Young Americans are holding off on buying a home, with the average age in 2024 being a record high of 38
  • billwashere@lemmy.worldEnglish
    1·
    15 minutes ago

    Maybe it has something to with home prices rising an average of about 7.5 % per year over the last 10 years which means more than doubling.

    Bought my house 2 years ago and it had doubled in price since 2013.

  • commander@lemmy.world
    3·
    50 minutes ago

    Everyone I know around my age that have purchased either bought before 2019 in the smaller cities of Texas where it was a house or it was sometime 2020-2022 when rates were sub 4% and home prices didn’t explode yet and those were condos. Also everyone was dual income or it was to co-own a house. I know one person that purchased by themselves but they sleep in the smallest room and rent out every other room to siblings and friends

    Since some point in 2022, the only people I know that bought a home were a married late 30s couple that were high income and the home was like 70+ years old and a pipe burst and there turned out to be a lot of mold that made it unlivable for a period of time

  • lightnsfw@reddthat.com
    10·
    4 hours ago

    “Holding off”? No, I can’t afford it. I’d love to own a home but my wage doesn’t keep up with inflation.

  • A_Random_Idiot@lemmy.worldEnglish
    371·
    9 hours ago

    because the previous generation were all robber barons that drained the world for their personal gain at the expense of the children they insisted on having.

    • ameancow@lemmy.worldEnglish
      6·
      3 hours ago

      I watched my own father illicitly borrow millions of dollars by bullshitting other rich boomers, acquire vast acres of property across the country, promise the family he would pass it all down to us and our futures were set, then have everything taken away by courts as he and and the rest of my family drank themselves to death after snorting away every family assets on cocaine and other drugs.

      I lost everything I owned after investing my time and energy into being there for my family and they just crashed out without any accountability to their next generation. Starting over in the middle of my life from nothing. I may never own property of any kind. I probably will never retire.

      I feel like it was all just a microcosm view of what’s happening broadly. The legacy of the boomer generation is going to be crushing us for a century to come or maybe forever.

  • finitebanjo@lemmy.world
    242·
    13 hours ago

    Wages didn’t increase at the rate of inflation for like 80 years. The USA is now a shithole country in general and emigration out has reached all time highs, kids don’t want to buy homes here. All of the overseas investors looking to purchase US properties no longer trust in the USA due to volatility due to an actual dictatorship forming and heavy fines and tariffs being put in place by countries on either side of the issue.

    I could go on.

  • agamemnonymous@sh.itjust.works
    28·
    16 hours ago

    My household income is well above the median in my area. Besides a bit of student loans, I have no other debt. I’m doing pretty well compared to most people my age, financially.

    I still needed an FHA and down payment assistance to squeak into the cheapest house on the market that wasn’t a trailer

    • tmyakal@infosec.pub
      9·
      7 hours ago

      I know a few millennial homeowners, and almost every one falls into one of two categories: they were gifted the home (or down payment) from a family member; or they married a Gen-X doctor in 2007 and bought right after the market crashed in 2008 and they’ve watched their home value quadruple since then.

      That’s it. Have family that’s well-off enough, or marry someone that had money at the right time to exploit a financial disaster.

      • Mellibird@lemmy.myserv.one
        2·
        2 hours ago

        I’m a millennial homeowner that had no assistance from my family and bought in 2022.

        Honestly though, I think luck is the only reason we got our house. We met the previous owners and they wanted to make sure the house was going to another couple or family that would actually live in it and call it home, not someone planning to rent it out. We put our bid at asking price (even though our realtor was pushing for us to go higher) and they accepted it the next day.

    • Lka1988@sh.itjust.worksEnglish
      32·
      18 hours ago

      $100k down

      Fucking LMAO

      “Yeah, before you buy, we want an amount of money you will never have at any one point in your entire life before we consider thinking about suggesting a mortgage to you”