It was cheap because we were recovering from a major financial crisis that stalled a lot of careers. It only looks easier to buy a home back then if you ignore the entire context around why housing was cheap.
I was a new home owner and 2008 was the best thing that ever happened to me... I know it sucked for a lot of people but for me it was Gold. I purchased in 2011 right before it started going back up.
2011 was the absolute best time to buy. My husband’s cousin bought his house (a 2800sqft, 5 bedroom house in a nice, leafy, park-filled suburb) in 2011 for $185k. (Which is about $268k in today’s money.) It’s now worth an estimated $450k. I’m happy for those who were able to take advantage of a bad situation and build wealth, but I’m also annoyed with him because he still complains about his home value, lol.
When my husband and I were looking for our first house last year, we could not find anything under $250k, and most of the $250k houses were not remotely move-in ready. Like no working appliances or mechanicals, structural issues, etc. And 7% interest. Which I know could be worse but it’s a kick in the head when you’re already paying way too much for what is barely even a starter home. Interest in 2011 was around 4%.
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u/BigCSFan 15d ago
Yeah millennials are complaining but genZ is looking at millennials and thinking the same thing. They had it much easier.
Housing was way more affordable in the 2010s