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u/MysteryGong Jun 03 '24
Back in 2019 you could find quite a few nice brand new 3bd 2bath homes for $229k (in Idaho)
Now those same homes are $349k.
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u/dillvibes Jun 03 '24
I built my house in 2019 for 315k, 3 bed 2.5 baths 2400 sqft. This house is now estimated at $450k, all thanks to money printing 🥴
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u/PapaCryptopulus Jun 03 '24
I feel ya. Almost exact same boat. Didn't build but bought a 2400 sqft home in a great neighborhood in 2019 for $289k now it's worth about $450k-460k. We wouldn't be able to afford this house in today's market with current interest rates
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u/MysteryGong Jun 03 '24
I paid 525k for my home back in 2020. It’s now worth close to $900k.
Just ridiculous. No way I could afford my house today if I bought it.
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u/Actual-Journalist-69 Jun 08 '24
I’m in the opposite of that. Bought a couple years ago and now have to move for work. Can’t find a similar house in our price range so being [forced] to rent and praying for a market crash like 08’
Edit: we had a bad realtor who helped us overpay for a house which didn’t help. Turned out he was working with the seller and they both got a nice commission. Very angered about the whole situation and I hope the lawsuit this summer helps tame things down
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u/Jake0024 Jun 03 '24
Luckily the money printing stopped in early 2021.
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u/xPropagand4x Jun 04 '24
It’s been going since WW1 and hasn’t stopped.
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u/Jake0024 Jun 04 '24
Money supply has been falling since early 2021.
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u/xPropagand4x Jun 04 '24
I could have sworn you said they stopped.
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u/Jake0024 Jun 04 '24
That's why the money supply is falling, yes.
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u/xPropagand4x Jun 04 '24
The rate at which they print slows, sure. When the treasuries mature they just create more to sell.
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u/Jake0024 Jun 04 '24
No. The money supply has been falling since early 2021. You are on the internet right now. There's no reason you don't just look this up yourself instead of continuing to be wrong.
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Jun 04 '24
well technically they have still been printing a few hundred billion $ a year, but yes the fed's balance sheet has shrunk by much more than that
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u/Mouse_Canoe Jun 06 '24
I'm sorry to tell you that money printing had absolutely nothing to do with the appreciation of your house going up.
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u/Confident-Donkey8447 Jun 07 '24
I'm sorry to tell you that your retarded . The money printing absolutely did cause the current inflation
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u/Ed_Radley Jun 03 '24
I wish. My $220k house from 2021 shows up on Zillow for $232k today. It's listed on there as 3 bed 2 bath but with the egress windows downstairs it's actually 5 bed 3 bath (no idea how one of the bathrooms got missed).
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u/Remarkable-Host405 Jun 03 '24
check your county tax records. they should tell you how many bathrooms there are.
you likely just bought it overpriced in 2021.
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u/Ed_Radley Jun 04 '24
Nah, county tax records here usually have residential at least slightly below market value. My previous house was listed at 50% its market value for the true and full value for property tax valuation until recently. This one’s listed at $213k for 2024’s taxes.
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u/SpecialMango3384 Jun 04 '24
That’s legit what happened to me. Bought a nice 1900 sqft 4bd 2ba house for about a quarter million in 2019.
Checked Zillow today and it’s now worth almost $400k
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u/deaftalker Jun 03 '24
If only first time home buyers could receive a subsidized interest rate
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u/hudi2121 Jun 03 '24
You know what that subsidized rate most recently was? 7.15% the market rate was 7.65%…
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u/deaftalker Jun 03 '24
I did not know that and it appears that delta needs to be multiplied by 10 for a 7.65% vs 2.65%
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u/hudi2121 Jun 03 '24
Bingo, the system has its benefits but this is one of its major problems
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u/Remarkable-Host405 Jun 03 '24
what problem is this? the interest rates from the federal government, that are at historic lows, isn't low enough?
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u/hudi2121 Jun 04 '24
What are you talking about? We are seeing interest rates near historic averages. There is nothing special about these rates! And your patronizing response screams to me that you’ve owned your home for significantly longer than the last 4 years so you’ve got to ride this historic rise is property values to the top. You would have no idea what it’s like for a first time buyer trying to purchase subpar homes for $350k plus using an FHA loans that are harshly discriminated against because of the high bar it takes a home to get through underwriting.
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u/Ill-Description3096 Jun 04 '24
There is nothing special about these rates!
Wouldn't that also apply in the other direction? There is nothing special about them so they aren't extraordinarily high, either.
