Reply to Genz and millennials don't want your small starter homes want forever homes now

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I am an elder millennial stuck in our starter home we bought a decade ago because housing values have risen much faster than wages. I really wish we could go back in time and just stretched and bought a slightly bigger house a decade ago. Those houses that were $100-$200 above our budget a decade ago are now entirely out of reach. [/quote]
This is us, too. Our now slightly-too-small 3br condo was huge for two people (pre-kids). Now I'd like a 4br house with a small yard, which I could have had for another 100-200k back then. But we can't afford to upgrade to a 4br now at the current prices and mortgage rates. We'd be paying at least 2x as much monthly for a few hundred more sq. feet. Heck, I'm not sure I could afford to buy my condo at today's rates.

I completely see the appeal of wanting to just buy a house you love and be done with it. Moving is expensive: transactional costs (thanks to real estate agents and transfer/recordation taxes) eat up minimum 7-8% of the value when you sell, to say nothing of having to pack up your whole life.[/quote]

Yes, this is probablem. The math doesn’t work out for starter condos (or condos in general) because they tend to lose value after inflation. It’s normal for the inflation adjusted value of condos to depreciate by 1-2% a year. [/quote]

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