People looking to be first time homeowners soon, what's your plan?

OBLIVIATER
Fri, 23 Jun 2023 10:24:00 +0000

I'm a young single adult with a fairly well paying remote job. I've been in my career for almost 4 years now and have saved up a decent chunk of money through investing and saving.

My game plan was to use the "market crash" that everyone was predicting in 2023 to try and make a stab at purchasing a home. When the interest rates spiked I thought it was a great sign for me because I thought for sure that housing prices would fall accordingly, jokes on me though because several months later homes in my area have barely gone down in price at all and even closer to town in nicer areas prices continue to climb.

Not only that but the only real thing the rate hikes have done for me personally is make what was looking like a modest mortgage payment suddenly become far less affordable, even with my very low personal spending.

Is anyone else in a similar situation? Are we doomed to rent forever? Should I move out to the boonies where it seems like that's the only place left with non-insane housing prices?

I look at Zillow and houses in my area that sold for 200k~ less than 5 years ago are now on the market for 400k-500k. It feels like anyone who didn't get in back then is just completely screwed

/rant

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