Cummins12V98 wrote:
"I am not sure what folks are doing to have an "insane" cost of owning a home."
Let's put it this way. There is no way in HE!! I could afford my home that has gone from a ridicules value last September of $666,000 to $850,000 now.
I live on 2.31 acres in the Country.
Your obviously in the wrong part of the country for affordable housing, as they say, location, location, location.
Just because the value of your home has gone up does not reflect what it will sell for or what other housing in other parts of the country are selling for. It is based off other homes comparable to yours that have recently sold in your neighborhood.
That value can also deflate..
Anyone can ask a totally rediculess price, it doesn't mean it will sell for that. But location and local demand can put a lot of inflated pricing pressure on those wanting to buy into your local neighborhood.
Real estate is a fickle thing and the values are set by the "comps" that have sold locally around you.. You cannot "measure" all housing markets from just your location.
Building new homes right now is extremely expensive due to lumber and building materials shortages and inflated costs. This is pushing used home values up considerably.
But, there always is options, lots of apartments, lots of homes you can rent out there. Sometimes buying a home is not a wise choice, we started out buying a cheap 20 yr old mobile home setup in a mobile home park. Lot rent was $125 per month and loan on trailer was $100 per month. Have a friend that has a mobile home in a mobile home park, his lot rent is $300 per month and includes water, sewage and trash.
Much better options than a RV..
My Dad always had a fantasy of packing our family up and living in his 5th wheel in the deep south. The reality was though, he had a good paying job that after 40yrs of service he had a good pension when he retired that he would have thrown away if he would have packed up my family and done so. My Mom never bought into his fantasy and I am very glad.. He lived to age 93 and was never lacking for money during his retirement.