this post was submitted on 21 Jun 2024
174 points (98.9% liked)

News

23296 readers
3230 users here now

Welcome to the News community!

Rules:

1. Be civil


Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.


Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.


3. No bots, spam or self-promotion.


Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source.


Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.


5. Only recent news is allowed.


Posts must be news from the most recent 30 days.


6. All posts must be news articles.


No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.


7. No duplicate posts.


If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.


Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners.


The auto mod will contact you if a link shortener is detected, please delete your post if they are right.


10. Don't copy entire article in your post body


For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 1 year ago
MODERATORS
 

Millions of Americans are already shut out of buying a home, and the cost of buying one continues to rise.

In past decades, it was common to find a house that cost roughly three times a buyer's annual income. But that ratio has skewed sharply since the COVID-19 pandemic, with home prices up a whopping 47% since early 2020. Median home sales prices last year were about five times the median household income, according to tabulations in a newly released report by the Harvard Joint Center for Housing Studies, and there are signs it could get worse.

The double whammy of high prices and high mortgage rates has "left homeownership out of reach to all but the most advantaged households," says Daniel McCue, a senior research associate at the center.

you are viewing a single comment's thread
view the rest of the comments
[–] BubbleMonkey@slrpnk.net 8 points 4 months ago* (last edited 4 months ago) (4 children)

My area, which is historically a V-LCOL area, isn’t the worst, persey, but wages definitely aren’t keeping up, which exacerbates the issue. We used to have a really good market for average people to own.

Area now requires annual salary of roughly 75-99k.. your average person around here (even if they have a degree) is super lucky to make 40-50k (this is on the rise, but not very quickly at all). Only people in the top of their field, or in highly lucrative fields, are making 75-99 (other parts of the state are different ofc; pay in the cities is a lot better for example, but this specific area is still quite depressed). Back a decade ago, there were dozens and dozens of house options for under 100k, so 40k wages were fine. If you are handy, you could pick one up that needed substantial work for 25k.

Needless to say, anyone around here who bought before the market went crazy.. is absolutely stuck, even if they currently owe very little or own outright. There is literally nowhere most of them can go because if they sell, where do they turn around and buy? Everything else went up right alongside their place, including interest rates and closing costs. But the big thing is a price difference that used to be about $2,000 is now $15,000-30,000 different (due to interest, absolute cost, closing costs, etc. all being inflated together)

[–] Agrivar@lemmy.world 5 points 4 months ago (1 children)

FWIW, it's "per se" not "persey" - it's Latin for "by itself"

[–] BubbleMonkey@slrpnk.net 3 points 4 months ago* (last edited 4 months ago)

Thanks. I knew it was wrong; autocorrect underlined it. But I didn’t care enough to look it up since it didn’t suggest the right thing.

Idk who downvoted you for that, but they suck.

load more comments (2 replies)