House prices are insane

  1. Let me get ahead of this now, I doubt there are many places in first world countries that are going to say “I have no idea what you’re talking about, housing is affordable here.”

  2. Yeah, if we’re being honest, I heard €500,000 for a house in the most expensive city in the country and immediately thought what a great deal that is.

  3. Portland or representing, this hit hard as the housing market has been a down right rape if the young population. I do very well compared to the average 26 year old and the home I live in was 1500 a month in 2021 and is currently 2100 a month.

  4. Yup, we got lucky (didn't feel like it at the time) and got a 2 bedroom condo in Langley for $330k, just a couple years after friends got similar places for $200k. Now I'm being told I should list at $500k to start and see where it goes.

  5. Yups. And it forced 2 us, both healthcare workers, to move away from Vancouver. Bye bye to the city I was born and raised in.

  6. Bro all he did was say housing is too high and said how it isn't right lol. He didn't break down a complex topic or even say anything profound.

  7. When they are attempting to interrupt him you know they know he is 100% right. Here in NYC the average house for a 1 family, 1 bedroom, 1 bathroom shoebox is 800k if you want to be killed outside your door, or 1 million if you want to be in a safe area. I saw a house in my neighborhood that would be someone's starter home for maybe 100k MAYBE it was smaller than an apartment, no basement, 1 floor, 1 bath, 1 dining/living room, and no driveway or backyard, it was for sale for 945k. It sold.

  8. $820,000 at 2.5% growth. I find NYC is doing the best out of any big city too. They are building a fuck ton of housing, but it's still not enough. I once heard even with all that, it's still 3 jobs created for every 1 house created. Maybe one day they'll start actually creating property tax for luxury buildings instead of using the affordable housing loop hole.

  9. He gets a set amount of time to speak. He went over, the ceann comhairle was trying to get him to adhere to his set time.

  10. I do in home measurements in all of western PA. One of the richest neighborhoods here with the biggest fucking houses is Wexford. I was doing a four story mansion one time, it was one of if not THE biggest houses I have ever done. I was making small talk with the couple who had just purchased it, "oh where'd ya come from?" "Well we are from here but we were living in Manhattan" "Oh what brought ya back?" "Well, she got pregnant & while we absolutely loved living in Manhattan, it came down to, we could either raise our child in a one bedroom apartment there or we could buy a four story mansion back home, so"

  11. It's partly due to the fact that interest rates have been so low. Hedge funds started moving their funds from the stock market and whatnot into real estate in order to beat the downturn in 2008. Since interest rates remained low it made more sense for them to buy and flip houses than to invest in other markets.

  12. Yep they want him to stop because they know he's right but don't care. Look how completely uninterested they are. They just want him to stop talking so they can introduce another bill or law to fleece people.

  13. As someone who works in NYC- i basically stand no shot at ever owning property here with these price hikes. NYC has always been absurd but now the outstanding towns are just as bad. A decent house that used to go for $450-$550k are all now 1+ million all day. Working so so hard to see houses double in value and crush your goals truly sucks.

  14. And the ultimate irony is rents are more than mortgage or close to it, the only difference being after 28 years you're left with nothing and landlord has paid their house off.

  15. We left sydney but it's it much better where we are now. My mate is looking to buy his first home for 1.2mil in Sydney. Its a one bedroom apartment in a complex, nothing fancy. Its just fking wild rn.

  16. Which is why I will give my daughter my house when she gets married. Me and my wife will be retired and we can just get a camper or something and move around.

  17. I’ve never understood how paying your rent every month doesn’t improve your credit score when failing to pay can be so detrimental to it.

  18. It just requires your landlord to report the payments. If they're willing to do that it will improve your credit. If you have a mortgage a bank is keeping track and will report your payments.

  19. Search on YouTube for “un-parliamentary language Ireland” and “unparliamentary language Ireland” it’s amazing how politicians there’s can blow a fuse without brawling like other countries

  20. Same here in the northeast of the USA. A married couple, both with college degrees, are not able to purchase a home and pay exorbitant rental fees. Sickening.

  21. I’m in the Midwest in a decently sized city. I’ve seen places that I used to rent go up 300-400 dollars a month in just the past 2 years. Zero renovations done either. It’s unbelievable.

  22. it feels like every industry is just trying to squeeze every last dollar they can out of you. Everything is a subscription service. I cant just buy something and own it, i have to keep paying for it forever.

  23. Seriously. I'm outside Boston and barely see any houses below 370k except in specific places like Fitchburg and Worcester. The median household income in many of these places is like 75k. How would they ever afford a house? Who is buying all these houses?

  24. even in U.S, why would they give you an affordable housing when they can have you “Subscribed” for shelter forever.

  25. Im surprised we aren’t forced into a air subscription package and if you are late on payments the us government forcefully sucks the air out of your lung until you give them another credit card to pay for more air

  26. Banks buy properties, sell to overseas investors (middle East mostly) they then employ agencies back in the UK to manage these who sell many of them to landlords who charge mega prices. Partly because of spiraling costs everywhere but partly because they put extra on top for themselves.

