Originally Posted by
PilotJ3
Sure, till the market takes a dump on everyone. It’s coming, inventory is building up, people got greedy and now they can’t sell and buyers are in strike. I’m one of those, not paying 1+ mill for a house that’s not worth 300-400k. Not paying for 500k for a house that’s worse than my house built in 2013.
House correction is already started in TX and FL. Also as boomers starts to die and their kids can’t pay for HOAs/Taxes/Insurance, homes will seat vacant because not many people will be able to or willing to pay for those prices.
Millenials and Gen Z, don’t care about big houses, boats, planes…they just want to experience life differently than their parents. We are having less kids or no kids, a lot are in financial distress and have college debt. Most of them just want to travel or have more time off with their families.
Culture is changing and will be changing. All those benefits you got, not everyone will be able to experience.
The market will take several dumps over the course of a career. It always comes roaring back. I Know a bunch of guys who short sold during the giant dump in 08-09. They got crushed when the market came back and ended up priced out of the market. They were also paying far more in rent than my mortgage payments.
You keep trying to state that home ownership hurts quality of life. I would argue the opposite. It's the basis for a solid financial footing to allow all the things you state you value. We never lacked for vacations or quality of life enhancements. I get that some people want to put every dollar into savings and take zero risks. Most people I observed like that also spent almost no money on vacations or quality of life. I oftened wondered the reasons many of them were saving so much money. I assumed it was so they could afford the very best wheelchair down the road.