand and just pay apartment prices.

If that’s worth the advantage of doing your own landscape maintenance on the weekend, and having to drive everywhere for the simplest of errands, then head on.

In fairness, on the price difference I can afford a landscaper and use delivery services for errands. But I don't mind mowing my lawn or driving, so I don't do those things. But I don't grok your point here. Are you suggesting nobody would actually want to live outside of big cities "because lawns and driving"? I understand some people love cities, and I respect that. I had a starry-eyed coworker who GUSHED about his visits to Boston. I like leaning back and chillin in my yard, swimming in my private pool, without anyone bothering me.