Why don't I?
Because I'm not spending $250,000+ on 1400sq ft. These types of articles make it seem like some huge mystery as to why society is the way it is today. It's no mystery. Houses cost to much and employers don't pay enough.
Anyone in this area would now laugh at my previous situation; I certainly do. We briefly considered buying a slightly larger house in the area, but everything is going for about $800k now.
If I were just entering the job and housing market today here in the PNW, I would absolutely stay with my parents if I could. And I rather expect that my kids won't move out at 18.
That being said, I learned recently that for the same prices you would pay here you can get a castle in Europe... so I made that my retirement goal.
I bought a house young(26) and spent a good part of the next 16 years working on it. Sure, I enjoyed some of it, but much of it I did not. I did make money with the appreciation, but I also spent a lot on repairs and improvements. If I had focused on my career and my hobbies, I'd be richer and happier now. That all said, I didn't have kids. Maybe if I did I'd think it was worth it. Society puts a high value on having a home though, and much of that is bullshit. The world wants you to think owning a home will complete your life and signify your success but it is much more complicated than that.
Homes tie you down. They're fairly illiquid assets. Transactional costs are huge. Neighborhood issues can significantly affect your quality of life and net worth while remaining nearly completely outside your control.
For myself, I actually worked in the mortgage industry for a few years and nothing jaded me about homeownership more. It's a monumental scam unless you're a DINK family and maybe live in a condo. That's a bit smarter but the most expensive option out of all types of living usually.
This is so true. I'd take it further -- for many (not for most of us developers/engineers) but for many others, the choice to move out is a very risky one because you're constantly on a thin line between paying student loans, mortgage/rent, and other costs of employment and wages may not grow while costs continue to grow. I've seen people just give up and enjoy what they have -- a parent's home at the cost of employment. Remember that it costs money to earn money if you need to move to a metro area and that cost can exceed the actual income, especially if it is a job without wage growth.
I think semi-permanent WFH changes the equation quite a bit -- one can now live with parents, earn, and save up money to hopefully cross the chasm into the world of sustainable ownership.
This is what I'm doing I'm a software dev in my early 30's. A couple of years ago I moved back in with my parents for some health related reasons after being on my own for a decade or so, and ended up staying with them for another health reason.
Then COVID happened and the job I started 6 months earlier went full time remote. Previously I intended to move back to the city because my commute sucked. They've since terminated office leases and seem to be intending to go full time remote for another significant period of time if not permanently. I am saving an insane amount of money and I intend to stay with my parents as long as is feasible.
In a strange way, COVID is the best thing to ever happen to me financially. Home ownership in a dream location is looking to be a feat within reach in less than a decade.
Maybe that would be something to pivot towards. Start with volunteer work. "Let's clean up the beach 6/10". People could earn karma/upvotes from the others who also contributed that's worthless like here, or to spend on stuff donated.
And I'd call it 4us.
Some day it will happen. :)
SFH under 2000 sqft are going for well $1.5M.
Inventory is near all time lows.
there is nothing at that price point (or below) that i would consider worth the current cost, in any of the cities that I actually want to live in. and even if I found something, it's so unfair that my property tax rate would be so much higher compared to others (california)
i'm just going to save money, invest in things that arent real estate, and emigrate at some point. i think the only exception is if I married someone who was given a house by their family. not too unlikely in the bay area or in southern california, but it's still not something i can bank on. i wouldn't even want to if it was.
Renting on the other hand is money out the door. You're not building any equity.