This just means you'll pay the same price for a smaller house.
Source: am australian
this post was submitted on 05 Aug 2024
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Yes, but they need to spread propaganda that the top 10% are not bleeding the rest if us dry.
It takes less resources and money to keep a smaller house. Smaller repair bills, smaller utility bills and smaller amounts of maintenance. Smaller, more sustainable housing should require people to work less to afford to live.
Or it means, people get in way more debt than they can afford to buy a small low quality house, that costs more than a comparable apartment and doesn't offer any of the benefits of a proper house.
We have those developments here in Germany and it's awful. It looks like shit and I'm 80% sure that a significant part of the current owners could only afford their houses due to the low interest rates of the last decade. If they have to inevitably refinance, someone loses their job or a large unexpected expense happens, they're absolutely fucked.
Welcome to German suburbs. Where the space between houses is the absolute minimum, the houses are only slightly larger than a reasonable apartment and every house looks exactly the same like in the 20 other new development areas around the city.
It's the plastic version of the discount dream of wealth.
Hey CNN, you dropped the most important value there buddy. I see median new construction is still 200k+ more than I can afford so....
WHAT'S THE PRICE!?
I don't for one single millisecond believe that these "starter houses" will come with starter prices. You know, the whole goddamn reason we can't buy anything...
They didn't drop it. You didn't read the article.
There are signs those efforts might be helping buyers get in the door: The median sales price of existing homes jumped to $426,900 in June, according to the National Association of Realtors, while the median price of new homes in June was $417,300, according to the US Census Bureau.
Okay I thought my guess was already ridiculous but what in the actual fuck?
I did read and it's in my comment (in the form of "it's 200k+ more than I can afford" referring to their median quote). They specifically say the median price of new homes, they didn't specify these "starter homes" that the article is supposed to be about.
"Young people are getting fucked by previous generations, and will have to make do with less. It's pretty great for rich people, though!"
But have you tried being born wealthy?
But not cheaper
They’re only 386k(!)
For most of recent history, Americans have also wanted bigger homes — but now that’s changing.
For most of recent history, there were no other options. We codified a lot of this into regulations.
Shrinkflation has reached the real estate market.
Pay MORE for LESS! It’s the American idiot way!
Oh yes, now I can definitely live in a 10 sqms apartment, yey
On a related subject, this video goes pretty deep into real estate development and why American garages are shrinking.
Kind of okay with this. I don't really want to manage/clean a huge place. 2 bed, 1 bath, 1 car garage , and a little back yard is perfect for me as a single person. If it was priced reasonably, I would jump at it- but where I live they'd charge close to a mil and everything would start to fall apart in a year or two because of cut corners 😞
I have that, minus the yard, in my apartment. I pay $1,400/month in Austin, TX.
We just had our first and live in a two bed that’s “1500” sq feet I could not imaging a family of 4 or 5 living in smaller especially if 1 or both spouses work from home. I need a room to close the door at the end of the day to not look at work anymore
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https://www.cnn.com/2024/08/05/business/home-sizes-shrinking/index.html
Also, a smaller home makes adding an ADU to rent out easier on a standard lot. At least in high COL areas.
the lots are getting subdivided.
Ah, that works too.
Someone bought a home over my way and added a 2-story ADU in their backyard. They rent both units out. Probably pays for the mortgage completely.
I laugh when I pass that one. No idea how they got a 2-story permit for an ADU that is taller than it is wide in a 1-story neighborhood.
depends on local restrictions. in california i'm limited to 25 feet or as tall as the main house, whichever is lower.