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re: Salary of $115,627 needed in order to qualify for a mortgage on a typical American home
Posted on 10/19/23 at 4:20 pm to Crawdaddy
Posted on 10/19/23 at 4:20 pm to Crawdaddy
There are plenty of 175K homes out there
shite baw. My toys cost me $250k. I don't think there are many $175k houses even here in Oklahoma.
shite baw. My toys cost me $250k. I don't think there are many $175k houses even here in Oklahoma.
This post was edited on 10/19/23 at 4:30 pm
0
Posted on 10/19/23 at 4:26 pm to kingbob
quote:
The middle class is being purposefully destroyed
unfettered illegal immigration, offshoring of manufacturing jobs, deficit spending to finance unsustainable entitlement programs and endless overseas wars, regressive taxation, and the collapse in value of the U.S. dollar
Your US government at work
Posted on 10/19/23 at 4:33 pm to meansonny
Regulatory capture has steadily eliminated family owned farms in favor of large commercial farms owned by a small handful of global corporations. The same thing happened to slaughterhouses and cold packers. That’s why cows can be cheap, ranchers can barely afford to feed or sell their herds, but prices at the grocery store is up.
The large agribusinesses sue farmers for replanting their own crops with their own seeds, alleging that they’re using copyrighted seeds. Even if the farmers aren’t intentionally, it’s incredibly difficult to prove thanks to cross-pollination.
Soon, they’ll be limiting fertilizer, which will cause yields to plummet and food prices to soar.
Healthcare cost inflation was going up long before the Affordable Care Act, though it definitely hasn’t helped things. Our healthcare system is still faster than the socialized systems which are failing, but the costs are absolutely hammering our GDP. We spend a larger percentage of our GDP than do many nations in Europe that pay for universal healthcare. While I do not believe that is the solution, something is utterly broken in the American healthcare system, and it’s getting worse all the time.
In the 90’s, deregulation bills eliminated bans on individuals owning too many newspapers or radio stations. This caused a consolidation feeding frenzy which resulted in 70% of terrestrial radio stations being owned by just 2 companies. While FM radio is essentially dead today, the number of companies involved in creating, distributing, and selling information and entertainment has dwindled from literally thousands in the 90’s down to less than a dozen multi-national corporations. This is the sum of every major music record label, every major movie studio, every radio station, every newspaper, every ISP, every cell phone carrier, every tv network, and every streaming service. More than 90% of ALL OF IT is just those few companies. They also account for more than 40% of all web traffic, and more than 80% of all website hosting and e-commerce.
Every industry is trending this way. Government is placing barriers to entry to stop competitors, and the established firms in the industry are merging and buying each other out until there’s a small enough number of companies to simply collude rather than compete. When companies don’t have to compete for business, the consumer is almost powerless to control prices or punish those companies for bad service or poor quality.
The middle class is being systematically destroyed by our government in order to protect an increasingly small wealthy elite from competition from the masses.
The large agribusinesses sue farmers for replanting their own crops with their own seeds, alleging that they’re using copyrighted seeds. Even if the farmers aren’t intentionally, it’s incredibly difficult to prove thanks to cross-pollination.
Soon, they’ll be limiting fertilizer, which will cause yields to plummet and food prices to soar.
Healthcare cost inflation was going up long before the Affordable Care Act, though it definitely hasn’t helped things. Our healthcare system is still faster than the socialized systems which are failing, but the costs are absolutely hammering our GDP. We spend a larger percentage of our GDP than do many nations in Europe that pay for universal healthcare. While I do not believe that is the solution, something is utterly broken in the American healthcare system, and it’s getting worse all the time.
In the 90’s, deregulation bills eliminated bans on individuals owning too many newspapers or radio stations. This caused a consolidation feeding frenzy which resulted in 70% of terrestrial radio stations being owned by just 2 companies. While FM radio is essentially dead today, the number of companies involved in creating, distributing, and selling information and entertainment has dwindled from literally thousands in the 90’s down to less than a dozen multi-national corporations. This is the sum of every major music record label, every major movie studio, every radio station, every newspaper, every ISP, every cell phone carrier, every tv network, and every streaming service. More than 90% of ALL OF IT is just those few companies. They also account for more than 40% of all web traffic, and more than 80% of all website hosting and e-commerce.
Every industry is trending this way. Government is placing barriers to entry to stop competitors, and the established firms in the industry are merging and buying each other out until there’s a small enough number of companies to simply collude rather than compete. When companies don’t have to compete for business, the consumer is almost powerless to control prices or punish those companies for bad service or poor quality.
The middle class is being systematically destroyed by our government in order to protect an increasingly small wealthy elite from competition from the masses.
This post was edited on 10/19/23 at 4:36 pm
Posted on 10/19/23 at 4:35 pm to 14&Counting
quote:
can’t find a $300k home in a major metro area where the jobs are
Surprisingly I'm in a medium sized market and there are some decent homes in that range but you used to be able to get a really good home for that just 3 years ago
Posted on 10/19/23 at 4:46 pm to EarlyCuyler3
quote:
EarlyCuyler3
Not a Caleb Hammer enjoyer. You missed all the memes in that post old man.
Posted on 10/19/23 at 4:49 pm to fareplay
quote:
You think w2 don’t make money?
