David ChartierDec 16, 2024

The average age of homebuyers in the US is now 56

The median age of first-time buyers is 38 (up from 34 last year)

The share of first-time buyers dropped from 32 to 24%

The median home price is now $435,000, which is up THIRTY NINE PERCENT since 2020

This is so astoundingly fucked

https://www.cnbc.com/2024/11/04/homebuyer-average-age-rises-to-56-amid-rising-homeownership-costs.html

The average age of U.S. homebuyers jumps to 56—homes are 'wildly unaffordable' for young people, real estate expert says

With home prices up nearly 40% since 2020, buyers are now wealthier and older, making them more likely to outbid younger buyers with all-cash offers.

CNBC
Show thread14missionDec 16, 2024
@chartier That 39% inflation since 2020 is nuts.
We like to think that California sets trends for the country, but it's not in a good way this time.
In my neck of the woods high prices have been driven by decades of NIMBYism and limited construction, but I didn't think those were such big factors nationally.
Show threadJoris MeysDec 16, 2024

@14mission @chartier I don't have the numbers - alas - but I really would like to see a proper analysis on this. Because seeing how many homes are bought by people who already have one (or more) properties, I have a strong feeling that a lot of this price gauge is driven by "investment" buyers, pushing young families out of the market and into rental.

One reason why it makes sense to make buying houses for investment a lot more expensive.

Show threadBrandon WebsterDec 16, 2024
@JorisMeys @14mission @chartier I’m sure real estate investment companies and rich folks are part of the problem, and I have no problem making those investments less profitable. But I think the larger issue is the US just hasn’t been building anywhere close to the amount of houses we would need to house everyone. Look how little has been built since 2008 compared to every year before: https://fred.stlouisfed.org/series/HOUST
New Privately-Owned Housing Units Started: Total Units

View data of the total number of new privately owned homes that began construction in a given month, used as an indicator of economic strength.

Show threadBrandon WebsterDec 16, 2024
@JorisMeys @14mission @chartier not to mention, building more housing is a great way to make these people buying housing as an investment lose out. It’s a win win for everyone except the rich and corporations who’ve invested in housing, which is why they fight it so hard, and why it’s so disappointing that a lot of leftists dismiss it as a viable solution to the housing crisis
Show thread14mission
@bwebster @JorisMeys @chartier The kind of leftists who are religious recyclers and drive electric cars, but fight tooth and nail against the possibility of poor people (or people just one rung down the ladder from them) moving into their town.
Dec 16, 2024 at 10:30pmWeb
Show threadJoris MeysDec 17, 2024

@14mission @bwebster @chartier all hail Mitch McConnell, the saviour of the poor :-) yes obviously, Harris' plan to build more houses is very bad. Trump's plan of removing unspecified regulations way more solid.

I always wondered how obvious grifters got elected, but every day I witness how insanely naive ppl are.