They haven't built enough starter homes in decades. Starter homes don't cost $350k or more. They're supposed to cost under $200k. The problem is ZONING and building approval from local zoning boards. Not enough developments being built to keep up with demand and a shortage of supply. Meaning INTEREST RATES have NOTHING to do with it. It's all local government.
8 months ago (edited) | 14
Why buy a house with these high rates and if you do the market crashes, it's 2008 again
8 months ago | 3
I built starter homes in Oregon from 2003 to 2012. They were as low as $175,000 up to around $250,000. The square footage was around 1200 to 1400. Around 2012 something happened. The Federal, State, and Local governments lost their minds and enacted numerous changes to everything related to land development and residential building codes. Lot prices were impacted like you cannot imagine. They made it so restrictive that it caused everything to explode cost wise. Permits tripled. But not just for the builder, but for the technical tradesmans. Costs got past on. There is so much more to it. I am telling you right now, starter homes are extinct. My least expensive plan is $679,000.
8 months ago (edited) | 4
I’m a single guy living in about a 1,500 square foot home. Plenty of space for me. I bought it when interest rates were low (3.25%). I also got it at a good price ($168,000) in Winston-Salem, NC. I’m half a mile from the mall and other commercial stores, as well as one of the major hospitals in town.
8 months ago | 2
Municipalities are to blame. I would loge to build starter homes but there is a minimum lot sqft you’re allowed to build on. If you have to make a small house on a big lot, it isn’t worth it.
8 months ago | 1
Housing and the cost of living is too high, get ready for a mass society crashout ☠️
8 months ago | 2
@StudyBitcoinwtfhappenedin1971
Generally your house is not gaining value, the money is loosing value. Study austiran economics, Hayek, Mises, Hoppe, Rothbard, Friedman, Ammous, Breedlove etc. Fix the money fix the world, study Bitcoin.
8 months ago | 2
Another $20k or more and I can get my starter/retirement house. Maybe the lottery will be kind. People sure haven't.
8 months ago | 1
No, focused on reducing living expenses / luxury purchase and increasing the value of my time/skills until had enough saved to pay cash for our first home - a duplex fixer upper investment property
8 months ago | 0
As property values rose the home had to have more value than the property
8 months ago | 1
1980’s lived in a 1948 1,000 sq ft starter home. Under Reagan the interest rate on Mortgages at that time was 10.75% the payment with taxes and insurance was $540 a month. Homes were priced properly, that one was less than a new pickup truck today, $46,000.
8 months ago | 1
Lived in two, both National Homes between 1985 and 2007 and the mortgage payment in both was about one weeks pay. Good luck finding prices like that now
8 months ago | 1
Respectful Greetings! To: CNBC Television. A starter home is typically a smaller, more affordable house or apartment that first-time homebuyers purchase. These homes are often chosen with the idea that they won't be the buyer's permanent residence but rather a stepping stone to owning a larger or more ideal home in the future. Starter homes are usually more modest in size and features compared to "forever" homes but provide an accessible entry point into homeownership. Courteously! Luís Van-Dúnem
8 months ago | 1
Its extremely rare to find a Single Family Home in California built after 1990 at 1400 sq. ft. or less Its usually older homes and I believe the preference is for at least 1500 to 1700 square feet.
8 months ago | 0
I have one as a rental and I gave my daughter a 1500sqft home with a full basement.
8 months ago | 0
CNBC Television
Starter homes are typically modest in price and under 1,400 square feet. These units accounted for 40% of new residential construction in 1982, and just 9% in 2023. Find out here why starter homes are disappearing: https://youtu.be/zio8-WF2gGY . Have you had a starter home?
8 months ago | [YT] | 104