This is just absolute insanity with home prices

I know Reddit subs are usually a dumpster fire and I’m hoping this isn’t one of them that’s full of trolls. I am in the same situation so many people are in right now. I’m renting in Atlanta and based on talking to plenty of people, I’m expecting at least a 20% increase when my renewal happens in August. I’m already paying $1400 a month or a one-bedroom and they are renting my floor plan right now for $1800. I moved in last May for the $1400! So I’m staring down the barrel of probably $1700 to renew.

Logically, I decided to dip a toe into the buying market. It’s even more of a shit-show than renting. Seriously, in Atlanta, to get ANYTHING that’s even close to what I’m paying, I would have to find a condo or townhome. Why? Because I would have to look at about 160K max. Houses DO NOT EXIST for that. So, condos and townhomes it is. Yeah, try finding one for under 200K. Oh, they are there. And I’m not even kidding when I say they are condos and townhomes that I wouldn’t have paid more than 130-140 5 years ago. Not to mention, they list them for the 200 and it ends up selling for 230. I was looking at one for 174K and was told by my real estate agent that it sold a month ago for 192K.

But the worst of it happened today. I was looking at a listing that was sent to me and I was seriously looking hard it, running the numbers in my head. It’s listed for 175K. Okay, yeah, gets me pretty close to what I’m paying now. Until you add in the damn $200 a month for HOA fees! Then I’m looking at $1600 a month, which isn’t much less than what I would be paying just to stay here. And I’d have to put 3% down, so it drains most of my savings. But no, no, that isn’t what got me. What got me was that I was SERIOUSLY looking at it as an option. 5 or 10 years ago I wouldn’t have come CLOSE to offering 175K for this thing. It’s not a dump, but it’s a one bedroom condo! And it’s built in 1975. And to top it all off, in 2019 it sold for $126K! So, now it’s worth 50K more?? 3 years later?? No renovations that I can see. Old cabinets, the stove and refrigerator look at least 15 years old. Coils on the stove. Who has coils anymore?

This is just insanity. What the hell is happening? How are we supposed to reasonably afford to live anywhere? We can barely afford rent and buying requires us to compromise all the way down to what we would have NEVER bought before.

submitted by /u/justacuriousmindhere
[link] [comments]

I know Reddit subs are usually a dumpster fire and I’m hoping this isn’t one of them that’s full of trolls. I am in the same situation so many people are in right now. I’m renting in Atlanta and based on talking to plenty of people, I’m expecting at least a 20% increase when my renewal happens in August. I’m already paying $1400 a month or a one-bedroom and they are renting my floor plan right now for $1800. I moved in last May for the $1400! So I’m staring down the barrel of probably $1700 to renew. Logically, I decided to dip a toe into the buying market. It’s even more of a shit-show than renting. Seriously, in Atlanta, to get ANYTHING that’s even close to what I’m paying, I would have to find a condo or townhome. Why? Because I would have to look at about 160K max. Houses DO NOT EXIST for that. So, condos and townhomes it is. Yeah, try finding one for under 200K. Oh, they are there. And I’m not even kidding when I say they are condos and townhomes that I wouldn’t have paid more than 130-140 5 years ago. Not to mention, they list them for the 200 and it ends up selling for 230. I was looking at one for 174K and was told by my real estate agent that it sold a month ago for 192K. But the worst of it happened today. I was looking at a listing that was sent to me and I was seriously looking hard it, running the numbers in my head. It’s listed for 175K. Okay, yeah, gets me pretty close to what I’m paying now. Until you add in the damn $200 a month for HOA fees! Then I’m looking at $1600 a month, which isn’t much less than what I would be paying just to stay here. And I’d have to put 3% down, so it drains most of my savings. But no, no, that isn’t what got me. What got me was that I was SERIOUSLY looking at it as an option. 5 or 10 years ago I wouldn’t have come CLOSE to offering 175K for this thing. It’s not a dump, but it’s a one bedroom condo! And it’s built in 1975. And to top it all off, in 2019 it sold for $126K! So, now it’s worth 50K more?? 3 years later?? No renovations that I can see. Old cabinets, the stove and refrigerator look at least 15 years old. Coils on the stove. Who has coils anymore? This is just insanity. What the hell is happening? How are we supposed to reasonably afford to live anywhere? We can barely afford rent and buying requires us to compromise all the way down to what we would have NEVER bought before. submitted by /u/justacuriousmindhere [link] [comments]

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