Video Credit- Graham Stephan, YouTube 2024
Owning a house is or was part of the American dream, and as rates remain persistently high this is harder to achieve for the average person.
Home prices in the United States peaked around $425,000 last year and have come down as bit as rates for the 15 and 30-year mortgage have increased to around 8%.
I couldn't afford my house purchased in 2019 today. I got on the property ladder in 2017 before it absolutely exploded and bought with a rate of about 4%. I was able to take advantage of the pandemic rate in 2020 and refinanced to 2.75%.
I cannot afford to move. Despite the increase in equity, my whole region is now unaffordable despite my income rising 30%.
Take it as you will, but housing is insane and unlike to change. How does housing look where you live?
It changes, like always. :)
It was very expensive to buy a house in all recent years here in Germany. But now prices go down. We are looking ourselves for a house for our retirement-time. Prices might go down even further. One must find a good window of opportunity to buy.
If you have increasing costs of living, what can you do to take advantage of being a home owner. Any ideas?
Not much. As the homes value increases so do takes and insurance. I try to earn more and cut costs.
Are you at airbnb? If your house is located nicely, you could rent it for the time, your'e out of town. Just a thought. It's quite a business here and vastly used. Don't know how it is where you are located.