me_irl

Trying to help my mother in law. Low income, no savings, some debt we've tried to help to pay off. Starter homes are over $200k now. 6-7 years ago these are the same houses that were $110-140k. She can't afford the down payment, hell the bank won't pre-approve her to even put a bid in. Crazy. And yeah, as others have said, the price won't go down because any discount will be immediately snatched up, more often by a large investment firm, thus locking the price and not allowing the market to cool.

To provide some context, she wants a very basic home. A small yard primarily to start a garden, maybe 800-1000 sq ft on the high end, and not much more. The only places she and we can find that are in her range are in rough neighborhoods we wouldn't want her living. And also her work, which is 100% remote, constantly threatens return to office requirements which forces her in a 40 mile vicinity.

As melinneals, we got lucky. Purchased at literally the very beginning of covid (3.20) and have seen our home value skyrocket (+50% from purchase price). Rental homes in the neighborhood regularly charge 90% over our mortgage + property tax + home insurance rate. A house down the street (we got to know them as we both had young puppies) was abandoned because they raised the price +20% in the time the family lived there. It was a mother, both adult children and their spouses, and grandchild, 7 in total, in a 4 bedroom. They left one day and last I saw was an $8k bill taped to the door for 3 months of unpaid rent, they had moved out 4 months prior.