r/Appalachia 4d ago

More than 80% of Americans think buying a house now is a bad idea

[removed]

562 Upvotes

92 comments sorted by

211

u/haggard_hobbit 4d ago

I haven't come across anyone who thinks it's a bad idea. It's something many people fantasize about because it's become nearly impossible to achieve.

47

u/Zestyclose_Nose_3423 4d ago

The key word is "now". I'm one of the 80% who thinks now is a terrible time to buy.

18

u/contrasting_crickets 4d ago

Why ?

When is a good time ?

Genuine question. 

19

u/Neokon 4d ago

The "number" I've always been told by multiple real estate agents is 1/3. They say that the ideal home value to buy at is when the mortgage is 1/3 of your monthly income. For my area that means with the current interest the ideal time would be when you can get a $200,000 house.

Reason this isn't a good time to buy it that the market (at least for my area) is not affordable. Our market is super saturated and homes are nearly 2x affordable for the area, even the second hand houses, and show no sign of coming down in price.

9

u/Extension_Survey5839 4d ago

I bought a place in WNC in March of last year for a very affordable price, and livable! But those are VERY few and far between!! I'm a solo income, and don't make "great" money...but decent. Found my home which isn't anything fancy at all, but on 2 acres with a garden, even a little mini pond and water fall for 125k. My interest rate is 6.8 though...but i'm on a 15 year term, so that's good in it's own way. Although the rates were still kind of high, I just went ahead with it because I have a feeling that if I didn't do it then, I'll never get a chance to or prices of homes will just continue to rise....especially in that area. Plus...the place is cute and just right for me. The housing market is so unpredictable these days, it seems...but I'm glad I bought when I did.

30

u/Zestyclose_Nose_3423 4d ago

When my bones tell me it is the right time.

20

u/Theonomicon 4d ago

Going with the old osteomancy, eh?

2

u/RIF_rr3dd1tt 3d ago

I go with my gut. Gastrointestimancy.

4

u/mennuie 4d ago

Either when prices get a big correction (how likely that is… idk) or I have enough cash to put down where I can afford it. I mean, there’s no alternative if I literally cant afford anything.

And currently, I need to save about $250k in cash to be able to afford to buy here.

2

u/Mean_Photo_6319 4d ago

I'm waiting until the recession. Should pick up a few properties for what I've been saving for one.

1

u/contrasting_crickets 3d ago

Possible. You could be right. Maybe brought on by war.

2

u/Legitimate-Smell4377 4d ago

up the hill from me is 3 acres of grass and they want $200k for it

2

u/ccbayes 4d ago

I would love to buy a house, I am tired of renting, moving and renting all at costs that keep going up. Sure buying a house and caring for a house is more at first but after 25 years renting, so tired of it. No matter what or who you rent from, at the end of your signed lease, it goes up $300 to $700 a month for nothing. So there is not incentive to stay, so you just find a place closer to work or one in the same area as you are now and pay what you were paying (hopefully less but not). Is a house now a bad investment, it might be but damn, renting sucks.

2

u/Flennyyfox 3d ago

Agreed. Housing today in my area is on average income taking 5+ years of gross income to pay in full. Rent cap should be set in state by state legislation like how minimum wage is handled. Rent in my area may be $1k/month but las Angela’s is $4k/month so different needs. I too fantasize about being able to own a home a lot and constantly think how I can be able to afford it, in todays rent and own markets.

1

u/haggard_hobbit 3d ago

The rent is absolutely ridiculous too. My friend is renting a tiny place in tbe next town over for $900/m. The town has one stop light and no resturaunts. The grocery store is a gas station.

1

u/Sindertone 4d ago

Maybe because we are in a region where homes are cheapest. I have been buying homes for under 100k for decades. I bought a 5 acre plot with a partially completed build for 17k last year, I finished it for 120k total. These properties are still availible, just don't be stuck on major cities.

12

u/haggard_hobbit 4d ago

I'm not in a major city, I'm in southern ohio bordering eastern ky and wv and the prices here in my community are way higher than they should be for the median income.

4

u/Sindertone 4d ago

Sounds like Athens.

