Median house prices are around $400k. The low end of down payments are 10% of the total price, meaning to buy a home I'd need to save an entire year's worth of income when I can barely manage $3k in savings, and I'm the most frugal person in my family. "While buying a house is not a luxury everyone can afford" is one of the most laughably privileged things I've read in a while. Please go outside and touch grass sometime this century.

[–] HumbleFlamingo 2 points 1 year ago (1 children)

You can go as low as 3.5% down with an FHA loan if you have a 580 FICO.

That's still $14k though and too much for a lot of people. I do know some people who were able to buy homes with FHA loans though.

[–] ConsciousCode 2 points 1 year ago* (last edited 1 year ago)

Huh neat, I'll have to squirrel that knowledge nugget away just in case that ever becomes viable. Another snag in my situation which I expect a lot of people my age experience though, the longest I've ever been employed at any company is my current job for 4 years (often not by choice - the current job just fired 1/4 of the staff for "budget reasons" on what should be a high-margin contract), and I've lived in almost as many locations as I have years. Buying a home would tie me down to one location, and my life has thus far been too volatile to trust that I could stay in one place without needing to move 5 years later. Plus, I was a kid during the 2008 financial crisis so I saw first hand my parents buy a big house past their means only to lose it within a couple years. That one is more irrational/emotional but worth mentioning.

Then there's the hopium that the proletariat will be pressed by late-stage capitalism into ☭Glorius Revolution☭(TM) and/or AI removes labor from the labor-consumer-owner equation and causes economic collapse (can't be a consumer if you don't have money from labor, can't be an owner if no one consumes, can't be labor if no one can hire you), and buying a house will mean a big expense that gets nationalized by the end of the decade. Probably not. But I also have no idea what the next 20 years looks like.