My 1st condo was a small 2/1 with a carport. $90K; my folks gave me $1100 to make the 5% down; rate was 10%. Sold it 2 years later and walked with $30K. Wish I still had it, but who knew?
Zillow's revised home price index forecast for 2025 increased
- Thread starter GON
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In central, OH, a lot more apartments are being built than single family homes. Developers make more money per acre building apartments so 3 story complexes have taken over.
What I don't like is that young people like @AutoMechanic could probably afford his first house at his age 25 years ago. Young people like him are not as fortunate as us over 40 that bought when we were younger.
I'd never be able to afford a house today. Thankfully I inherited my place when my parents passed . We did have to pull some equity out to do major repairs.
We owe about $55k right now
Not if you have to pay property taxes….
I’ve been hearing people are headed to Ohio to stretch their dollars and job market.
Housing still affordable and attracting younger folks there.
I used to say that; I was wrong.
Guessing government intervention(always happened one form another) instead of mortgages and interest rates will be next for incentives builders to create “entry” level housing.
I like to see the value in my real estate, but I would like to see others have better chance for home ownership. Silicon Valley offers so much opportunity that people flock here; housing demand outstrips supply by a mile. Companies tried moving north to Sonoma county and such, but it didn't pan out. So those people commute south across the Bridge.
Not affordable in Central Ohio though. Although in Cleveland, you can still buy a house for the price of a VCR
FWIW, and maybe related, my county (~ 90 minutes west of DC) increased my tax assessment +20% for 2025 
. The tax rate has not been set yet, but I am bracing for an increase. (Now there are other factors, but someone's optimistic).
. The tax rate has not been set yet, but I am bracing for an increase. (Now there are other factors, but someone's optimistic).You know...if my taxable assets go crazy high-I'm happy to pay taxes.
GON mentioned the rest of the world pays cash. It should be noted in some countries mortgage loan instruments do not exist. In others-even though a particular country has it's own currency-Real Estate can only be purchased with the U.S. dollar-or it's implied that's the way the transaction will take place.
Most developed world population (excluding odd cultural reasons) tend to buy homes with mortgages or the equivalent of mortgages (sales and lease back to work around religious regulation, etc).
US home is expensive for the income level compare to the past, but compare to other places it is not if you factor in the size and whether they are multi-family vs single family home.
There are lots of choices in the US. Texas probably are much cheaper than California for similar size cities, and there are even cheaper places if you are not working in high paying jobs only possible in certain places. As with all things, location matters, and your career matters even more (if you can reach 300k with a mortgage that's 3x a job that pays 100k elsewhere, you are likely going to be better off in the long run). Find what works for you, and decide whether it is worth it.
US home is expensive for the income level compare to the past, but compare to other places it is not if you factor in the size and whether they are multi-family vs single family home.
There are lots of choices in the US. Texas probably are much cheaper than California for similar size cities, and there are even cheaper places if you are not working in high paying jobs only possible in certain places. As with all things, location matters, and your career matters even more (if you can reach 300k with a mortgage that's 3x a job that pays 100k elsewhere, you are likely going to be better off in the long run). Find what works for you, and decide whether it is worth it.
For rental or resale?
Neither. Gonna help out an old friend.
So this popped up on my feed. Timely.
As mentioned, its still small compared to many places. So if you want this to be the new normal then so be it. However, if people are paying more to maintain a fixed asset, then they have less money for things like Disney tickets and eating out. Again, likely OK around here, but remember 70% of the US economy is services.
To put it more bluntly, if people going forward need to pay way more for housing, and other debt service like student loans, then the economy in its current form crashes, which means tax receipts crash, which means larger deficits and a lower dollar - aka inflation / stagflation.
Rock meets hard place.
As mentioned, its still small compared to many places. So if you want this to be the new normal then so be it. However, if people are paying more to maintain a fixed asset, then they have less money for things like Disney tickets and eating out. Again, likely OK around here, but remember 70% of the US economy is services.
To put it more bluntly, if people going forward need to pay way more for housing, and other debt service like student loans, then the economy in its current form crashes, which means tax receipts crash, which means larger deficits and a lower dollar - aka inflation / stagflation.
Rock meets hard place.
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The "developers" around here have pretty much stopped building single family homes. What is being built, at a break-neck pace) is the 5 or 6 story tall complexes that have stores on the first floor.
These things are off the beaten path and on 2 lane roads that will not support the traffic...I don't know who is buying the things.
These things are off the beaten path and on 2 lane roads that will not support the traffic...I don't know who is buying the things.
We need more bigger houses because people have too much stuff.
In some places houses have no storage. I'm specifically referring to places where they build slab houses with little or no attic.
A couple large developments matching that description - but mixed use - retail + condo + single family are supposed to be built here. Both are on main road though and are huge. However they seem to be slow walked. They started almost 2 years ago and there still doing sit prep - like a few guys a couple days a week, presumably to make it look like there doing something. Nothing being built. I wonder if there waiting for lower rates or ????
There had been single family being built here for years as Charleston grows. However over the last could years that has slowed, and a bunch of apartments (rentals) and townhomes popped up. Presumably because people couldn't afford single family.
Also a bunch of auto car washes popped up, but two are more or less abandoned - half built?
In general, I don't think much of anything is being built here currently. Realize you can build all year here. Average winter temp is low 50's or so.
Apartments or condos. This has been extremely common in Atlanta area, especially with regards to infill housing. The roads will be widened eventually.
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