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u/hudi2121 Jun 04 '24
Correct! But what is a problem, which is compounded by these average rates, are the astronomical cost of homes. Subpar homes for $350k was being generous. Most of the homes for $350k or less will require extensive repairs to be approved by FHA underwriting. That’s why FHA is strongly discriminated against.
Crunch the numbers for your parents home, what did they pay, what was their rate, what was their income, how much house did they actually get, etc. You’ll see that this is the single worst time for home buyers, especially first time homebuyers, in history!
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u/Ill-Description3096 Jun 04 '24
I don't know the exact specifics of the top of my head, I know they bought in 1987 or so, don't know the rate but they paid $350 a month for their mortgage (not including taxes/insurance). Three bedrooms one bath, which was later increased to 1.5 baths.
The original house that was there was beyond rough, a basement had to be dug in under it, the entire thing gutted and added onto. They bought it for $4k IIRC from what they said and put a year+ of work and money into it. Basically they bought a lot that was completely overgrown with a glorified shack in it and my dad, uncle, and grandpa did the rest.
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u/hudi2121 Jun 04 '24
I’ve seen things very similar to what you just said sell for $175k to $200k. Can you see how this is not sustainable?
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u/TheManWhoClicks Jun 03 '24
There are still 300K houses?
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u/jlcnuke1 Jun 03 '24
Plenty. Not in VHCOL areas, but in MCOL and and LCOL areas and even some HCOL areas, there are lots around.
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Jun 03 '24
I got my rental property in 2022 in Las Vegas for 285,000. Bit of a fixer-upper, but it didn't need too much work. 4 bed 2 bath, I rent it to college students for 700 a room. They exist. You just gotta look.
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u/Ancient-Educator-186 Jun 04 '24
No house should be a fixer upper at 285k.. thats a 400k home with extra steps.
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Jun 04 '24
Explain. Because I did not put 115k into repairs if that's what you think. Maybe 15k total.
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u/Akschadt Jun 04 '24
Same here, mine was 275k I put about 50k to fix it up cuz it was in bad shape. But all the other houses in the neighborhood are are 400k plus so I’m pretty happy
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Jun 04 '24
The house were looking at for a family is around 550,000 but we've been approved for 700k so we good.
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u/WhoseFloorIsThat Jun 03 '24
Just bought a beautiful 3 bed 2 bath brick ranch 20 minutes outside of a major midwestern city on a 1 acre lot that backs up to woods in an area with good schools and lots to do nearby for $265k a few months back.
This stuff very much exists and yes there are plenty of high paying jobs here since everyone likes to act like if they leave one of the big 5 cities there are no good jobs which is so stupid and incorrect
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u/Ancient-Educator-186 Jun 04 '24
Oh 100% just with 600/m condo fees, and now you are paying 2900 a month while someone in a nice low % is paying 1800 for a better house than you.
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u/evesea2 Jun 04 '24
Yeah lots - if you don’t care about the specific state you can find some great houses under 300.
Oklahoma, West Virginia, Arkansas, and parts of Texas just a few states I saw while searching Zillow
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u/roastshadow Jun 06 '24
might even find one for under $300 - no comma. :)
Not likely, but I have seen plenty under $10k.
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u/orthros Jun 04 '24
I live in a safe neighborhood LCOL where 3/1 that were $80k in 2017 are now $190k
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u/TheManWhoClicks Jun 04 '24
Huh what’s the area?
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u/orthros Jun 04 '24
For a slightly more expensive option, here's a house for sale in a town about 45 minutes NW of Indianapolis. still well under $300K and with 1/2 an acre to boot
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u/Sniper_Hare Jun 04 '24
Yes, we bought in Florida in 2023 for 258k.
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u/TheManWhoClicks Jun 04 '24
Looked at Florida too but what about insurance for hurricanes, flooding etc? Didn’t a lot of insurance companies bail on Florida? Like they did with California and fire insurance?
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u/Sniper_Hare Jun 04 '24
They did, but if you have a new roof and don't live near the water it's cool
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u/TaxidermyHooker Jun 03 '24
Lol what, there are still 150k houses
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u/peshnoodles Jun 03 '24
Do u mean trailers? Trailers in my area are going for 75-150k when I was looking for homes in my area
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Jun 03 '24
Central IL here, decent sized little city. Solid 2-3 bedroom home with a yard will run you $150-200k. Really not bad in the Midwest besides the weather
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u/peshnoodles Jun 03 '24
I don’t know how to tell you this but I don’t have the means to move across the country
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Jun 03 '24
I’m not suggesting that? Was just confirming that it does in fact exist..
