Co-buying houses 😖 🙄

Co-buying houses 😖 🙄

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27 replies on “Co-buying houses 😖 🙄”

I’m in Canada. I’m pretty sure that a house down the road is owned by a group of friends, right out of college. Unless they’re renting (which is possible too, as it’s like 3.5k a month to rent a house here). It can be seen as a future investment, as they can sell and end up with a pretty big gain. Though lately our housing prices have been dropping, so I don’t know if their timing was right.

I get paid almost $50,000 annually. I still cannot afford a house nor rent on my own as a single person. That was different pre-pandemic back when my salary was $35,000 annually. The cost of living went up as my salary increased after each promotion. There was so many crooked people that bought houses for its original price, sometimes barely flipping it and then asked for double the amount. I still remember when you could buy a nice house in my city for $80,000 and that you could buy a really nice house below $200,000. Nowadays the average cost for a house is over $200,000 and it’s a fixer upper. Yes, you can still find few good looking houses below $200,000 in my city, HOWEVER, the mortgage is double what it used to be.

How often does “News” get it wrong. Real estate inflation has been out of control by corporate investing and air bnb for years now causing such a loss in the average citizen mentality. Do they even know how damaging it is to look at your dream and say “I can’t afford this unless there’s others to lean in on”

My wife and I bought our first house in Texas in 2013 for next to nothing, now I can’t imagine being a newlywed and trying to buy a starter home around here, it’s ridiculous.

I think it’s also cultural. Indian families will buy a house and pack multiple families into it. Then pay off the mortgage as fast as possible then repeat. They realized it takes a different strategy. The system does not work for the isolated. It will take a team effort atm. Is it right, no, but find a way and don’t be afraid of changing the parameters.

They treat millennials and now Gen-Z not doing things their parents did like getting married, having kids or buying a house in their 20s as a “new trend” then turn around and pay us wages that can barely pay rent and hoard their $800k houses that they bought for $100k 30 years prior. Like this has to just be willful ignorance at this point.

Food, clean water and shelter should be basic necessities as given to people. The fact that people can’t buy homes because they are deemed as an “asset” is so fucked up.

In college, a group of my friends joked if we weren’t married with kids by the time we’re 40 we’d buy a mansion together.

15 years later, out of the 8 of us, only one is married n owns a home. All others are renting, some with a partner, none of have kids.

Older Canadian millennial here, the only way I will afford a house is if one is willed to me. The twist is my parents and older relatives will need to sell their homes to live maybe 5 years in a private care facility. Why private over our public ones? Because our province is gutting our healthcare so that the only viable option without substandard care is private.

I’ve just gotten to the point that I know I will never own a house. I’m 23 and still living with my Grandma. Ive got severe mental problems so even renting isn’t really an option, unless it’s a single room in some shithole somewhere. The average price of a regular house here is 700,000. Average rent is 1800 a month. I make about 800 a month.

Boomers want to pay you the same wage as they earned 30 years ago and sell you the house they bought 30 years ago for $70k for $700k.

Doesn’t take a rocket surgeon to figure out that’s not going to work.

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