  27. And often.. there are many houses that are unlived in investment properties... that just inflate the prices.

  28. Thats honestly the best way it could be, as long as rent prices weren't insane. The idea of owning houses and passing them on after you die is not sustainable and it never has been.

  29. Our 3(?) generations are just waiting for our parents to die to get their houses, or any sort of inheritance that will help. But we of course would rather have them. It's a bleak outlook and I hate being alive whenever I think about it.

  30. I love my nan but the day she dies will be a strange one for me because it means I'll actually be able own a house in a decent suburb. That said, she'll probably outlive me. The old bird is the most healthy 80 something you'd ever see lol so I'll probably be with my parents until I'm 30+

  31. Honestly we shouldn't be standing for it either. I think what's driving it is demographics, the baby boom generation is comparatively quite a big generation and they consistently turn up to vote. They also own their own houses and don't want to see house prices go down. Political parties basically give these people what they want or they massively decrease their chances of winning.

  32. I feel like (hopefully) we will at least be lucky in Cali that a correction will come faster and be more substantial....the amount of homes I see listed in the bay for $2 mil + that sit on the market, that could easily drop to 1 mil is crazy........oakland in particular where everyone seems to think they should get about 2.5 times what they paid 5-10 years ago...cuz....I don't know. Inventory is building extremely quickly. Other parts of the country, where a house is 500k (still double the 250k from a few years ago) can have the price sustained by inflation.

  33. He's a lone voice of reason in an rapidly gentrifying area of South Dublin. Many people who grew up in that area cannot ever hope to ever live in that area:

  34. One of the mysteries is how house prices are going up and up and yet fewer and fewer people are able to afford them.

  35. I have a 40% down payment and cannot buy a home. I qualify for the loan, but I’m never going to offer $100k over asking with inspections waived like the investors do.

  36. More people and not enough new construction, non-citizen and foreign ownership, low interest borrowing with corporations buying family homes to rent out, etc. have been biggest drivers. Remote workers from higher income areas moving to lower income areas drive up pricing is most recent extra price increases in certain areas especially FL.

  37. It's like the entire generation of 50-60yr olds builds a world for them, and have never even thought about the next generation. Just figure it out kids. Well we have... and we're fucked.

  38. Deaf ears mate. The boomers that have been funding their fat pensions and lavish lifestyles off the back of the property crisis, are not gonna give any of that money up. And so many of them are still running the country and making the important decisions, while the rest are voting to keep the stats quo, that it’s not gonna change any time soon. All future generations have been sold out by their ancestors. The ones who constantly harp on about the sacrifices their parents and grandparents made for them during two wars, aren’t willing to make a single sacrifice for their own descendants. The most selfish generation to have ever existed.

  39. Recently discovered I don’t want kids and even without the related expenses I’m afraid I’m still priced out. Can’t imagine how young families are doing right now

  40. Every year I think the greed-machine of capitalism has to slow down in order for us normal people to actually survive. Every year, it just gets worse and worse and I feel we are literally spiralling into an economic abyss where no one, absolutely no one, knows what the actual fuck to do anymore.

  41. But we are worried trying to fight our fellow neighbor because some politician said that the other party is fucking us and it's because them that we are in this situation. Move forward 1 year, election comes, people votes the other party and shit still fucked because new people in power says people before left them the shit to deal with...

  42. But the problem isn't really capitalism here-- there just aren't enough houses to go around. The vacancy rate is at historic lows.

  43. This is happening all over the world. Here in Canada, anyone under 40 (unless they had mummy and daddy’s help) has been priced out of home ownership.

  44. The culprit is that all the land is owned already and owners can profit by simply holding the land and profit even more by zoning low density making their land more valuable.

  45. "You will keep repeating this phrase and caption it from the world economic forum forever, and be happy" - Michael Scott

  46. Why the disgusting propaganda they predicted it would happen and urged world keaders to do something about it.

  47. oooh god stop being such a loser for once with reclacking everything. WIth that attittude you will indeed never own anything. LOsers

  48. I've been trying to find somewhere in Dublin/Kildare for less than 275k and of what little is "affordable", most of the housing stock is sub par, poor quality or just downright insulting. I think we've all become so exhausted in Ireland (especially in Dublin and the immediate Leinster area), that this has become as ingrained in us , as school and mass shootings have become in America. This housing crisis in the western world is just a part of the whole FIRE (Finance, Insurance, Real Estate) economics industry that's been growing ever since deindustrialization.

  49. I doubt it. Hedge funds, banks, foreign investors, and rich Americans will buy the houses and rent them. It's a safer investment than stocks right now.

  50. It's literally everywhere. I left Portland, OR because it was insane. My friend bought a house and had to pay 30% over asking. I moved to Portland, ME and its much worse. Apartments that were $800/mo 5 years ago are now $2,000 a month. I was looking at Richmond, VA, Portsmouth, NH and going back to MA but western Mass where there's nothing. All completely fucked. The affordable cities are in red states and those cities will never get better for the most part. I have some friends in Lexington, KY and it's still somewhat affordable but it won't be by the time I can get there. I think my parents generation just needs to die off and then there will be a bunch of vacant homes in cool areas.

