this post was submitted on 29 Apr 2025
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I bought my house in 2014, $224k at 4% APR, my monthly payment including taxes is $1400/mo.
It's only been 11 years, inflation is up ~35% in that time, so buying the same house now should be ~$1900/mo. Actual price if I were to buy it now? ~$3500/mo. And wages have barely budged. No wonder young people entering the workforce can't buy houses anymore.
Interestingly, though, that huge run-up in price is also half the reason why people think they need to own homes. We need to stop looking to homes to be the “engine of wealth creation” or we’re only asking for more of this.
The other half of the equation, of course, is wanting to have a stable home that you can control. And that’s still as valid as ever.
But homeownership isn’t necessarily the best choice for everyone. It reduces your mobility and optionality and it carries some risks and hidden costs.
But as long as everyone looks at it as the gateway to wealth, and feels like everyone is getting a piece of that action except them, it will contribute to the continuation of hyperinflation.
This is exactly right. I don’t believe in property ownership anyway, but even if you do, it is still irrational to chase this from a social and economic planning model. Life should be affordable for everyone. Period.
We bought a house in Tampa Florida area in 2018, our monthly cost was $1400/month. Moved to Washington in 2022 and bought a house and the house is smaller and our monthly payment is $3k. Area matters of course, but comparably I'd imagine we're in similar situations.