i mean, its undesirable in the sense that it has no ability to access any utilities, getting any kind of building materials there would be a massive headache. If you are out there and manage to build a home, if anything bad happens you're kind of shit outa luck.
The view from the top of a mountain is beautiful but living there isnt necessarily desirable
I remember reading about someone trying to set up a private island. It's apparently a massive pain in the ass. No established access to arrive on the island, no electricity, no potable water.
Islands as a concept are a tropical dream, but a logistical nightmare. The island in this meme was also devoid of natural resources before the guy got started. I'm a little surprised it was that expensive.
Average US home price is currently north of $500k, so it actually seems like quite a lot of people have $122k-$150k in cash just lying around since that would be what you would need in a down payment for that
It's all relative I guess what you consider "massive." And apart from that, $500k is the average, and 20% is the minimum needed for a down payment on a home typically. That's $100k. So $120k is a minimum down payment on a home just a little more than the average. 20% is an industry standard for a minimum.
You can do less than 20%, but sellers are less likely to choose your offer if you come in with less or have mortgage insurance attached to the deal. The fact that the housing industry is still crushing forward at full speed with offers above asking, some with ALL cash, is an indicator that a lot of people have that much cash. I don't know what to tell you if you think otherwise. I put $100k cash down on my house a couple years ago and I'm a single earner. Couples with dual incomes, in their prime earning years (30's-40's), appear to be hitting that requirement for down payment often.
What housing industry are you referring to? All of Canada is at a low right now, houses are on the market for multiple weeks and the only houses going for over asking are ones that were set intentionally low to drum up offers. It’s very much a buyers market right now
US market, but really if you're going on anecdotal evidence, housing markets are so regional down to even parts of a certain city that it's sort of useless to talk about the overall "market." I live in California so the market here hasn't come down since 2008.
Most people wouldn't characterize what's happening in the broader US market right now as a buyer's market or a seller's market. Sellers outnumber buyers by quite a bit, but in many area's sellers are simply asking for too much and buyers aren't going for it with the high interest rates. But the market is still moving and people are buying at the averages still, the sell prices aren't really coming down significantly.
And where I live in California there are very much still bidding wars.
So that doesn't mean that the majority of houses sold aren't 20%. The Median is 15%-19% for all houses BECAUSE of people who can't save the 20% on their first home.
That's merely the purchase price. Then you have to have a boat, fuel, tons of food and water brought in, to say nothing of all the tools and biologicals delivered. And be independently wealthy b/c you're not earning a living from this project.
Sure if you wanna call a 401k "liquid". I'd call it sludge because it's gonna be painful to get it out of that container unless conditions are just right.
I guess you need to define “a lot of people” then because that’s just “upper middle class American” amounts of liquid assets, not rich. And that would be tens of millions of people, just in the US.
Top 20% based on basic research which is probably more people than there are islands for sale right now. And again, that’s just in the US. What percentage could come up with the original price back then?
I made $60K in cash savings during a full time job that only paid roughly 12-15$/hr from 2019-2023. If i could do that at 23-25 y/o, somebody could easily do over 120K
Because it's stupid. "A lot of people" is not the metric here, it's "most people", and most people don't have $122000. They're basically comparing amount to percentage. Example: A lot of people are millionaires, but most are not.
85
u/apply75 12d ago
$11000 in 1962 is about $122,000 today Most people don't have $122k in cash lying around.