this post was submitted on 19 Apr 2024
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My grandfather had 5 kids and built a house with my grandmother only doing part time cleaning jobs in the 60s. Due to the situation after the war he was not able to find employment in his learned craft, instead he worked most of his life as a "simple" manual laborer.
My father paid out his 4 siblings for the house when he married my mother, they always joke that she met a rich man and married a poor one. That was ~2000. He's a learned instrument mechanic.
If my sister had not voluntarily backed out on inheriting the house I would not be in a position to comfortably pay her out until I'm well into my 40's. I have a bachelors in electronics and am working as a software engineer due to the rather low level coding taught/practiced within said degree.
No disrespect to the jobs of my father and grandfather, they did and do amazing work that is entirely out of my expertise and would take me years to learn let alone master to their degree. But when the family income bracket is moving higher and higher yet the ability to sustain a house is getting slimmer and slimmer something is seriously fucked up with the housing market.
Any family that has not sorted out housing inheritance will be forced to sell because the prices are so insane no one working even an average paying job will be able to reasonable pay out the "value" of the home to their siblings. Which will just force more and more people into renting because you simply don't afford a house in this market or at least not where I live.
I hope your sister got something good out of it too.
Other then that you need a good job and most likely two full time incomes to pay for a house and then you have to live a frugal lifestyle for over a decade. Once done it is a huge advantage, but it is really tough. Especially if you do not have family, which can give you some money to get started and you have to save while renting. That is honestly the only way young people can buy a house today.
The situation with my sister is unique enough if I explained it properly I'd probably semi-doxx myself to anyone who knows her irl so I won't go into much detail but she rescinded her inheritance on the house voluntarily due to some circumstances that have her inheriting more than me. I Still plan to pay her something regardless just not the ridiculous sum it would be going by the insanely inflated house value
And on the same time people look almost shocked when I state that me and my SO "Just" bought a flat and not a house. Like they do not see the prices and reality of wages. Like bruh...We could afford a house, if we wanted to pay the bank until we retire and work fulltime all the time. Which is not gonna happen with kids and generally unlikely.