"At the age of 24, making $35,000 a year working as an editorial aide at a newspaper, I bought some real estate: a 770-square-foot, one-bedroom condo in northern Virginia. This was in 2006, when the housing bubble was at its most distended. It was basically the worst time to buy a piece of real estate..."
Taken from Mike Tunison's article
Link - Vice - I Bought a Condo and It Ruined My Life by Mike Tunison
Stumbling around the internet, I came across this article posted on Vice back in September 2017. It's a fascinating article looking into the effects purchasing a property in 2006 had on the author, why he purchased the property and why he's still worried about the future over a decade later.
I can't help but empathise with Mike, he did everything he was supposed to do, and yet it still backfired for him. He's still trying to do the right thing given his circumstances, whilst also balancing his own dreams and goals.
Here in the UK, there is still very much a housing bubble. I only know of two couples my age who have purchased a property, and after talking to one of them last year, they are struggling more than they should be. The general feeling, particularly amongst my generation, is that things can't continue like this for much longer. We seem to be approaching yet another financial crisis, but this time it could be much, much worse.
What are your feelings about the housing market and economy at the moment? Let me know in the comments down below.
Source:
I Bought a Condo and It Ruined My Life by Mike Tunison, published on Vice (https://www.vice.com/en_us/article/43ax8w/i-bought-a-condo-and-it-ruined-my-life)
Illustration by Theresa Chromati