I have this pet theory that no matter what goes wrong in the world - whether it's a pandemic, climate change, or the threat of nuclear annihilation, HNers will find a way of blaming it on housing prices.
Do you all live in California?
Do you all live in California?
It's a global problem, it doesn't matter where you go. People and companies have an absolute fetish with real state that makes young people like me give up with hope. What is work good for if you're just a slave to the system?
Right now, it'd take me 7 years of salary JUST to afford the initial down payment for a house. If we're talking about purchasing it out-right after basic expenses, 40 years. Is this normal? Well, in the fucked up we live in, yes!
Start working in your 20s, own your house in your 60s. Nice.
I myself bought a house in Newcastle(not major, but not a tiny city) two years ago for £180k, we needed a 10% but me and my wife are in IT so we saved that in a year.
My point is that yes - it's a global problem, but I honestly don't think everyone everywhere needs to save up for 7 years just to get a deposit. Maybe if you live in London you do, but elsewhere? Meh. Basic 3 bed houses are not so crazy expensive in most places, at least here in UK.
LMAO, this is not normal anywhere else in Europe. Also, I bet she either has a lot of money saved up somewhere else, had her mortgage cosigned by someone else with a lot of income, etc. this is not normal at all.
I am not from Germany, but take Germany as an example: https://n26.com/en-eu/blog/cost-of-buying-a-house
"A good rule of thumb is to have at least 35% of the estimated cost. Germany: German residents can generally borrow up to 80% of the assessed property value, but non-residents usually get the short end of the stick. They have to put up 40–45% of the property value as down payment."
>two years ago for £180k
The average UK price house is 256k... https://ichef.bbci.co.uk/news/640/cpsprodpb/117DF/production...
You lucked out, arguably.
>My point is that yes - it's a global problem, but I honestly don't think everyone everywhere needs to save up for 7 years just to get a deposit. Maybe if you live in London you do, but elsewhere? Meh. Basic 3 bed houses are not so crazy expensive in most places, at least here in UK.
I make 12k after taxes and before other expenses... what are you talking about. And I am lucky not to pay rent with a terrible commute because I live with my parents.
In UK 5% mortgages are readily available to first time buyers. It's a completely normal thing here in UK. And I can assure you she doesn't have a lot of money and the mortgage wasn't cosigned by anyone else lol.
>>A good rule of thumb is to have at least 35% of the estimated cost.
Well now that's absolutely nuts. Here in UK 10% deposit is normal, 15% is high, and I don't know anyone who paid 20% or more - and everyone in my group of friends(we all just turned 30) bought a house recently.
>>The average UK price house is 256k
Yes, because London destroys the averages completely. Like I said, my sister just bought a 3 bed house with a garden and driveway for £150k, and it wasn't particularly cheap, neither for the street nor for the area .
https://www.thesun.co.uk/wp-content/uploads/2022/07/dk-graph...
It is ridiculous.
Thanks globalization to make it possible for a chinese billionaire to own property in Schneizlreuth, BY.