Least Affordable U.S. Real Estate Markets

[P.C.]

I know, its about the kids. But as I've grown up in a condo and a house. The house became a storage unit.


My house became a home......something I never felt in appartments or condos.

[Sportsdude]

yes, but did you have 2 kids in it that out grew it?

I couldn't even walk through the kitchen.

 

[P.C.]

Umm....well, no.

  I had 3 kids.

[Devil]

3 Kids! That is cool!

[Sportsdude]

 nevermind.

Anyway everyone's missing my point. You can't afford a house in Vancouver unless you make at least 110k the bank won't give you a loan. That puts the majority of people who make between 35 and 60k out of luck. And everytime somebody builds a giant condo its not for the majority of the people its another toy for the rich. We are losing the middle class. Nobody seems to care, they have a voice but they don't use it and the same old same old gets elected to serve the rich. Sooner or later the middle class is going to have enough and they're just going to leave the city and the area.

So there are at least 250,000 people I bet who want a home in Vancouver but don't make triple digits. They would gladly take those 'boxes'.  Its a home. We have a housing crisis and nobody seems to give a hoot.

   

[P.C.]

Granted, things have changed.  But remember, that one of the things that has changed, is the attitude that it's everybody's right to OWN a home.....That a 20 year old can move right into the real estate market with his first job.  People used to actually SAVE....for YEARS, to be able to have enough of a down payment to make their monthy payments managable.  

[Sportsdude]

I'm not talking about people my age wanting a home. I'm talking about teachers, fire fighters, police officers, nurses, the people that make up the communities yet can't afford to live in it.
Saving up for a home, not possible anymore. The middle class 30k-60k barely makes enough to survive in an apartment. How are they expected to save up for a home? You can't start a family at 50.
Then it leaks into population growth. Canada needs immigration to keep population up. Because nobody is having kids. One of the factors. Homes. Nobody can afford a home and nobody wants to raise a kid or kids in an apartment complex. The North American view of a family is a house not an apartment/condo. Until we can have the majority of the people able to own a home, they will be reluctant to have kids.

Canada's the only country in the G8 without a national housing plan. Canada's also the only country in the western world without a national public transportation plan too.
 

[P.C.]

I'm not talking about people my age wanting a home. I'm talking about teachers, fire fighters, police officers, nurses, the people that make up the communities yet can't afford to live in it.
Saving up for a home, not possible anymore. The middle class 30k-60k barely makes enough to survive in an apartment. How are they expected to save up for a home?  


I don't fully buy into that.  You have to admit, that at least some of the problem stems from the 'I want it all, and I want it NOW' school of thought.  I know an awful lot of lower income people who have managed to buy homes.  It required a lot of years of going without and making do.  Stashing away every cent they could....like....actually WORKING toward the goal.  No fancy clothes...no fancy cars....no lattes or dinners out.  It's called priorities.  I'm not saying it's easy....but it's do-able.

[49er]

P.C. wrote:
  I don't fully buy into that.  You have to admit, that at least some of the problem stems from the 'I want it all, and I want it NOW' school of thought.  I know an awful lot of lower income people who have managed to buy homes.  It required a lot of years of going without and making do.  Stashing away every cent they could....like....actually WORKING toward the goal.  No fancy clothes...no fancy cars....no lattes or dinners out.  It's called priorities.  I'm not saying it's easy....but it's do-able.[/DIV]
 Amen to that!  

I remember the first 3-4 years after I bought my first home I had to do without a lot of luxuries and made sacrifices so I could make mortgage payments.  Life got easier as I began to make more money and equity started building in the house and I could refinance with better rates.    

[Sportsdude]

 I don't even think its the "I want it all" group. Statistics Canada says 30-60k is the 'middle class'. In order to own the average home price in the GVRD you need to make 110k.

I don't think the 30-60k group which is the majority is living a "I want it all" life. That would be the rich and super well off people.
   

[Michel]

Never got the chance to visit that complex, too far from the center and not enough time, but I know it was an amazing experiment at the time.



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[Sportsdude]

 they might aspire to that idea, which would explain the middle class voting for political parties that do not reflect the reality for them. (Example my uncle who is poor and filed for bankruptecy before is a diehard neo conservative hates democrats)

There's a difference in my opinion from aspiring and the reality. Yeah we can all aspire to be super rich and wealthy, but it ain't happening because that's not reality.

In the end its a voting issue and getting people who's lives depend the most on political issues to vote. Everyone knows the well off and elderly vote the most. And well they're going to vote for their own interests which aren't in the interests of the majority. Its getting the majority out to vote. People might think politics is just silly and a sport. But in reality politics is about people's lives. People's lives can change drastically on an election result.
   

[P.C.]

I don't even think its the "I want it all" group. Statistics Canada says 30-60k is the 'middle class'. In order to own the average home price in the GVRD you need to make 110k.

  I think the problem you're having SD....is you are relying too heavily on 'stats', instead of life experience, to form your conclusions.  The 'stats' aren't going to tell you a thing about WHY some people can't make ends meet, while others with lesser incomes are doing fine.

  The statistics that say that you have to make X to afford Y is all about math and figures.  

  If couple A and couple B make the same amount of money, and both have goals to buy a home in 5 years.  Couple A stashes and saves and does without and couple B lives pay cheque to pay cheque, 'treating' themselves along the way, spending every nickel of what's left over after paying the bills with 3 or 4 credit cards maxed to the hilt.  5 years down the road couple A and couple B purchase a house of the same value. 'A' has saved a substantial down-payment....reducing their monthly payment to a manageable amount.  'B' is singing the blues that nobody can afford a house these days.  Stats won't reflect that.      

[Devil]

I worked my a*s off to get my first condo. (well, I do still have an a*s...) But, all said and done, it was so worth it. Nobody told me it was going to be easy either. My parents never had the cash to help me out either.

[Sportsdude]

 yes they do. Stats don't lie, stats are the ultimate truths. The problem is now couple A can't afford a home even with their constant savings. Because of the social structure and towns we've created you need a car. Cars are the ultimate black holes. Then you've got food, rent, utilities and so on to pay for. For someone making 50k that leaves 5k max usually for 'savings'. And we're not counting couples with kids already. That 'savings' disappears. We don't have universal child care. So if they do somehow come up with a savings of 5k a year that means it will be at least 15 years before they are able to afford a home at current prices. The prices are only going to go up. So a couple at 30 who want a house, can't afford to wait. Nobody starts families at 45. They could but its not practical. 45.

Then developers want to put low income housing in a neighbourhood. Today 'low income' means middle class in the Vancouver sense. The city then says nah and develops a property without housing for the middle class. More sky high condos and townhouses for the rich.

Couple A is not waiting til 45, most likely they'd move.