> Interest rates are still super low by historic standards.
This is disingenuous when interest rates are literally only a portion of the problem. The cost of houses are way up, which means those interest rates are now __far more painful__.
The other part of this is, we were in infinite growth/consume mindset when interest rates were that high. We now know that is not sustainable, and interest rates may in fact out run how fast the economy is growing compared to "when the interest rates were high". So, no, historical lenses don't really put anything into perspective here except make you realize the situation is far far worse.
> -- Cities aren't the entire country. If you want to buy a house and you can work remotely, there are a whole lot of very nice small towns and cities around the US where the quality of life is surprisingly high, they are great places to raise a family, and real estate is still very affordable.
Except cost of houses are up nearly everywhere. Not everyone can work remotely. And what you end up doing with this is just increase the price of housing in that one area. For example, the entirety of the north east rural areas. Also, people live within a community, and these "cheap affordable areas" have no diversity and most of the time no tolerance for "others".
> -- First time buyers have more support than they realize. Not only are there FHA and USDA programs to help them, but states also have down payment assistance and various first time buyer programs.
You use this and your offer is going to be rejected. These programs HAVE to be disclosed when buying a house, and the second a seller sees it they're going to take a lower offer that doesn't have these. It's far more likely to close with a normal loan.
This is disingenuous when interest rates are literally only a portion of the problem. The cost of houses are way up, which means those interest rates are now __far more painful__.
The other part of this is, we were in infinite growth/consume mindset when interest rates were that high. We now know that is not sustainable, and interest rates may in fact out run how fast the economy is growing compared to "when the interest rates were high". So, no, historical lenses don't really put anything into perspective here except make you realize the situation is far far worse.
> -- Cities aren't the entire country. If you want to buy a house and you can work remotely, there are a whole lot of very nice small towns and cities around the US where the quality of life is surprisingly high, they are great places to raise a family, and real estate is still very affordable.
Except cost of houses are up nearly everywhere. Not everyone can work remotely. And what you end up doing with this is just increase the price of housing in that one area. For example, the entirety of the north east rural areas. Also, people live within a community, and these "cheap affordable areas" have no diversity and most of the time no tolerance for "others".
> -- First time buyers have more support than they realize. Not only are there FHA and USDA programs to help them, but states also have down payment assistance and various first time buyer programs.
You use this and your offer is going to be rejected. These programs HAVE to be disclosed when buying a house, and the second a seller sees it they're going to take a lower offer that doesn't have these. It's far more likely to close with a normal loan.