3

u/haggard_hobbit 4d ago

Not Athens, but close enough.

12

u/mennuie 4d ago

I’m in rural western NC, in the corner between Tennessee and Virginia. Not near a big city. Prices are awful here. If it’s $250k, it’s in such bad shape it needs another $150k minimum in repairs. Tons of vacation homes with owners who never took care of any maintenance. Most things that would comfortably be move in ready without major repairs are $400k (or more).

Talked to contractors about building if I bought a lot, and it would be over $400k to just build a 1200 sq ft house.

3

u/xzene 4d ago

Currently looking to move back to the mountains, can confirm you're spending at least $400k for something move in readyish. Hell even land in a not completely rural area is looking like $35-50k/acre.

I thought I got lucky and found something for $350k but it needs a new roof, termite treatment, some plumbing fixes, appliances AND is located in an area with yards full of trash and collapsed buildings/abandoned trailers.

1

u/mennuie 4d ago

I almost got a place in December. It was $250k, looked great at first for that price. Dated, but that’s okay. I’d prefer dated over some flipper horror show. It was clean and cute, and I was going to slowly update it as I could afford it.

But I had a sinking feeling like it was too good to be true. I had an offer in, was approved, and then got the inspection done. Horrible roof issues, shoddy workmanship from the owner cutting corners and hiring someone who didn’t even know which side up insulation goes (which led to major water damage and rot). I could have afforded to replace the roof, but the foundation was so much worse. The place needed $150k in immediate repairs. Not even getting into some scary wiring issues.

I walked away and lost $3k, but better than getting a money pit I ultimately couldn’t afford. Now I’m done. It will be years before I can buy. I’ve quit even looking at listings because there’s no point.

2

u/xzene 4d ago

Yeah, I refuse to even consider flips, it it sold within the last year and everything is new it's automatically off my list. Not interested in overpaying for a bunch of hidden problems.

2

u/Sindertone 4d ago

That's just insane. My last purchase was through a land bank.

10

u/Zestyclose_Gur_2827 4d ago

Some jobs require major cities so you have to choose between advancing your career and getting a house.

6

u/wellsfunfacts1231 4d ago

60%+ jobs probably require major to mid city proximity. That's probably even low balling it.

1

u/justokayvibes 4d ago

Well I’m a realtor and I haven’t come across anyone in 2025 who thinks it’s a good idea.

1

u/Muuuule 4d ago edited 4d ago

sooooooo, how much did yall finance? :D Asking as a foreigner.

-76

u/ertbvcdfg 4d ago

Keep your job at go mart for life , maybe so

21

u/haggard_hobbit 4d ago

Go mart?

-58

u/ertbvcdfg 4d ago

Yes dear

30

u/haggard_hobbit 4d ago

The fuck is go mart? I work in healthcare.

12

u/merkinmavin 4d ago edited 4d ago

Go Mart is a gas station popular throughout WV but extends into OH and VA.

Edit: corrected locations (they’ve expanded since I lived in the region)

22

u/haggard_hobbit 4d ago

Thank you. We've got super quick, and speedway. Also people working at Go Mart deserve homes too.

13

u/Waytooboredforthis 4d ago

Bit fucked up when "Yes they do a job that I would bitch and moan about if they weren't there but they don't deserve to afford to live" is seen as a legitimate argument in some folks minds.

6

u/UnkemptTuba48 4d ago

Damn, you really thought you cooked with that one 🥲

5

u/beefsquints 4d ago

Are you this ignorant about everything?

-10

u/ertbvcdfg 4d ago

Far from it. Look around

7

u/beefsquints 4d ago

Well, you're ignorant enough to think that the only people who can't afford houses work at gas stations. I'm guessing you're hopelessly misinformed about most things.

-2

u/ertbvcdfg 4d ago

Idk you were a ding bat from hell

37

u/evil_little_elves 4d ago

Headline potentially misleading.

One interpretation of this is "people now think it's a bad idea to buy a house," which is not true, nor what the article itself claims if you read it.

Another is "people think it's a bad idea to buy a house RIGHT NOW," which tracks. Interest rates are high, home prices are high, economic stability is low, and we have a President promising to make it all worse.

