Dream of a house: realistic or just daydreaming?

Can someone explain the problem to me? I really don’t understand it here. Are we in Germany already at a point where people with almost 100k annual income can no longer afford a self-used property? I don't think it has come to that yet. Conclusion: If not you, then one seriously has to ask: Who then?

Well, in fact, this question should have been asked for several years now! Sounds stupid, but it’s true. With 5k net per month, you haven’t had much luck in cities like Hamburg, Munich, Cologne, Frankfurt, etc. for a long time. Sad but true. With 100k net per year, of course, it looks different...

In the cities, I see absolutely no bubble. In the metropolises, real estate prices will constantly rise. From the USA, we can only learn that financing must be healthy.

Can someone explain the issue to me? I don’t really understand it here. Have we in Germany really reached the point where people with almost 100k annual income can no longer afford a self-used property? I don’t think we are quite there yet.

Conclusion: If not you, then one has to seriously ask: who then?

In metropolitan areas the answer is – at most with many compromises. Just look at what even a new semi-detached house with a tiny plot costs in the cities. There you are at 600k purchase price + additional costs + a bit of extras at around 700k. Sometimes you don’t even have your own driveway, but share a large parking lot with 3/5 other semi-detached houses and still have to carry your groceries as far as in a 4th floor rental apartment.

If you haven’t inherited something, been really frugal right at the start of your career or have a very good job, you will never be able to afford a corresponding property. Even 65 sqm 3-room apartments on main roads are being sold for 400-500k.

well, I wouldn’t compare the USA with Germany...

1) in the USA they have variable financing, they don’t know anything like fixed interest rates, i.e. if today the interest rate is 1% and you can pay the installment well, a few months later at 2% interest it may no longer be affordable for some, and then a domino effect can occur...
2) in the USA they financed not only the house + additional costs + new kitchen, often also the new car, or even two (the wife wants one too ),
and then that combined with point 1 = a toxic cocktail!

in Germany it looks different
1) fixed interest rate, nowadays rather 15-20 years = constant installment
2) often after the fixed interest period ends half or more is already paid off.

Since the introduction of the WIKR (Wohnimmobilienkreditrichtlinien!) in 2016 the situation has even worsened, because besides the long fixed interest period there are further bank checks such as:
- after the fixed interest period expires, the remaining sum is checked, or whether the customer can afford 6-8% (annuity), if this goes negative = rejection
- if the credit term (not the fixed interest period) runs into retirement age (example: at 2% repayment = 35 years term, customer retires in 30 years), the bank must also check based on retirement info whether the customer can still afford the installment in retirement, if not = rejection

Income:
well, if you are single and in Germany the top tax rate applies at 60,000 EUR gross... then not much of the gross amount is left
(at 100k = 4200 a month = half gone for taxes and charges...)

in metropolitan areas you are basically forced to be double income earners to afford something decent, or you just inherit ))

It's nice for homeowners when real estate prices go up, and you could sell the house for x more than you paid yourself - but usually you don't actually want that. You want to live there! The increase in wealth is basically only virtual, and at best, with a follow-up financing, you benefit from a better ratio of outstanding debt to value. Otherwise, you have to pay the installment every month.

I recently had some fun with Immowelt and looked at what kind of house I could buy in my city. There are no plots at all (oh wait, one for 300k€ with a semi-detached house ready for demolition). For the budget I spent, the only offer was a rather aged semi-detached house with 80m² living space and significant renovation needs. The plot was similar, for that I only got a new single-family house with 100m² living space. Everything else was at least 1/3 more expensive. I guess I could put my house on the market accordingly and easily add 20% (no value loss after first occupancy!) and I would sell it... but what should I do with the money? For me, it's relevant that I now pay installments and incidental costs every month.

The OP is certainly doing very well, as a single and with the income... but unfortunately, you also have to put it in relation to the place where it is earned, and there it looks more difficult. I reckon with equity you could at most look towards 500k€ - but minus acquisition incidental costs (with broker and property transfer tax, that can significantly reduce the budget). And now the question is whether something can be found for that. If yes - it works, if no - it doesn't.

A friend of mine rented a single-family house right in the middle of Hamburg, about 230 sqm (including a fully finished basement), about 250 sqm garden, pool, sauna, completely renovated including a garage for 2 cars and a carport for 2600 EUR/month.

At first I tried to argue against it... But by now, if I didn't own a paid-off house myself, I would personally also tend to rent. And if you don't like ANYTHING, call the landlord or just NEXT. Rent the next place right away.

That's easy to say. But first there have to be interesting houses available for rent. Maybe it also depends on the location. But here you can really forget about that.

Apart from the fact that most people would not spend that much money on a rental property.