I'm saying your tax liability is not $100K on $300K.
Try again.
Posted on 10/19/23 at 4:49 pm to Powerman
quote:
Surprisingly I'm in a medium sized market and there are some decent homes in that range but you used to be able to get a really good home for that just 3 years ago
You can still buy a house here for 280-300k in a neighborhood you probably won't get shot in but even 10 years ago you could do that for 200k.
Posted on 10/19/23 at 5:17 pm to stout
This thread is like crack...I think it is obvious that:
1. Government policy is largely to blame for rising housing costs and rising mortgage rates, pricing out many wannabe first-time home buyers.
2. Young people aren't saving like they should. It was learned that 84% of millennial renters have saved $10k or less towards a downpayment (66% do not have any dedicated down payment savings, and only 16 percent have saved over $10,000). This is a huge barrier to homeownership, even if home prices and mortgage rates were both reasonable.
I cannot stress the importance of saving as much as you can when you are young...whether that be for your first house, the stock market, a wedding ring for your future wife, emergency funds, retirement, etc...it takes discipline and sacrifice to live within your means...and it takes time.
I remember reading "The Millionaire Next Door" when I was just out of college...I hated the premise but it made sense.
1. Government policy is largely to blame for rising housing costs and rising mortgage rates, pricing out many wannabe first-time home buyers.
2. Young people aren't saving like they should. It was learned that 84% of millennial renters have saved $10k or less towards a downpayment (66% do not have any dedicated down payment savings, and only 16 percent have saved over $10,000). This is a huge barrier to homeownership, even if home prices and mortgage rates were both reasonable.
I cannot stress the importance of saving as much as you can when you are young...whether that be for your first house, the stock market, a wedding ring for your future wife, emergency funds, retirement, etc...it takes discipline and sacrifice to live within your means...and it takes time.
I remember reading "The Millionaire Next Door" when I was just out of college...I hated the premise but it made sense.
Posted on 10/19/23 at 5:35 pm to jclem11
quote:
I'm saying your tax liability is not $100K on $300K.
Try again.
He pays 120k in taxes on 300k income. 40%? He's full of shite
Posted on 10/19/23 at 5:39 pm to Chicken
quote:
Government policy is largely to blame for rising housing costs and rising mortgage rates, pricing out many wannabe first-time home buyers.
If by government policy you mean QE and drunkenly throwing away money to all their donors and foreign countries, the sure.
Posted on 10/19/23 at 5:46 pm to Deactived
quote:
He pays 120k in taxes on 300k income. 40%? He's full of shite
He is probably MFJ with his 600k per year wife.
It’s a weird way to calculate it if he is calculating it that way but nearly every dollar he makes is at the top marginal rate + FICA and state income tax for MA.
That or he is trolling like he does in every thread he makes.
Posted on 10/19/23 at 5:50 pm to JohnnyKilroy
quote:
It’s a weird way to calculate it if he is calculating it that way but nearly every dollar he makes is at the top marginal rate + FICA and state income tax for MA.
FICA drops out of the equation at 160K though
No idea what the state taxes look like for him
This is something that could easily be googled if we knew filing status and if he contributed to a retirement plan.
Posted on 10/19/23 at 5:50 pm to meansonny
80 household should be enough
This post was edited on 10/19/23 at 5:52 pm
Posted on 10/19/23 at 5:53 pm to Powerman
Idk what fica is but I take home roughly little over 15k which is 180k which means my tax is 120k. I may not be counting 401k contributions and other misc. I’m not a tax man
Posted on 10/19/23 at 5:57 pm to Deactived
I figured he was probably lumping all payroll deductions as "taxes" (tax, 401k, insurance, etc.)
Posted on 10/19/23 at 5:59 pm to GRTiger
Yeah whatever I get in my bank account I multiply by 12
Posted on 10/19/23 at 6:16 pm to fareplay
You don't know what FICA is, you don't know what your tax liability is, possibly aren't calculating your net correcrly, and you make $300k/year including stock distributions as a W2 employee.
What kind of work are you in?
Posted on 10/19/23 at 6:20 pm to GRTiger
Tech. Transitioned from energy making 70k to this. I work for social media you’re all familiar with.
I think we’re hiring some folks to do our finances soon so problems find solutions
I think we’re hiring some folks to do our finances soon so problems find solutions
This post was edited on 10/19/23 at 6:24 pm
Posted on 10/19/23 at 6:58 pm to Chicken
quote:
1. Government policy is largely to blame for rising housing costs and rising mortgage rates, pricing out many wannabe first-time home buyers. 2. Young people aren't saving like they should. It was learned that 84% of millennial renters have saved $10k or less towards a downpayment (66% do not have any dedicated down payment savings, and only 16 percent have saved over $10,000). This is a huge barrier to homeownership, even if home prices and mortgage rates were both reasonable
The new 529 savings plans are a good start.
I was really shite about saving money in my 20s beyond retirement saving. I also wasn’t making much money until my late 20s
Posted on 10/19/23 at 7:01 pm to fareplay
quote:
Idk what fica is but I take home roughly little over 15k which is 180k which means my tax is 120k. I may not be counting 401k contributions and other misc. I’m not a tax man
If someone this ignorant can have a 300K income then a lot of us are under achieving. How are you oblivious to all of this?
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