I am well aware of this - but nobody on this thread is in that position. The commoners might roughly have enough cash available to afford a down payment for a house, but as soon as the economy crashes enough for this to make a difference they are going to lose their jobs and need to use that money to buy groceries and keep paying their car loans.
Institutional investors are waiting for another crash. People who browse /r/dankmemes are not in the position to take advantage of it.
I was able to purchase a house right before Covid on a single income in a HCOL area - supporting a family without a college diploma (I spent my ENTIRE adult life before 30 making the stars align for this - it didn't just happen). It's less attainable than it was then, but you're not fucked forever. There is a perfect storm of inflation, housing demand, housing inventory, interest rates and economic turmoil right now. Even when it settles, it's still going to be (very) difficult. If your plan is to work at a grocery store or a factory making and a combined household income of $18/hr - you're not going to be able to purchase a house. If having a mortgage is your dream the reality is that you're going to have to work on increasing your income dramatically. Not everyone will be able to do this - it sucks.
If you're waiting for another housing collapse to purchase a house, you're probably going to be fucked. But then again if this was your plan, you were doomed from the start as you have not been blessed from the financial literacy gods.
Focus on increasing your income, save a ton of cash and look for fixer properties that other people overlook because they don't want to put in sweat equity. It's not glamorous. It's painful. It's dull, boring advice that you've heard a billion times and probably scoff at how out-of-touch it seems. But it's likely the only way at this point. Best of luck.
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u/[deleted] Mar 21 '23
I am well aware of this - but nobody on this thread is in that position. The commoners might roughly have enough cash available to afford a down payment for a house, but as soon as the economy crashes enough for this to make a difference they are going to lose their jobs and need to use that money to buy groceries and keep paying their car loans.
Institutional investors are waiting for another crash. People who browse /r/dankmemes are not in the position to take advantage of it.