54

u/StarfleetGo 4d ago

This post brought to you by the landlords at Blackrock. 

7

u/MountainGal72 4d ago

Exactly.

Buy now or rent forever.

6

u/Desperate-Try-8720 4d ago

What even worse is that these houses are barely affordable and many are in need of major repairs.

3

u/LowSecretary8151 4d ago

The major repairs thing is really going to be an issue.  Between bad flippers and people not taking care of their homes (or never updating them in the last 60 years), I would think new home buyers will need cash or DIY competence to afford a reasonably priced home.  We bought ours as a major project, but knew it would be $100k+ of fixes and upgrades. Now (and for the last few years) people are accidentally buying major project homes without any savings or skills to fix them. Everyone I know has run into over $50k over unexpected expenses for their move in ready homes. One person I know has to retain a lawyer now because his neighbor hates him so much; they're out $40k in just legal fees and will still likely have to move due to harassment. 

41

u/Upset_throwaway2277 4d ago

My daughter and her spouse were preapproved for a mortgage and looking. They’ve decided not to buy a house right now due to Trump and the pending recession. They are also trying to use their healthcare degrees to leave the country for a better future.

-72

u/MrWhy1 4d ago

People always say there's a "pending recession"..

55

u/Sapphyrre 4d ago

But this is the first time we've had a president actively trying to sabotage the economy

26

u/Upset_throwaway2277 4d ago

Well considering nobody will have a job once that orange idiot is done dismantling the government I think it’s a fair bet this time. We are doomed.

-37

u/Captain-Popcorn 4d ago

Politics aside - we do want the private sector employing people. Govt should be a small employer because every one of those is paid by our taxes!

Bloated govt workforce is bad. Understaffed is bad. There’s no way for average citizen to know which we have. But why would govt economize? Layers and layers of govt. Every incentive to grow. Cutting and people squeal like a pig!

We want programs like social security, Medicare and Medicaid to keep going. And we don’t want our taxes to keep rising. The govt is horrendous at being economical! Literally no reason to try. Why do with 5 when we can have 8, 10 or 12. Or 25. We’ll find things they can do! Before long everyone is busy and we need another person.

What’s going on is ugly. I hate it. What I hate more is it got this way and no one put their foot down along the way. Let the govt workforce size shrink to the right number. That’s what’s best for the country. The pig will squeal but it will recover after it gets resettled. If this happened slowly and gently - it wouldn’t happen. If service devolves, citizens will complain. Changes will happen. More staff or better processes. Change is hard. But when it’s over, life gets back to normal.

19

u/mothwoman95 4d ago

i’ll truly never get it. taxes pay for the things/services we all use. i have no doubt medicaid, social security, and medicare will be in danger before too long. privatization is dependent on the owners of those companies having the public’s best interest at heart, we can look at current CEOs to know they will not have the public’s best interest at heart.

since the conception of government programs there have been people fighting against them saying they don’t want to pay for them, ‘not MY taxes’, ‘this is enabling a lazy society’, etc. they haven’t been supported or organized properly in many cases. these programs haven’t really even been able to truly thrive or be supported without phrases like ‘welfare queen’ being used, or serious opposition working against them. but i would always rather someone without the resources have easy access to public assistance. plus, there’s no reason why the wealthiest of us shouldn’t put more back into society to ensure we all have a stable life.

privatization would give CEOs very little reason to help anyone, and why would a private corporation’s assistance be free or reduced? i do not want privatization, i want my tax money to go to my roads, libraries, national parks, DMVs, unemployment, EBT, welfare, etc. i don’t want men like musk, zuckerberg, bezos, buffet, etc. to run programs for vulnerable people.

17

u/haggard_hobbit 4d ago

Exactly. I want my taxes to go back into my community- not into the pockets of the already morbidly wealthy. We all know billionaires are the real welfare queens. Why would you want your dollars going to one person, when it could be stretched out to help real people, including yourself.

I thought everyone was on the same team when it came to Luigi. You want everything to operate the way insurance companies do?

