My parents built on owned land in the late 1980s for $87k at 12%.
Now around here the SMALLEST houses are $500k+ for 7%+ and build cost alone is 300k+. A nice house that was 300k back then is almost $1 million now, and much more cheaply constructed.
The rate is a little more than half what I grew up with, but the home price is up 3-5x.
My parents built on owned land in the late 1980s for $87k at 12%.
Now around here the SMALLEST houses are $500k+ for 7%+ and build cost alone is 300k+. A nice house that was 300k back then is almost $1 million now, and much more cheaply constructed.
The rate is a little more than half what I grew up with, but the home price is up 3-5x.
My household income exceeds $200k (2 earners), we own one of those small houses worth ~$500k, we do not waste money on eating out or luxury vacations or frivolities, and a better home would cost us AT LEAST $1,000/month more.
We're fine, and could get by on the single larger income if we had to. But moving out of our starter home seems to be... well, a non-starter! This is the first time I know where saving 30k+ a year is basically useless because we need another 300k to keep costs affordable (we refuse to be over-leveraged, if we can help it) Even with home equity and savings we may be 5-10 years away (and then further as we would be too old for a 30 year...)
We are the LUCKY ONES, and feel stuck. I honestly do not understand how 'average' people can afford to live around here.
Certainly, nobody is making things easier for most of us. As the Rolling Stones said: "You can't always get what you want, but if you try some time, you will find that you get what you need." Stand proud because you have done just that. Be proud that you have the good sense to exercise financial responsibility. Too many can't seem to even save a nickel. I will never make it into a mansion, but I'm comfortable and owe nobody.
The tough thing for us is that if we want to foster most kids come as sibling groups, and you can't mix genders.
3BR small house with 1.40 WFH between us including one full time WFH. We have to sleep somewhere, and wife won't let me make the living room a bedroom. So one room means at most 2 kids same sex/gender due to law here. Getting older and would need to make a move soon but I see no rational move to be made. There is also risk as we age that income could drop - we feel good about our jobs, but there are no guarantees in life. I know I'm done with injections (went along with one J&J, voluntarily, but was a hell no on playing booster roulette). I don't necessarily *want* to be but I can no longer trust the people pushing them, and probably never will again. Actual disease is seeming less and less scary than our diseased society!
My parents built on owned land in the late 1980s for $87k at 12%.
Now around here the SMALLEST houses are $500k+ for 7%+ and build cost alone is 300k+. A nice house that was 300k back then is almost $1 million now, and much more cheaply constructed.
The rate is a little more than half what I grew up with, but the home price is up 3-5x.
My household income exceeds $200k (2 earners), we own one of those small houses worth ~$500k, we do not waste money on eating out or luxury vacations or frivolities, and a better home would cost us AT LEAST $1,000/month more.
We're fine, and could get by on the single larger income if we had to. But moving out of our starter home seems to be... well, a non-starter! This is the first time I know where saving 30k+ a year is basically useless because we need another 300k to keep costs affordable (we refuse to be over-leveraged, if we can help it) Even with home equity and savings we may be 5-10 years away (and then further as we would be too old for a 30 year...)
We are the LUCKY ONES, and feel stuck. I honestly do not understand how 'average' people can afford to live around here.
Certainly, nobody is making things easier for most of us. As the Rolling Stones said: "You can't always get what you want, but if you try some time, you will find that you get what you need." Stand proud because you have done just that. Be proud that you have the good sense to exercise financial responsibility. Too many can't seem to even save a nickel. I will never make it into a mansion, but I'm comfortable and owe nobody.
The tough thing for us is that if we want to foster most kids come as sibling groups, and you can't mix genders.
3BR small house with 1.40 WFH between us including one full time WFH. We have to sleep somewhere, and wife won't let me make the living room a bedroom. So one room means at most 2 kids same sex/gender due to law here. Getting older and would need to make a move soon but I see no rational move to be made. There is also risk as we age that income could drop - we feel good about our jobs, but there are no guarantees in life. I know I'm done with injections (went along with one J&J, voluntarily, but was a hell no on playing booster roulette). I don't necessarily *want* to be but I can no longer trust the people pushing them, and probably never will again. Actual disease is seeming less and less scary than our diseased society!