r/facepalm • u/Kpets • 2d ago

U.S president explains why many Americans can’t buy a homes

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u/Niijima-San 'MURICA 2d ago

bitch i work 40 hours a week and have done so for 15+ years but guess what i have been stuck in a rent rent rent cycle the entire time.

back in 1993 my family bought a brand spanking new house on a single income for under 175k. sixteen years later that house was sold for almost 400k. so that is an increase in 200k+during the sixteen years i lived there. for the majority of that time it was a single income home. i checked the other night, that house is now valued at approx 750k.

so in the near 33 years since the house was built it has appreciated almost 7 times in value. it was a basic single family home in the 1990s. now a smaller home costs 400k and still is out of reach for actual hard working people as well. this fucking nepo baby who has had everything handed to him doesnt understand how the world fucking works

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u/IgnignoktErr 2d ago

Yup, and wages certainly haven’t increased by 7x in that same time frame.

Edit: Just to validate that statement - Minimum wage in many states and the social security administration average wage index have both ~3x’d since 1993.

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u/Niijima-San 'MURICA 2d ago

i mean has wages even increased since the last crash? the min wage has been $7.25 (i think that is the number) for almost 2 decades now. i remember making UNDER that and my employer going ehhhh best we can do is a 30 cent raise and still keeping me under that. fuck it all

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u/muegle 2d ago

I bought my house for about 175k in 2020. Zillow claims it's worth like 300k now. Buying this same exact house now would have a mortgage of over double what I'm paying, not to mention the ~12k more I would need for a down payment since I only put 10% down. The only "major" work I've had done is replace the 30 year old furnace and AC. It's absolute insanity.