Why Can No One Buy a House In America? Housing Crisis 2024

President Biden worries about high housing costs. So do Republicans in Congress. The consensus reflects a major problem: Tens of millions of families, across red and blue states, struggle with rent and home prices. The reason is a longstanding housing shortage whose problem goes back further.

But action in Washington won’t make a huge difference. America’s affordable housing crisis is likely to be solved in cities and states...but only after much time and struggle

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[woahhbro]

"Hear me out...what if we turned all Americans into a renter class?" - Blackrock, probably

[mariadrukker]

I grew up in an area of Miami that is mostly made up of * middle-class Cuban Americans where just five years ago a house would cost 250-350k for the most part.
Now the cheapest one goes for 600k. Forget working class being able to afford them. A professional lawyer, engineer, etc. would now struggle to buy a home in that same neighborhood. Something needs to change and it will change.

[austinbar]

In the USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.

[SeanTalkoff]

High interest rate causes house market declining, less people are buying houses. more empty comericial buildings are converted into residential condos wich results in rental declining.After covid, more people are working at home, artificial intelligence technology has eliminated many office jobs, and commercial buildings are vacant and converted into apartments.

[michaellyden]

The thing that really bothers me about housing in the US right now isn't just that houses have gotten ridiculously expensive, but that people are still buying them. I kept thinking, where are all of these rich a$$h0les coming from that are buying these properties? Then I realized, most of the people buying houses today can't afford them, but they're "buying" them anyway. We clearly didn't learn our lesson from 2008.

[tonysilke]

Prices are too high. With rates not subsidised in ’24 and mortgage still high, currently seeking alternatives to maximize savings without an RV move or taking a loan. I’m seriously contemplating the latter.

[sarawilliam]

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[DN-ntln]

3 major factors
1. VC companies swooping in and buying whole communities
2. Forign governments buying whole communities
3. Bad infrastructure in the US

[rkramer]

Fun story:
End of 2019, we contracted a new house to be built on our land to replace the moldy old trailer we were in. Estimated final value of the property was $189, 000.
The house was finished in spring 2020 and when we rolled the construction loan into a regular 30 year fixed, the property was valued at $298, 000.
Now, four years later, the property is valued at just over $400, 000.
This is rural Ohio, no big changes to the area, no expanding city limits (shrinking actually). Nothing.
Now I’m paying $4000 a year on property tax on top of mortgage interest, plus increased insurance premiums, etc.
All that and I’m barely grossing more per year now than I was a decade ago…
Should have stayed in the shitty mobile home.

[petermacris]

Oh great, I love living in historical events

[Indyofthedead]

There won't be a housing crash, there's going to a non-necessity goods crash. A lot of tech will suffer, a lot of the tourist industries will scale back, a lot of small service industries like restaurants and landscaping businesses will suffer. Everyone's money is going into housing, basic clothes, food, etc, leaving little room for everything else.

[nobodyimportant]

I remember living through the aftermath of the housing crisis. Was too young to understand the big picture, but I will NEVER forget being homeless my freshman year of high school. After finding a place to stay at my grandparents for a few months with my dad, we had to share a room and one day we ended up accidentally walking into the room to change at the same time, and we both had cuts everywhere. We both realized we were so depressed and stressed out living there we were self harming in secret.
Next day we packed our stuff and squatted in our old home. Fixed it with stuff we got from scrapyards or leftovers from other people's renovation projects.
Worst year of my damn life, and even now, it's not by much. This country failed me as a kid, is failing me as an adult, and we need change.
Now.

[Spamdestructive]

For the love of god, can I get one year without major historical events?

[SoulSoundMuisc]

A: We're all broke and the houses are too expensive

[CSDragon]

39:45 wait, 95? you're younger than me???
I always thought you were like, mid 30s. The power of having a beard and being married, I guess.

[TheUndeadslayer]

An old man once said that the younger generation is lazy and not working hard enough to afford houses. That old man is 110% delusional in such a belief and this housing crisis demonstrates why.

[Megan-btpm]

It really sucks because I'm being forced to move. The housing community I'm in told us that if we paid rent on time for the two years we were here, we would be automatically approved for the loan to purchase the house. But when it came time to apply, we were declined and they ghosted us when we asked why. We won't be able to renew after our current lease so we will HAVE to move by this time next year. It's very upsetting.

Edit to add: We also did the math and the mortgage was going to be LESS than we are currently paying in rent but we were still denied.

[vedmn]

It's even worse in Canada. The Mortgage payment as a % of income (MPPI) in Toronto is 52% for a Condo Unit, and 90% for a House. It's even worse in Vancouver where these numbers are 61% and 137%. Look "Housing Affordability Monitor" report from National Bank of Canada if you want the details.

[stevenpekrul]

Anyone remember the early 2000s fad of "house flipping"? Yeah, blame that too

[GhostOfSnuffles]

The day that speculative investing was allowed on residential property the American dream died. Property went from being a home for American's to live to "assets" meant to be flipped constantly on the stock market with no consideration for the people who just wanted a place to call home.