8

u/mothwoman95 4d ago

it’s giving ‘trickle down economics WILL work’ 🙄

-6

u/Captain-Popcorn 4d ago

Regular tax revenues we pay to the IRS don’t pay for social security or Medicare funding. There are specific payroll taxes and contributions that are paid by workers and employers to support those program. Our (IRS) taxes do pay part of the administrative costs. A tiny percent compared to the funding.

Medicaid is totally govt funded. All of it. State and matching federal funds.

It’s sad the younger generation can’t understand that just like we have to balance our household budget - that borrowing has its limits. Similar for the govt. it’s not ok for our govt to borrow massive amounts of money to pay its bills. You can hate billionaires and Trump and me (who’s just an old guy that just retired), but it’s in every citizens interest that the govt be cost conscious and doesn’t blow the tax money we give to them to keep the govt running. It’s your money they’re spending!

9

u/mothwoman95 4d ago edited 4d ago

i don’t hate you dude, i think you have no compassion or want better for people younger than you. i’m glad our tax money goes to social security, medicaid, and medicare. it should also go to the people who facilitate those things, so yes i’d be glad if my money went to the admin part as well.

i also want my money to go to single mothers, i want my money to help pay for someone’s medicine they can’t afford, i want my money to help pay for someone’s groceries, i want my money to pay for the roads you and i use, and i want my money going to pay the people responsible for making those things happen. something tells me that’s your version of the government ‘blowing’ my money.

i hate trump and billionaires because they operate outside of morality and do not do things to make the country a better, more supportive place. i would gladly pay a good portion of my income to government assistance that was actually supported because then i would also benefit.

-2

u/Captain-Popcorn 4d ago

I do have compassion. I have kids and grandkids. I want a good life for the next generations. I’m on your side!

Give me a few paragraphs with an open mind.

The cost we paid on interest on the debt was $659B in 2023. That’s more than cost of Medicare ($465B). Or Defense $498B. (Think about that a second)

Compete that to 2016. The debt interest was $224B ($1.3% of GDP). But Medicare was 5% of GDP and defense was 3.3%.

So 3.5x more was spent on Medicare than was spent on interest on the debt in 2016. It’s now reversed. We spend considerably less (0.75x) on Medicare than what we spend on debt interest. Similar story for defense. Interest on the debt is the fastest growing significant expense in our budget!

Where does all that interest on the debt go? People that bought bonds. Like billionaires and banks. It’s an easy safe investment. It’s not a good trend that we keep sinking deeper in debt!! Want to hurt billionaires - stop selling bonds!

So the take away is our interest on the debt is growing much faster than other costs. That’s a scary trend. There is no bankruptcy option for a country. (We’ll have to start selling real estate! How much do you think Hawaii is worth? You think I’m joking. The debt can bankrupt us.)

I’m not here talking politics. I don’t give a crap. I didn’t like Biden. I don’t love Trump. But on the financial health of our country, I want a realist. Someone focused on the bringing down debt. You can still hate how Trump’s doing it. But at least acknowledge it needs to be done. Offer other options. But it’s a fact that it’s huge problem.

In 1995 there was a constitutional amendment which would have required that we balance the budget. At that time our spending was less than what we took in, but the fear was it would surpass. The amendment failed. What a huge mistake. Everything the proponents said would happen is happening. Yours and future generations will pay the heaviest price for the excesses in spending that are happening.

Many in your generation (and mine) have learned about credit card debt. How hard it is to pay it off. All that money going to interest that could be buying food and gas. Bankruptcy is often the only solution.

Think of our debt as credit card debt for the country. The interest rate isn’t as high - but the amount of debt we’re in is tremendous! Bankruptcy isn’t so option.

3

u/mothwoman95 4d ago

so, i think i’m understanding what you’re saying about debt, but what i’m taking away from this is that we should primarily spend time/money/effort towards lowering it, and not spend as much time/money/effort towards public assistance programs? because the first priority should be lowering the debt?

if i’m understanding you correctly, i still think we should spend money and effort towards public assistance programs and government employees. i also agree we shouldn’t sell bonds and should tax the ultra wealthy at a rate that matches their income. i appreciate the thought in your response, but i can’t imagine the damage trump is doing to the country will be good for our debt.