  51. Wdym? I bought my house at 24 making $50k a year. Not in the biggest city but the dream definitely ain’t dead unless you killed it for yourself

  52. Cost of living in bigger Irish cities like Dublin and Cork is really fucked. Especially rent. Salaries for junior positions are a joke too. Joining a company after a Masters with a salary of 36K means that you have to live in a shared apartment for like 3 more years before you can even afford to rent your own apartment.

  53. Also global warming accelerating. When in a few years we’re getting a billion people having to flee their homes because they’re unlivable we’re gonna be in some deep shit. And where it’s not 50 degrees C you’ll have hurricanes, wildfires or drought. It’s gonna be a real shitshow. But noone want’s to do the tiniest thing about it.

  54. The "shadow of automation"? What the fuck? Automation is technological advancement, which is absolutely a positive for both humanity and the economy. We don't need human beings to be in dangerous jobs, or low skill jobs. We need people educated and performing higher jobs. Support this with UBI. Don't make automating the mundanity out of our lives the boogey man here. Just have to change how we approach the resulting problems.

  55. Prosperity highest ever. Starvation lowest ever. Access to medicine highest ever. Media more avaliable to anyone than ever. More breakthroughs in technology in the last century than in the 1000 years before it.

  56. It's crazy how this is a problem everywhere and nothing is being done about it. Not just that, foreigners are buying up property abroad and setting the rent at obscene price points. Rent where I live is 3300+ for a single bedroom. I fucking hate this world.

  57. In Sweden it is not too bad. My brother just bought a 1 bedroom apartment for about 120 k dollars. My current hour that is 110 square meter goes fir around 400 k dollars.

  58. I live in Queens, NY, and rent a 2 bedroom in the 2nd floor of a large, 7 bedroom house. I got a pretty good (low) rent cause the owner is a friend, and I help take care of the house. But they now have to sell the house, and it just went on the market for $1.9 million. Now this is just a regular, 2 family house. The kind that my dad bought in 1965 for $40k. And I'm looking at rents around me for a 2 bedroom - people are charging $2,700 for nothing fancy. NICE apartments go for $3,500 and up. Now I make a decent living (am single) but I don't want to spend half my takehome on rent alone. Now I'm considering moving further away for cheaper rent. I don't understand how the market supports these prices. What normal people can afford these mortages and rents?? Guess it helps to be married and have two incomes ...

  59. Nassau county here. I think it’s the transplants that are paying these obscene prices. All of the natives I grew up with have since moved away if they wanted a house.

  60. Why isn't anyone just stating the fact that there's obviously corporate collusion happening at like a fucking international level here? Every country saw housing prices skyrocket after 2008, and they werent low then either.

  61. System working exactly as intended...til it doesn't. They seem to think we've evolved past violent revolution, and to an extent, they're right. But every man has a breaking point. They'll find that out soon enough

  62. I'm baffled that absurd housing pricing is becoming an issue the world over and how little so many governments are doing about it

  63. Born and living in Dublin. Myself and partner have had to move back in with my parents to save for a house. We were living in the city for 4 years paying 1400 euro a month for a box 1 bedroom apartment. And I'm one of the lucky ones. Many people working in Dublin are paying extortionate rates for rent while paying back student loans and have no foreseeable means to ever own a home.

  64. US here, paying full price for a section 8 apartment. Apparently make too much for the discount, and too little to get out.

  65. I hate to say it, but I think people around the world are starting to learn free markets are not working. If there is no regulation greed will always come into play eventually.

  66. Wooooooaaahhh…. The bankers are working with the government to fuck people over? Oh my god… no way…

  67. The American suburb myth has spread across the globe. More building of 6-8 story apartment blocks instead of car centric suburbs

  68. This is entirely intentional. Why allow someone to own their own home at the end of a 30 year mortgage when you can charge them $2k+ a month in rent for the rest of their lives? You’ll own nothing and be happy 🤡

  69. This guy is doing God's work. I live in the US, I'm in my early 40s now, worked and got a degree through financial crisis, make over $200k a year, and I can't get a house because my grad degree costed me over $200k. Fuck this country and everyone who thinks the current system is fine. It's not fine. We're fucked and nobody is doing anything about it.

  70. This is the problem. The idea that unproductive people shouldn’t live in the most expensive city in the country is now deeply offensive to the far left.

  71. This is why democracy doesn't work. The people who want power are the ones that shouldn't have it. The compassionate and empathetic politician is rare and most of the time they won't get elected.

  72. Nobody cares bro 😎 (it’s crystal clear) enjoy big tech (bc ur not; but others are) cheap taxes. Ireland is a dump these days unless u can code like a nerd or jazz the tax man ie figure it out and solve it but I fear it’s to late ⏰

  73. What happened? I thought Ireland left the British union to stop this?! Wow…the vast majority of posts about Ireland is how expensive it is to live in Ireland.

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