Through 2021, Millennial homeownership is at its average for the past 30 years. The average mortgage payment is the same as it was for Boomers and Gen X. Income is higher than both Gen X and Baby Boomers at the same age. And average student debt is lower than either Gen X or Baby Boomers (although only 10% of Boomers have student debt compared to 20% of Millennials).
From what I have seen in my area, a lot of first time homebuyers are stuck buying houses that need a lot of work that flippers don’t even want to bother with.
The previous owners stopped fixing things because they were going to die or be put in a home and didn’t have money or didn’t care. I have had sellers straight up tell me that they won’t bother fixing anything and that it is the next person’s problem. They will only sell as-is.
That further hurts new homeowners because they are buying houses that need tons of work that require tons of money they don’t have, or they would have bought a nicer place. The decent homes are bought over asking by people looking to rent out or boomers who cashed out on equity to downsize and pay with cash.
New homes are all family homes and not starter homes, because builders make more money on bigger houses. Older starter homes are being demolished to build houses that are big as local laws allow on the plot, further reducing the starter home market availability.
The real estate market is clearly in a massive bubble that should have exploded in 2008, but was reinforced and inflated further. When it does finally pop, it gonna be bad.
Your area must be polar opposites than mine, then. I live in Southern California, which is extremely, ridiculously, competitive right now, and for the foreseeable future.
The old fixer uppers are typically estate sales from elderly that passed or moved to assisted living. They are generally fine, but outdated because the elderly owners didn’t renovate since they moved into the house 30+ years ago. They or their family isn’t going to bother updating it, and they don’t need to in this market.
Depending on the location, and the quality of the build, that means there can be some serious issues with the place too. I saw tons of houses up on hills that have clear signs of erosion causing the house to slope towards the hill. This isn’t an upkeep problem, but a problem with poor to mediocre build quality, with 50-70 years of age to expose these kinds of issues.
New homes are all comparatively small and built on top of each other with no yards, to maximize lot space. Most new construction I see are houses to close together, you can touch your exterior wall and your neighbor’s at the same time. Rooms are tiny so they can advertise more bedrooms, street parking sucks, and you’re at the mercy of an HoA.
Yeah, California has its own set of housing issues due to topography and the CoL.
I’m in the Midwest. New developments are 2500-3000sqft on .25ac for $500-600k+. They are demolishing ~1,500sqft homes on 0.14ac to put up 2,500-3000sqft homes that cost 3-4x as much in the older post-war neighborhoods. Street parking only is uncommon unless you are into the greater metro area. In both cases they have basements that are unfinished and get completed after the builder’s mortgage is switched over, so the sqft is higher than those figures in reality. Finding a starter home in the 200s is asking for outdated and disrepair. Houses in the 100s are out in the boonies and are nearly rehabs. Even mobile homes are 30-75k, may include meth contamination.
Covid pushed more of the city out into the burbs and really wrecked the affordable house market.
Newell said she threw Meyer and the Record reporter out of the event for Republican U.S. Rep. Jake LaTurner event at the request of others who are upset with the “toxic” newspaper. On the town’s main street, one storefront included a handmade “Support Marion PD” sign.”
It's because of this I have the feeling that the court magistrate (and the sheriff for that matter) are likely to be re-elected regardless. This is MAGA country and they don't care about the things their side does so long as their side wins.
It’s really effective too. You always know the horrible things you’re doing before anyone else. So you can always beat the opposition to the accusation.
“You did X!”
“No I didn’t, why would you even think that?”
Months (or years) later when there’s an investigation…
“Hey wait, you actually did X!”
“You’re obviously making it up, everyone knows it’s what you did. People have been talking about you doing it for years!”
This is also the result of the fact that getting around without a car is likely impossible in most cases so the only option is illegals driving illegally.
Find a solution, sure, but fuck everything about letting illegals drive. You kidding me with that shit? They essentially because untouchable. If they crash their crash and kill someone or do a ton of damage, what are you going to do? Nothing. They’ll jump to somewhere else or even go home.
I think their point is more that it's easier for an undocumented individiual to disappear than for a documented one. They're already undocumented, so they're used to operating without going through proper channels. They have no connection to the vehicle, and thus no insurance, and thus the person being hit has no recourse for getting their own vehicle fixed.
Now, letting them get licenses would presumably come with them also getting insurance, but I feel like this is just a band-aid on a much bigger problem.
They’re not rich ghosts who can shrug off the loss of a vehicle and disappear. Most are, in fact, tethered to a small area BECAUSE they’re undocumented, and as such can’t rent or buy housing or cars anywhere, and the vast majority are in jobs that are, at best, scratching the floor of the middle class.
This argument makes it even more appealing to get them licenses and therefore insurance by tying the car involved to a name.
I was telling my partner that this morning. What happens after this kind of event is a bunch of people with trauma are gunna sell for cheap just to get away from the reminders. This place is going to turn into a condo resort.
Sad but true. My partner and I had just started planning another trip there for October. Was such an awesome little place. I feel absolutely horrible for everyone there.
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