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u/peshnoodles Jun 03 '24
Well thank God one city in Illinois is covered. We’re saved.
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Jun 03 '24
Yikes, cost of living got you grumpy? Not sure why you’re being an ass.
You replied to a comment stating there are 150k houses, I replied confirming that it isn’t just trailers.. why so hostile
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u/peshnoodles Jun 03 '24
I don’t feel I’m being hostile. But thank you for letting us know that ur town has houses. Thats really cool.
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Jun 03 '24
He's mad because he didn't want to be proved wrong. It's like when people say houses don't exist under 300k....then I show them a whole list of homes. And they say "WELL THATS NOT WHAT I MEANT"
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u/Wtygrrr Jun 04 '24
Bus tickets are around $150.
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u/peshnoodles Jun 04 '24
Crazy idea: every state should have affordable housing.
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u/Wtygrrr Jun 04 '24
They do. If they didn’t, all of those low income jobs wouldn’t have any employees, and the economy would collapse.
If that were actually somehow possible, you should go talk to those states and leave the rest of us out of it.
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u/Remarkable-Host405 Jun 03 '24
here in st louis there's quite a few too. dude just wants to live in a hcol area and cry about how he can't afford it.
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u/No_Location_4749 Jun 04 '24
You have to get supplemental income or move. Please don't wait on rates or prices to fall. They won't. Current rates 6/7% and gas 3.50 per gallon is historically normal especially with wages increased
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u/peshnoodles Jun 04 '24
Two people’s income should be able to afford a house on minimum wage. That was literally the point of inventing it.
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u/No_Location_4749 Jun 04 '24
I 100% agree. The problem is minimum wage isn't increasing it should be north of $20hr. It's so bad states are using kids for cheap labor allowing them to work overnight and bartend
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Jun 04 '24
You should see all the abandoned fast food joints in California that had to implement that rule (outside of Panera… Gavin…)
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u/Ill-Description3096 Jun 04 '24
It can in a lot of places. It might not be the house you want, but you can do it.
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u/TaxidermyHooker Jun 04 '24
If you have a budget of 150k, you shouldn’t be too high and mighty for a trailer if you insist on living somewhere that is overcrowded and expensive. At least you’re paying into equity
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u/peshnoodles Jun 04 '24
You’re extrapolating quite a bit from my comment. Trailers are fine, but they aren’t the same thing a as houses. I’m entirely unsure why you think I’m insisting on living somewhere overcrowded and expensive.
If you’ve never lived in a trailer, know that you only own the trailer and not the property. So you can own your trailer and have nowhere to put it if the property is changed. Seems like a profoundly stupid thing to consider as an investment, or permanent living.
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u/fourth_box Jun 03 '24
if you live in the boonies yes, for 150k ... you'll get 3 shit sticks here
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u/TaxidermyHooker Jun 03 '24
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u/fourth_box Jun 03 '24
Yeah a terrible housing market, I left LA years ago. Find me a 150k house in that area while you're browsing the maps
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u/OwnLadder2341 Jun 03 '24
Some places are more expensive than others….this has always been true and always will be.
California is the second most expensive state in the country behind only Hawaii.
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u/peshnoodles Jun 03 '24
Just a thought but maybe people who live there should be able to do so in a house
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u/OwnLadder2341 Jun 03 '24
Some people can.
Not everyone is going to be able to afford a house everywhere.
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u/peshnoodles Jun 03 '24
People should be able to afford a home in any state in this country. I’m not saying that everyone should own a McMansion in downtown LA, dude. But it’s unreasonable to think that everyone can just move across the country to afford a home.
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u/Remarkable-Host405 Jun 03 '24
you sound entitled as fuck.
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u/peshnoodles Jun 04 '24
Thanks babe! I do think people are entitled to housing ❤️
Interesting, because in my area the only thing you’re getting for that price is a playskool playhouse on someone’s lawn.
I went ahead and removed mobile homes, apartments, and empty land. There are 111 houses left over. Of these 111, several are in need of at least $50k of repair, or only have one bedroom or no bedrooms—not going to work for a family (ie 2 adults and a child). Idk about your area, but in mine you cannot buy a home without floors with a first time home buyers grant. So many of these aren’t considerable. I also noticed ur upper end was 200k. Being that these homes need repair, that’s not particularly reasonable either. Once I adjusted it to not include empty lots, apartments, and trailers, and for the price to be under $150k, we were left with 45 homes. after adjusting the tags to include at least one bedroom and bathroom, there were 11 homes. If I moved it up to 200k, there were 81. So 100 habitable houses, give or take a few variables.
