High housing costs push inflation up ahead of Fed meeting

WhiteOakBayou@lemmy.world to World News@beehaw.org – 22 points – High housing costs push inflation up ahead of Fed meeting
trib.al

thehill@press.coop - Home prices are now eight percent higher than they were a year ago on an unadjusted basis. https://trib.al/JJfFBJA #press

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Interest rates didn’t seem to do much but cause a slight pause. who is buying?

I am genuinely at a loss as to the answer to this. Houses in my neighborhood used to run in the low $100k range, but since 2020 things have gone batshit. A house around the corner went for about $350k, and one down the street that the owners built for about $250k a few years back just sold for almost half a million, and my own little hovel has just about doubled its purchase price as well.

I don't mean to sell my neighborhood short, either -- we like where we live, but like... the schools are terrible, the area across the street from us is a little sketchy, and just last week I had to call EMTs for a couple guys who were ODing in their car around the corner from me. If I bought the expensive place down the street, I would be splashing out like, 60% of my take-home pay to live here, and I am well above the median income for the area.

I just moved from an area where houses start around 350k to somewhere they start closer to 175k - going to try for it later this year. 100% involves other trade-offs, but to me they are worth it. Not for everybody though. I'm tired of struggling with shitty landlords and dumping my money into 0 equity - I'll put that struggle toward a mortgage and repairs.