Tiny house as a first home solution for my son?

[2manyrocks]

Had to drive through an area of Nashville that used to be settled by German immigrants in the mid 1800s, changed into misc. businesses, and now several blocks are multistory condos and apartments occupied by 20 somethings. A friend's son thought he got a good deal paying $350,000 for one of those condos. Appears to be the same story of young folks willing to pay a heck of a lot just to be able to hang out in the local restaurants based on the crowds on 8th Avenue on a Monday, not weekend evening. Used to be that hardly anyone wanted to live in that area.

Wonder how they are going to feel about buying those condos once they get some age on them and they start having to pay assessments or they have children and start looking at the school situation.

 

[oosik]

Social interaction between your immediate family and your sons family will be a large concern. Even if only for a short while. Is their being located on your property a short term expedience or a long term solution. Difficult situation - not an easy answer.

 

[NoTrespassing]

In 1995, the median home price was $130,000 and the median real CPI adjusted weekly full time wage was $313. Today, the median home price is $440,300 and the median real weekly full time wage is $358.

The CPI index for housing was 146.600 in August, 1995 versus 304.506 in August, 2022.

Roughly estimating, housing costs have doubled since 1995 while real wages have grown 14.38%.

Median Sales Price of Houses Sold for the United States

Graph and download economic data for Median Sales Price of Houses Sold for the United States (MSPUS) from Q1 1963 to Q4 2023 about sales, median, housing, and USA.

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Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over

Graph and download economic data for Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over (LES1252881600Q) from Q1 1979 to Q4 2023 about full-time, salaries, workers, earnings, 16 years +, wages, median, real, employment, and USA.

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Consumer Price Index for All Urban Consumers: Housing in U.S. City Average

Graph and download economic data for Consumer Price Index for All Urban Consumers: Housing in U.S. City Average (CPIHOSNS) from Jan 1967 to Feb 2024 about urban, consumer, CPI, housing, inflation, price index, indexes, price, and USA.

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I'd like to see an apples to apples study. Pick houses that sold in that 1990's that also sold again in the 2020's. The houses must not have significant improvements. For instance, the house I bought in the mid 80's doubled in value in about 4 or 5 years because we made major improvements right before selling it. Those included a new roof and gutters, new carpet, insulating the garage, and new paint inside and out.

How has the median square footage changed in the last 30 years, number of baths, appliances, networking setup, etc. I know kitchens and baths have really changed along with their price tags.

I agree you have a valid point but there may be more to this story than meets the eye.

 

[MossRoad]

Had to drive through an area of Nashville that used to be settled by German immigrants in the mid 1800s, changed into misc. businesses, and now several blocks are multistory condos and apartments occupied by 20 somethings. A friend's son thought he got a good deal paying $350,000 for one of those condos. Appears to be the same story of young folks willing to pay a heck of a lot just to be able to hang out in the local restaurants based on the crowds on 8th Avenue on a Monday, not weekend evening. Used to be that hardly anyone wanted to live in that area.

Wonder how they are going to feel about buying those condos once they get some age on them and they start having to pay assessments or they have children and start looking at the school situation.

We were in Nashville a few days ago. Same thing is happening in every large city: Gentrification.

Gentrification - Wikipedia

en.wikipedia.org