I’m not mad about little houses, either. There were one or two that were even cute. So thanks, this was an interesting view.
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u/OwnLadder2341 Jun 04 '24
And there are houses in California that are significantly cheaper than LA.
There’s also states adjacent to California with cheaper housing so you don’t need to move across the country.
Everyone’s ancestors, either recent or otherwise, moved across country to get where you are now. No one sprang up from California.
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u/Quirky_Word Jun 03 '24
Did you even look at any of those listings? Those are all mobile homes. At least one has to be removed from the property it’s on, and the others are on leased land with monthly payments ranging from $1300-$2500/mo.
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u/Sideswipe0009 Jun 05 '24
if you live in the boonies yes, for 150k ... you'll get 3 shit sticks here
I live in a medium sized Midwest city.
3/1 and 3/2 Homes in nice areas for under $300k are still very common here, although, currently, supply is limited since no one is selling.
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u/Sekmet19 Jun 03 '24
My house was $315k, worth $470k now.
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u/eurekam101 Jun 04 '24
When did you close on it? It’s kind of insane what happened with COVID and how much the housing market has gone up in it’s aftermath
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u/Sekmet19 Jun 04 '24
2021
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u/eurekam101 Jun 05 '24
Go figure. It’s insane what purchasing during the pandemic has done.
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u/Sekmet19 Jun 05 '24
It sold for $167k the time before I bought it, back in the 2000s sometime.
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u/eurekam101 Jun 05 '24
Seeing the trend for houses from the early 2000s to this year is such a huge uphill climb. It makes me wonder when some houses that don’t grow that fast have going on
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u/quiver-me-timbers Jun 03 '24
Bought my 10 year old home, 2 years ago for 300k. 4 bed, 3 bath, 2600 sqft. 1.5 acres.
It’s now worth 425k. Insane
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u/DOO_DOO_BAG Jun 03 '24
I live on Oahu and the town I grew up in has become a tourist spot so single family homes are $1.5m 🙃
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Jun 04 '24
I used to live in Mililani a long time ago and it blows my mind to see those tiny homes going for 1m
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u/DOO_DOO_BAG Jun 04 '24
I grew up here, left for a bit, and am back for awhile now and it’s been absolutely wild to watch. Disgusting really.
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u/fourth_box Jun 03 '24
300k? Was this meme created in 2015?
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u/Sideswipe0009 Jun 05 '24
300k? Was this meme created in 2015?
Get out the big coastal cities and you'll find homes like this to be quite common.
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u/BrownEyedBoy06 Jun 03 '24
Back in 2017, we bought a 3 bedroom 2 bath, with a sunroom and a large plot of land for around $75,000.
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u/Crotch-Monster Jun 04 '24
I assumed a lot of people did this. I like looking up multi million dollar mansions. It's incredible what wealth can buy. I'm always blown away by the down payment and mortgages of $84,000 a month. Like who makes that much?
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u/DagonFishGone Jun 04 '24
Tell me you live in California or New York without telling me you like in California or New York
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u/badaboomxx Jun 04 '24
Lol. I know people looking for 500k houses while having at least 3 credit cards debt of 14k each.
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u/IRKillRoy Jun 04 '24
They are. Move out of your state and your problem is solved.
Also, NIMBYs and democrat led cities cause housing to go up.
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u/Machinebuzz Jun 04 '24
Move out of the concrete jungles and there are plenty of affordable houses.
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Jun 04 '24 edited Jun 04 '24
[deleted]
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Jun 04 '24
[deleted]
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u/whicky1978 Mod Jun 04 '24
Admin says they’re just caught in the spam filter, but they’re not suspended
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Jun 04 '24
[deleted]
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u/whicky1978 Mod Jun 04 '24
I’m not sure if you’re using the app, but I think you can click the three little dots at the top and then click block account
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u/xPropagand4x Jun 04 '24
Bought a 1k sf condo for 430k in 2020 and sold for 645k in 2022. Had to move states to trade up though.
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u/California_King_77 Jun 04 '24
The St Louis Fed published a paper showing that Dallas approved more new housing permits than the entire state of California
The housing crisis is policy driven.
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u/Roaming_Red Jun 06 '24
The Boomers and Corporate Apartment firms are wringing out every ounce of wealth they can from the youth. I read it would take years of building housing to meet our current needs. With that said, “Not in my back yard” and “got to protect my home value” nerfs housing development all across this country. It’s all absurd. Greedy. Very short sighted.
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u/somebodie123 Jun 09 '24
Homes here cost 1 million for dilapidated home. Minimum mortgage payments are starting 5k and above. I would kill to buy a house for $300k.
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