My salary didn't change at all, but homes went up 82%. The money I saved for a down payment and my salary no longer are good enough for this home and many others. This ain't even a "good" home either. It was a 200k meh average ok home before. Now it's simply unaffordable
If it makes you feel any better, that house would sell for at least double that price where I live.
At least triple the price in my area. 4x if the schools are good.
Are other homes increasing as much in that area? Or did they build a double garage, remodel the kitchen and install 15 swimming pools?
In the lat 80s / early 90s, my SO and I saved up for 7 years to be able to afford the down payment for our first home. Now, that would be more like 20 years, which is too much.
Time to consider moving to Europe or Costa Rica or Mexico City or somewhere, if you're in that boat now.
mine is now worth 130% of its original value
$325k for a 3bdrm 2bath detached SFH in good condition?
Awww, that’s adorable. Even after taking the exchange rate into account, that would be like going back to 1998 in my corner of Canada. Right now, a house like that on a 0.21 Ac plot of land would be running you $1,300,000 CAD. In places like Vancouver? $4,800,000 CAD on average.
:laughs in Australian:
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