Posted on 08/29/2022 7:16:57 AM PDT by millenial4freedom
A majority of new American homeowners say they’re “house rich and cash poor,” according to a new U.S. News & World Report survey.
The survey, conducted by the third-party survey platform Pollfish, asked 2,000 new homeowners in the U.S., who purchased their first home between 2021 and 2022, how they currently feel about their financial situation.
More than half of them — 59% — answered that “house rich and cash poor describes my situation.” It’s a sentiment that “reflects both the rising sales prices of homes across the country as well as some of the unexpected costs of homeownership that first-time homebuyers encounter,” according to the U.S. News and World report.
“Yes, as house prices fall, the mortgage rates tend to increase.”
You’ve got cause and effect reversed there.
And everyone seems to want 3000+ SF and newly built.
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I watch these newly-built homes going up and they are ticky-tack. Good luck w/3k sq ft when winter comes around. I hear the utilities costs from people with large homes just to date and am appalled. As are they.
I also hear people bravely stating they do all their own housework in their mansions, then find out they simply cannot afford the housecleaners any longer. Maintenance people charge more as they, too, battle inflation.
I had the impression he was burning g through an inheritance but he was a specialty welder so he may have pulled a lot of overtime e.
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