this post was submitted on 03 Dec 2023
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A boomer I know blames young people being in house debt because "they all buy houses with quarts and granite counters, hardwood floors and heated tile floor bathrooms. They skip the starter homes and go right to the forever homes".
He doesn't consider the fact that no one is building starter homes anymore. Everything has heated tile floors, granite counters and hardwood floors because the contractors are demolishing all the older "starter" homes to build luxury houses and 55+ only condos to sell to boomers who throw all their money at it. There's no profit in building starter homes anymore.
I was fortunate enough to buy a house this year and the options seemed to be:
The new starter homes seem to be townhomes, me and my wife considered buying one instead and the market for them was blistering as they were all that most people could afford that aren't shacks/fixer-uppers... and people buying those will usually have to pay steep HOA fees on top of the increased interest rates, which is less going into their equity.
No one is building starter homes and with investing being so more accessible, you might as well do that while living in a nice apartment and wait to buy a nicer house.
Where I live: double your numbers.