this post was submitted on 01 May 2025
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That, or having bought their first property long enough ago, and in the right place, that it's appreciated massively more than the place in the country that they've got their eye on. The property ladder is, possibly was, a thing.
Still is, at least to an extent. Bought a house 10 years ago for $110k, and while I’ve paid down about $30k of that between my modest down payment and 10 years of mortgage payments, the house has appreciated ~2x, meaning that I could potentially bring a $100k down payment to a new property. Even with everything else appreciating in the meantime, that makes viable many more options than I would have had if those mortgage payments had been rent checks.
Same. I bought my house a year before the housing market went up. Paid 110,000, now my bank says it's worth 250,000.
Honestly, as cool as it is for me, that's just not fair to everyone else. We barely made enough for the 110k loan, and this house is barely big enough for everyone. No fucking way could we have gotten 250k in any sort of loan.
Also when I say barely I mean barely, the seller actually went down to 110 from 120 because that was the max we could get, and we knew him personally. So on top of the price spike, we actually couldn't afford our house, if I hadn't made friends with the guy previously.