Reply to Anyone else who will likely never be a home owner?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think one way to make home-ownership feasible is to really hustle and save even starting in your teens and 20's.

My hair stylist (now in her 40's) bought a condo at age 18 with her own money that she had saved from waitressing and working in hair salons.  She literally saved every penny.

She came from a very poor immigrant family.  (Her mom was a house-cleaner, and her dad had a disability.)

So I still think it can be done.  She worked so hard in her teens, but it paid off!  She's been able to trade up and now lives in a beautiful townhouse in a desirable neighborhood in Moco.[/quote]

Good for her, but you understand that the whole point of this thread is that a hairstylist today could not afford that condo, right? Have you not followed the news? Whatever someone could afford in 2020, they can now afford about half of that in 2022. There’s been a completely unprecedented spike in housings costs that no one could have predicted or planned for.[/quote]

[b]But people have also been saying that home prices are pretty sure to fall to late 2019 - early 2020 numbers[/b] so while they may not be able to afford what they could then with the low interest rates, they may be able to afford more than they can right now. [/quote]

It’s crazy talk that we have doubled the money supply, the cost of everything has gone up, including wages, but somehow housing will be an outlier and is going to fall 30%.

Inflation is responsible for the huge price increases.  [/quote]

Housing IS an outlier - it is up WAY more than the general rate of inflation. Especially in relation to wages.[/quote]

Food is up 250%.   Housing isn’t an outlier. [/quote]

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