NFR How's the housing market where you live?

Non-fishing related
FontinalisFin said:
Hopefully people start rethinking making fun of people for 'Living with their parents still..' it's getting to be one of the only smart options. My family had to move in with my parents, and I'm mid thirties in age, we got plenty of space though with an inlaw apartment on the lower level, so we are quite lucky considering... At least we invested in a business, and are pretty much debt free outright owners, so we own something! I've only been doing $300k ish in sales a year average though and with profit margin were only making about 60k a year, for a family of 4, with 10k a year towards a private school, cause no f-in way they are going to public🤡 there's not much left for saving. At this pace we will have our down payment in 20 years and then we can start saving for retirement 😀. Could be worse, and I'm afraid we might just see it.
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Agreed, there should be no shame in living with parents... unless it gets into an enabled/mooching situation. I think thats where the dependence criticism comes from - even if it isnt always articulated in a constructive manner.

IMO, adult kids need to get a job, save money, go to school, or help around the house at the very least. Do something to advance your life and minimize drag on those supporting you. Sit on your butt gaming all the time ... not acceptable.
 
Renting is just throwing money away. Get a townhouse to get started and build some equity. A condo gets some equity but the monthly assessment ends up like paying rent and a mortgage at the same time. If parents have enough property and are zoned for it build a small house on the property and have the kids live there until they have kids then switch with the parents. If you can have a rental property on your land then you have some passive income. You can build equity by buying a cheaper house then fix it up and flip it and buy a nicer home every two years. After 5 upgrades and 10 years you can build a nice nest egg. Only problem is you have to move every 2 years. I hate moving. Got our house 40 years ago. Have it paid off and have another rental home my father in law left to my wife. Now both homes are appraised at over $500,000. It is crazy but that is the market now.
 
Few thoughts:
1. Owning a home seemed unlikely when I signed my first teaching contract for $16K and interest rates were 11-12%, but it eventually happened. Be patient.
2. I think Swimmy means one has to prioritize and I would agree. If a home is a priority don't do or buy some things (ie nice vacations, new cars); consider moving to a less desirable location or changing vocations.
3. There are 3 Hispanic families on my block. They have no qualms about living with multi-generations/extended family. My daughter is living with us. She got her MBA at an expensive school and came out with $175 K in debt. When she decided to move back to the area from the east coast, I told her to move in with us and save $1500 in rent until she can buy a home. She has a good job, but rent is pounding sand down a rat hole. We love having her around. She pays us a little for groceries, etc., and helps out around the house. Change the paradigm.
4. Only Americans think it's an inalienable right to own a home. Go to a 3rd World country sometime and you'll count your blessings. Not many of us live with dirt floors or cook over a fire.
 
Sacrifice everything, live with extended family, accept that you will rent forever like in a third world country, says all the people who own. It is sad how out of touch the owners are.
 
HauntedByWaters said:
Sacrifice everything, live with extended family, accept that you will rent forever like in a third world country, says all the people who own. It is sad how out of touch the owners are.
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I seriously doubt that the 91 year old owner of this relatively modest home in Omaha (last I saw it was valued at $625,000) is out of touch with reality. I wish that I was half as smart as that guy is. (He’s never bought crypto, or cashed it in to buy a house either.)

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I’m not saying it doesn’t take sacrifice. How about for starters you guys list all the things you sacrificed to own your homes?
 
HauntedByWaters said:
I’m not saying it doesn’t take sacrifice. How about for starters you guys list all the things you sacrificed to own your homes?
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My entire 20s I worked a job that was 60-70 hours a week, split days off, start at anywhere from 1am to 3am. Left no time for much of a social life, dating, partying, vacations, anything. But it paid good, I met my wife on the job! Timing, I had money to buy in the recession. Then used the equity. It's like the grasshopper and they ant, bide your time, the opportunity to buy will come again.

