I have been trying to buy a home now for 3 years. I couldn't find one in my price range and now that I can, the interest rates are super high and the homes I am finding need work. It seems like you need to be earning a minimum of 80k to be able to afford to buy a house in the US. Unless you buy a house in a rundown area loaded with crime.
That has been the case in the US since the '70s really. Housing used to be way more affordable and these days, it is almost a risk. I have heard of people spending 300k only to find out the house needs another 150k just to be livable. It is a mess! You were once able to afford a 3 bed, 2 bath home on ONE 50k salary earning and these days you need at least 80k like you said. This is why so many families in America have two working adults, even after having children.
@aodaii I noticed this. I think it was done on purpose. Like they don't want people owning houses or property in the US anymore because outside of property tax, once it is paid off they make nothing from it.
If you compare markets around the world, some are far worse than others. Many places have not only encouraged a class of renters but they reward them for not buying property.
I don't think it will change all that much. Most people will not be able to afford it. That is how it has been for a good 30 years now. I think they want more people living in cities... Which doesn't make any sense to me. Cities are the most damaging to the environment, have the highest rates of crime, and generally are not good for mental health.
If the economies continue to get hit like they are, most people will no longer be able to afford it.
This one video I watched explained how all this debt will hit a peak point and most currencies around the world will collapse. This means the buying buyer will drop.
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