HOA Detective™ – March 14, 2025: We don’t allow comments on the HOA Detective™ website for security reasons so this regular reader took the initiative by sending the HOA Detective his own real-life version of the American housing saga after reading the Feb 25, 2025 post, The Hidden Costs of Homeownership – A Growing Crisis.
https://hoadetective.com/the-hidden-costs-of-homeownership-a-growing-crisis/
Dear HOA Detective, I’ve always believed in the idea of homeownership—the cornerstone of the so-called American Dream. However, after decades of navigating the brutal realities of the housing market, I must wonder: was it ever meant to be a dream at all? In an effort to enlightening some of your younger followers, I am hoping you will see your way clear to allow me to share my American housing journey in this era of tiny homes and the “sharing economy” in which ownership of the house you live in is being diminishing.
I began my professional career in the sleepy coastal town of Coos Bay, OR oh those many years ago after graduating from the University of Oregon with a degree in architecture. Within a few years of setting up a local architectural practice, I thought I was ready to pursue the “American Dream.” For the next half century my pursuit of “The Dream” unfolded as follows:
Coos Bay, Oregon – My First Home (1975–1984): I bought my first house in Coos Bay back in ‘75. It felt like a solid start, a place to put down roots. Life had other plans, though. I ended up moving and had to rent the place out for five years. When I finally sold it ten years later, I walked away with exactly what I paid for it. No profit, no gain—just a decade of holding onto a house that ultimately gave me nothing in return.
Bothell, Washington – My Second Home (1986): After my separation, I bought a home in Bothell. My ex stayed in the house while I paid the mortgage. Eventually, she left for an apartment, and I was left holding the bag. The market was terrible, and I couldn’t sell it without taking a hit. In the end, I gave it back to the bank and lost about $10,000. It stung, but I chalked it up to bad timing.
West Salem, Oregon – My Third Home (2006–2011): This one still makes my blood boil. I bought a house in 2006, thinking I was making a sound investment. Then came the housing crash of 2008. My business took a hit in late 2007, and before I knew it, I couldn’t afford to stay in my own home. I had to rent it out and live in an RV for five years just to survive.
When I was finally able to move back, I had to evict the tenant—who had destroyed the place. The damage was so bad it cost me $18,000 just to make it livable again. The house had once been worth $320,000, but after the crash, it dropped to $240,000. I ended up selling for $235,000, walking away with about $85,000 over what I owed. It should have felt like a win. Instead, it felt like barely escaping with my sanity.
Bellingham, Washington – My Fourth and Current Home (2025): Now I’m here, in a residential park filled with manufactured homes. It’s supposed to be affordable living, but that’s a joke. The park owner just sold the land to a national investment company—the kind that buys these places up, jacks up the rent, and squeezes every dime out of residents before either flipping it or redeveloping it. They’re raising the lot rent by 10% per month. Not per year—10% PER MONTH.
I’ve been pouring everything I have into fixing deferred maintenance issues, trying to finish repairs before the new owners decide they can’t “make it profitable” and sell to a developer. If that happens, I’ll be out. No home, no options, no clue what comes next.
And that brings me to today.
After 50 years of chasing stability, buying, selling, losing, and starting over, I must ask—was this ever really the American Dream? Because if this is what that that dream looks like, they can have it!
Because You’re Buying More Than a Home!
