Excerpt: Earlier today we reported that for at least 40% of Americans – up from 27% just two years ago – the American Dream is dead and buried and has been replaced with the American nightmare: renting for life…
The median U.S. income earner ($74,755) with 10% down could only afford a home that costs $207,529 — 38% less than the current median-priced home.
A median-income family aiming to afford a median-priced home would need a hefty 45% down payment, or mortgage rates would need to drop from the current rate of 7.2% to 4% to make it work…
As it stands, 61% of Americans find themselves priced out of the market even with a 20% down payment.
The median home is affordable for median earners in just four states (West Virginia, Ohio, Iowa, and Indiana).
https://www.zerohedge.com/economics/first-time-buyers-must-earn-120000-afford-average-home
And a few of the comments–
MrPeters: Most people can’t come up with 1000 bucks. This article isn’t even close to reality which is much much worse. Is Ukraine winning yet?
eb: Like the stock market indices, housing is overpriced by 70%.
Reality is verboten in the New Rome.
MSM says everything is awesome!
Bacon: Show me where rent is cheaper than owning; certainly not around here.
Felix: I’m a millionaire, but given the prices of everything, I consider myself economically, middle-class.
My standard of living is good, but it is little more than what average citizens enjoyed say 20 or 30 years ago.
With some exception, the late 90s were peak America.
Tired: Thanks Boomers! Thanks Fed! Everyone will be SO ******* SHOCKED when nearly everyone under 45 votes for communists in the coming elections.
Hard: My son is a contractor…. smaller jobs….. he has many young folks who are college professors, for his customers….. he feels so sad for them, as they have all these NEW homes that are falling apart….. things he is fixing should last 30 years at least….. or 50….. Give me an older house anytime…..
Bacons: Even the cement sucks. Pulled in a ~2 year old driveway today, the top layer is just crumbling away.
If you ever get the chance, walk through 100+ year old train stations in the MidWest. Those things are over built 10x to today’s “standards”. One had 24″x24″ oak support columns with 2″ iron plates at the top…insane.
sad: The world’s once-greatest super power and innovator, has lost a war with itself…no shots fired. Sad.
J-Freak: As someone who lives in Ohio I can assure you that homes are not affordable here. Perhaps compared to other places, but my house would sell for $150k more than I paid for it ($220k) in 2020.
Tired: The real problem is “I’ve got mine” boomers who may actually enjoy the suffering of those younger than them. As they envy youth. A generation of vampires that sold this country down the river.
Omega: College was the ticket (normally) to an upper class lifestyle. I say WAS. Now it is a marxist indoctrination camp, that leaves one hopelessly in debt (hmm, maybe the idea all along).
My son said straight up out of high school that he was sick of school. Went to a trade school and came out a diesel tech. No loans, no debt. Has done that for several years. Now he is looking into watchmaking and other intricate fabrication. You do not need college to be successful. Instead it requires initiative and perseverance.
lambhidingplace 