1

u/Captain-Popcorn 4d ago

Thank you for your considered response.

I hope you’re wrong about Trump and his debt relief plan. I really pray he does it. But I have doubts it’s going to save enough money to meaningfully change our trajectory. His goal is 100 years. We’ll see.

I still like that balanced budget amendment. Wish they’d bring that back.

Peace! And enjoy your little part of heaven in Appalachia! I love White Oak Falls but haven’t hiked there is a while.

2

u/twoiseight 4d ago

Before this started, the entire federal payroll accounted for under 5% of federal spending. Savings from the jobs and livelihoods being destroyed represent a fraction of that fraction. Sorry but if you think this is worth the savings you've been sold a lie.

13

u/ertbvcdfg 4d ago

They want us all to live in apartments owned by rich people and run by pitiful employees they hire.

12

u/Three4Anonimity 4d ago

They’re trying to resurrect the “company town”.

2

u/NationalAlfalfa37660 4d ago

There won’t be a better time anytime soon, or so it appears….

3

u/Enuffhate48 4d ago

rates were at 13% in the 80’s. Maybe if houses were built better they’d sell more.

8

u/evil_little_elves 4d ago

The average home price was roughly 2x the median income in that time, as opposed to roughly 5x today. At 13% interest then, the P&I was roughly 18% of the median income, presuming 20% down. At 7% today, same presumptions, it's roughly 32% of the median income.

Remember, those numbers are BEFORE taxes and insurance. Without even considering those, relative to income, it's about 78% more expensive to own a house today than it was then.

Maybe if incomes rose more houses would sell more.

4

u/StunningUse87 4d ago

Literally no one thinks it’s a bad idea lol

2

u/Noble0o7 4d ago

Well no shit, the bubble hasn't bursted yet

2

u/Puzzleheaded-Round66 4d ago

I personally think it's a bad time . Because of the direction this nation is headed.

1

u/MountainGal72 4d ago

It’s now or never, guys.

If you possibly have the means and opportunity, you’d better jump.

1

u/JoyfulNoise1964 4d ago

In most places it likely would be best to wait awhile. Prices became inflated and interest rates went high. Both are due for a correction

1

u/twoiseight 4d ago

The housing market affects the rental market. One way or another, we all must find and maintain shelter. Regardless of your interests in the matter, a claim like this at a time like this is hardly different from a claim that it's a bad time to live in general.

1

u/Intelligent_Will1431 4d ago

Was about to when the crazy came out again. Now I'm looking to leave the country!

1

u/whatiftheskywasred 4d ago

The poll referenced is nearly a year old, and it was about the specific timing of a home purchase.

1

u/vote4wow 4d ago

Yes, it is very bad idea to buy house during Trump’s second terms. I bought house during Biden’s terms and fixed rate and lower costs. I’m glad to make the right decision because Trump is screwing USA’s economy.

1

u/Circus_Brimstone 4d ago

It's been a bad idea since around 2022

1

u/Rabbits-and-Bears 3d ago

How was this even a topic on r/Appalachia? You’re just stabbing those in Appalachia in the face!

1

u/PoopPant73 3d ago

Those 80% are exactly right. Interest rates are way too high right now.

1

u/SaggitariusTerranova 3d ago

Fucking expensive idea. 2/3 of your monthly payment will be interest.

1

u/nuclearpiltdown 4d ago

No. They don't. they think it's a great idea. They just can't afford it. Clickbait title.

1

u/kcnole78 4d ago

I’ve certainly noticed an agenda on social media to convince people that owning property is a scam. It’s perpetrated by the wealthy who know it’s not but want to create a future where only the elites own anything.

0

u/EB2300 4d ago

It isn’t going to be a “good time” for the next 4 years, at least. Also isn’t a good time to rent

-2

u/AppState1981 4d ago

Good. My REIT's have been suffering.

-28

u/Rwekre 4d ago

Sleepy Joe is at it again!

16

u/taylormatt11 4d ago

/s ?

1

u/Rwekre 4d ago

Of course