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Housing market (discuss.online)
submitted 4 months ago by to c/politicalmemes@lemmy.world
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[–] 3 points 4 months ago (3 children)

That depends on a few more factors.The fact that their home values have skyrocketed does go a long way to alleviate that.

Yeah, what may have been a $60,000 upgrade is now $250,000, but they're also getting another $200,000 for their home when they sell it, which makes up the difference.

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  • [–] 1 point 4 months ago* (2 children)

    I don't know how evenly houses go up or how much consistency there is, but going from $100K to $200K is easier than $300K to $600K.

    Housing price increases are almost certainly making the gap wider for upgrades.

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  • [–] 2 points 4 months ago (1 child)

    The thing is they aren't going up evenly everywhere. A $400,000 house from a few years back in my area is now selling for $600,000, but a $100,000 house from that same time is now selling for $300,000. So the price difference between the 2 has actually stayed the same.

    The institutional investors are targeting the cheaper houses, so they're the ones skyrocketing the most in value.

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  • [–] 1 point 4 months ago

    So still a net loss for those wishing to upgrade.

    As you said in another comment:

    I’m not saying homeowners are in a worse position. Just that increasing values also hurt them.

    My parents had to move out into the country into a smaller house because their taxes got so high they couldn’t keep up after retirement when they quit getting raises.

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