Been reflecting a lot lately if I had done things differently. Will I ever get to see the West now, where I was born and raised without crowds and no fish/less options. Never explored and saw the state when I should have. Now I'll be like every other douchbag trying to get parking permits and hiking permits etc. Fishing crowded streams that were once secrets.
 
Homes within commuting distance to Seattle are so high priced now that I am afraid to buy, because I think there will be a crash when the single family houses owned and lived in by Boomers start flooding the market.

We will buy if there is a big dip/market correction, but for now I am content to rent. I don't look at it as money thrown away. I love our rental home and pay rent for the privilege of living here. I'd reconsider if the landlord jacks up the rent, though.
 
HauntedByWaters said:
I’m not saying it doesn’t take sacrifice. How about for starters you guys list all the things you sacrificed to own your homes?
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My priority was to get into house...so I drove older, used cars, seldom ate out, didn't do nice vacations (my daughter never boarded a plane until she was 18), had a strict budget w/ few discretionary dollars. I didn't feel like I was sacrificing; that's just what I had to do. I'm not denying it's tough right now. I have kids who are 31 and 33, so I'm well aware of the challenges. My oldest daughter is single, so has only one income. My youngest daughter and her husband bought a dump of a foreclosure and have made a cute home of it through sweat equity. I am saying this is not the first generation to encounter challenges buying a home. Be patient, don't lose hope, and make it a priority over some of life's other pleasures.
 
Zak said:
Homes within commuting distance to Seattle are so high priced now that I am afraid to buy, because I think there will be a crash when the single family houses owned and lived in by Boomers start flooding the market.

We will buy if there is a big dip/market correction, but for now I am content to rent. I don't look at it as money thrown away. I love our rental home and pay rent for the privilege of living here. I'd reconsider if the landlord jacks up the rent, though.
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This, in the next 10-15 years there could be a lot of people underwater.
 
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Zak said:
I am content to rent. I don't look at it as money thrown away. I love our rental home and pay rent for the privilege of living here. I'd reconsider if the landlord jacks up the rent, though.
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Have a son in high tech who rents, another in high tech who owns 3M in real estate, former pays 4K in rent a month for a large home, the latter carries 12K in payments for his beach pad and mountain home...neither is happier than the other, neither has a life richer in what really matters than the other.
 
Josh said:
Many reasons, likely. I've got a buddy trying to move out of southern OR where he owns multiple properties because he's concerned that the worsening forest fire season will eventually make his investments worth nothing.

But I do think that the pandemic and the resulting "remote work" has made a lot of people realize that they don't need (or want) to live in a crowded city any more.

Plenty of that up in the North Sound WA, Seattle folks moving out of there and up here. We're probably not moving from the house we're in because we can't afford to make the next "step up" without vastly changing our family life/career-path. Even owning a house, the price increases are just too much to overcome.
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This place has gone to hell in a handbasket. 😭😡
 
Only a fool would argue that buying a house doesn’t take sacrifice and savings. What grinds my gears is all the owners of the world dismissing the massive issues facing the younger generations as if it is their problem because they didn’t make “sacrifices” or work hard enough like they did. This is nonsense and something you were told to think and say. You don’t back up this sacrifices claim with any data or anything real. Is it the avocado toast or the iPhones to blame?

Swimmy, the original poster of this thread, clearly didn’t make enough sacrifices in life because he can’t afford to upgrade his home in Bozeman. Shouldn’t have bought that nice Clacka or those fancy shorts Swimmy, you would have your dream home if only you had given up stuff. Maybe give up the internet for a while and eat rice and beans every day? Maybe give up fishing?

How does that make you feel Swimmy? Doesn’t it feel unfair for some stranger on the internet to dismiss your wants and needs as a need for sacrifice?

As I have stated, I am an owner, but I feel terrible for the younger generations trying to do what the generations before them did. It’s not the same nowadays. It’s a lot harder. The real question is why when the younger generations cry out on these issues that the older generations get so dismissive? It’s almost like they can’t stomach the truth.
 
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