The US housing market has changed dramatically since the pandemic - an issue looming over the election.

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The median home sale price in the US has jumped by nearly 30% since the end of 2019, hitting $420,000 this spring.

At a time of rising property values globally, the leap has been one of the most dramatic in the world, according to the International Monetary Fund.

And that’s not factoring in the added costs from higher interest rates, which now stand at roughly 7% for the 30-year, fixed-rate mortgage that is typical in the US, up from about 3% in 2020.

Homebuyers today need an annual income of more than $100,000 - well above the country’s household median of about $75,000 - to comfortably afford a home in most places in the US, research firms such as Zillow and Bankrate say, and face monthly payments that have roughly doubled in just four years.

  • werefreeatlast@lemmy.world
    511·
    6 months ago

    All you gotta do is have 1 kid. Then you just give your house to that kid using a family trust. Finally, if you get along with the kid, everything is cool but right about at 70 years of age you gotta croak.

    If you don’t get along or if you’re already 70, here’s the way out. First make sure your kid can keep collecting the checks. Next move to Latin America, don’t worry, it’s on paper only. Here’s option 1; parachute without the little backpack they give you. That’s an easy 200mph for 3 minutes. Choose a flat or rocky place, you don’t wanna be there when it happens. Don’t choose a fluffy canopy area, trust me, you don’t wanna be there. Option 2 is enlisting in the ruzzian army, just go to Ukraine right after and take lots of snacks for the road. Option 3 involves chemistry so I’ll be skipping it, you and I don’t have the patience.

    Anyway there’s a movie with a 100 ways of doing it, and Switzerland has made it legal, so it’s a plane ticket away, you just have to convince a psychologist that you really want economical freedom and that this is the only way. This and taxes.