Home financing ever possible? Probably not!

Hello dear forum,

to be honest, I don’t really know what I expect from my post here.
It’s probably just about letting out the frustration I’ve been building up for years regarding the topic of home ownership.

I am 35 years old and come from the Cologne-Bonn surrounding area.
Together with my partner, we have been looking for our own house for a very long time, but everything is simply unaffordable.
My partner and I both work full-time in fairly decent positions (he is a civil servant and I am employed) and together we have a good monthly income.

We don’t even live directly in a big city, but outside, and would also prefer to stay rather rural. I imagine that we don’t have particularly high demands. But it doesn’t matter at all – it doesn’t change the prices one bit, even if you look outside the commuter belt.

How are normal people ever supposed to be able to afford such prices? From my perspective, this is impossible unless you are rich or inherit a home.

15 years ago, property prices were still reasonably okay. Back then, however, the bank didn’t give me a loan because I only had a temporary work contract. Today the problem is reversed because due to age you will never be able to pay back such sums.

I wish everyone their own home, but it just makes me angry to see that others, who don’t earn significantly more, have managed it, even though they are basically in the same salary class, but 15 years older and therefore lucky to have been able to buy quickly.

And then it is the case that the entire housing market (and it’s not just about home ownership, but housing in general) is further fueled by all the mass immigration, because locals are effectively competing with foreigners on the housing market, even though politics tries to present this differently.

Honestly, I see a bleak future. And when you then read that our Minister for Housing Klara Geywitz said a few days ago that for the younger generation (to which I and my partner wouldn’t even count per definition anyway, since we are both over 30) the dream of home ownership is over, I just want to vomit.

As I said, I know that probably no meaningful answer can be given to my post, but it was important for me to get it off my chest.

Thanks for reading!

Give some information about your income, whether children are planned, etc. There is a special questionnaire for that here in the forum.
The way you write so far, it’s just a bit of whining mixed with "Politics is sh**".

That's true. But no one chose that we are now in such an economic crisis. And honestly, I do wonder why you didn't buy in the last 5 years. Or do you (without accusation) belong to those who a few years ago believed that prices would fall, or was the semi-detached house or terraced house (Deutsche Reihenhaus) not good enough 5 years ago? In that segment, there was a massive amount of affordable new construction (300k-400k) with top interest rates. The fact that not everyone could already build the single-family house back then is just how it is. Not everyone can financially afford that. Sure, it is a difficult situation for you, but 5 years ago (and even 2 years ago) the situation was perfect. Whoever bet on the next new development area with a plot for a single-family house lost. But there were other options for almost everyone (semi-detached house/terraced house/apartment). Everything was possible.

And then it is such that the entire housing market (and this is not only about owner-occupied homes, but generally about housing) is further heated up by the massive immigration, because locals effectively compete on the housing market with foreigners, even if politics of course tries to portray it differently.

In the owner-occupied home market, you compete with other wealthy people (like yourselves), who also had the "luck" of an inheritance - or with some investors. On the contrary, politics probably tries rather to conceal that massive immigration is absolutely necessary to maintain our prosperity.

That's right. But no one chose to be in such an economic crisis now. And honestly, I do wonder why you didn't buy in the last 5 years. Or do you (no accusation) belong to those who a few years ago believed that prices would drop, or was the semi-detached or terraced house (German terraced house) not good enough 5 years ago? There was plenty of affordable new construction in that segment (300k-400k) with top interest rates. It's just that not everyone could already afford to build a single-family house. Not everyone can financially afford it. Clearly, it's a difficult situation for you, but 5 years ago (even 2 years ago) the situation was perfect. Anyone who bet on the next new development with a plot for a single-family house lost. But there were other options for almost everyone (semi-detached house/terraced house/apartment). Everything was possible

Full agreement.

: What is your wish regarding the property? What is your financial situation – income and equity? Where exactly do you live in the Cologne-Bonn area? Family planning?

15 years ago, real estate prices were still reasonably okay. Back then, however, I did not get a loan from the bank because I only had a fixed-term employment contract. Today, the problem has reversed because, due to age, you will never be able to repay such sums.

Mid-30s is still young. And who said that you have to fully repay a loan? When you are older, you have the option to be a little in debt or (which is better) to have to pay a fairly high rent. Or you sell the property when you are old and become a wealthier tenant.

Hello,
thank you for your answers.

Our key data:
- Our combined monthly net income is about €5200
- We do not want to have children

We come from the Rhein-Sieg district, which unfortunately is one of the most expensive areas in the Rhineland.
We already live in a terraced house, but it is rented.

I am not really a fan of a terraced house, but that would be okay too. By now, I would be satisfied with almost anything, so it is not the case that I have any unrealistic expectations.

It was asked here why we did not buy something 5 years ago. My partner and I met only 5 years ago, and buying a property as a single person was impossible for me.

Im Eigenheimmarkt konkurrierst du mit anderen Wohlhabenden (wie euch selbst), die außerdem das „Glück“ einer Erbschaft hatten- oder mit irgendwelchen Investoren.

We are not wealthy, but belong to the normal middle class (if that can even still be said).
The reality is that as an employee you have to cover your rent yourself, while people who do not work do not have to do so. And the ever-increasing demand for living space is the main factor for the ever rising prices (otherwise real estate in the city would be much cheaper than in the countryside. The opposite is the case, because apparently everyone wants to live in the city. My partner and I don’t even think that way, and still it is not possible.)

Im Gegenteil versucht die Politik wohl eher zu verschweigen, dass massenhafte Einwanderung zwingend notwendig ist, um unseren Wohlstand zu erhalten.

Well, I see it exactly the other way around, but it probably makes no sense to discuss it.

I don’t know if we will ever reach the point where we have to move, because the clock is ticking for us too, after all.