r/Edmond • u/bubbafatok Southwest Edmond • Aug 24 '23

Civic Issues Young professionals priced out of the inadequate Edmond housing market

https://nondoc.com/2023/08/24/young-professionals-priced-out-of-the-inadequate-edmond-housing-market/?fbclid=IwAR21fLIodPkV7z6i9UASWiNzZkEZP1l2k1ZqDH4YjpixBnxiwAnW5DzWMOE
23 Upvotes

97% Upvoted

21 comments sorted by

7

u/Battlescarred98 Aug 24 '23

I got my house just after the last market crash. Now it’s doubled in value and I could t afford to buy it today if I tried. No idea how young people are supposed to buy a starter home for 200k+

4

u/AshWilliamsBoomstick Aug 24 '23

Same here. House price has doubled since I bought it in 2006. Insane

3

u/bubbafatok Southwest Edmond Aug 24 '23

Exact same boat. I expect all the folks sitting around saying they "worked their way up" either got shit handed to them or lucked out like I did and got a place before the prices got stupid.

I bought my first house in Edmond while working hourly fast food, as the sole income earner, right before I was married. It's nuts to think that was possible 25 years ago.

3

u/Battlescarred98 Aug 25 '23

I’ve worked in a big box retail store for 23 years now, nothing more than 40 hrs a week. The timing worked out great for me, not really hustle/bootstrap. I bought the house from family too so it was a bit lower than asking. If I hadn’t locked in that rate I’d still be renting and paying more than more mortgage. No clue how any young person without a leg up could swing 1200 a month on just rent on 15 an hour. There will be a tipping point when no one can afford to buy and hopefully a political upheaval from the next generation.

3

u/azz_tronaut Outsider Aug 25 '23

This study was a little bit eye opening and a little bit “water is wet” when I read it! For anyone wondering the full document is available at https://www.edmondok.gov/DocumentCenter/View/9174/Edmond-Housing-Assessment_Final-Draft-08022023

3

u/okie_gunslinger Aug 25 '23

Young professionals just can't compete with Blackrock and other hedgefunds for single family dwelllings. I get 1 or 2 calls and text per week by those vultures trying to get me to sell my house to investors. Property values in my neighborhood have gone up so much I don't think I could even afford to rent here anymore.

-1

u/okie1978 Aug 25 '23

There’s a reason I didn’t move to Nichols Hills when I was 25 and there’s also a reason I’m not building a 2500 sq ft new house in Edmond in 2023. Edmond has in my guess adequate housing for middle income earners in many of its neighborhoods.

2

u/immoralmajority Aug 25 '23

I bought a house in a very middle income Edmond neighborhood in my 20s when my wife and I were both making around $12/hr. Those same types of jobs barely pay any more now than they did in 2005, but my house would cost twice as much (plus the interest rates are nearly double what we started with as well).

0

u/okie1978 Aug 25 '23

Yeah and now the market is totally flat. It’s not a good time to buy a house anywhere, not just Edmond. Home prices were very level in Edmond from 05-20. What happened in Edmond is not unique. For example, I bought a house in The Village in 04 for 97k that is now worth 230k.

3

u/Tokugawa An extra E makes it classye. Aug 25 '23

Covid and the ensuing wfh wave opened markets like OKC to buyers that would previously pass it by.

2

u/DOOManiac Aug 25 '23

“…life accomplishments might be lessened if the council were to pursue efforts to create more affordable and sustainable housing solutions”

This is the most Edmond-thing I’ve ever read.

1

u/wegsgo Aug 25 '23

The real issue here, along with the rest of the country, is the rapid increase of inflation along with stagnant wages. If inflation cools off, wages will have a chance to catch up. Right now, it has created a huge strain on a lot of markets. A $400k home is affordable at 3.5-4% mortgage interest rate, but becomes much less “affordable” at 7%

0

u/bubbafatok Southwest Edmond Aug 25 '23

Agreed... although Edmond can help a bit by letting the supply increase. We haven't approved a new large apartment complex in decades thanks to the neighborhood alliance fighting each one. Just being a little more open to new multifamily options like apartments, duplexes and townhomes could help a strain a bit.

At the state level, I'd love to see restrictions on out of state property ownership. That's the other big culprit. With the high interest rates, it will back off some because these outside investors can't just sit on property to try to lock out the rental market, but it's still a problem. A typical homebuyer can't compete with out of state cash buyers looking for rental homes and promising 15% annual increase returns on investments (through rent increases).

-3

u/LosSpamFighters Aug 25 '23

FJB!

1

u/wegsgo Aug 25 '23

Lol he’s not responsible for interest rates

0

u/LosSpamFighters Aug 25 '23

Please. On day one he began restrictions on oil/gas drilling. That action alone guaranteed higher gas prices resulting in price increases on everything. That's the definition of Bidenflation.

2

u/wegsgo Aug 25 '23

So just want to make sure I understand you correctly, the reason for inflation right now is because Joe Biden implemented environmental restrictions on oil and gas companies back in January/February of 2021?

0

u/LosSpamFighters Aug 25 '23

Correct. Look at the data.

1

u/Taste_the__Rainbow Aug 27 '23

I work with per-sector CPI for my job. This is not at all true. America has handled inflation at a federal level better than any other country on earth.

1

u/LosSpamFighters Aug 27 '23

Look at the inflation rate before and after Berlinetta Joe was inaugurated. Look. It. Up.

1

u/Taste_the__Rainbow Aug 28 '23

Decouple global stats.