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re: Cost to buy = $2,700/month. Cost to rent = $1,850/month
Posted on 5/24/23 at 3:18 pm to SlowFlowPro
Posted on 5/24/23 at 3:18 pm to SlowFlowPro
quote:
but most people are saying GenX just didn't face the same issues
GenX went through the dot com bubble and the great recession all before most of us turned 30. Every generation has had challenges that sets them back
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0
Posted on 5/24/23 at 3:18 pm to stout
quote:
I am saying they could have saved $90 with a $50K allowable to repair this house. They could have easily hired someone to do what is left for that. I am doing it for less as a professional so I was being generous and giving them some room. They flat-out didn't want the hassle and said as much to the seller.
When we were house hunting my wife wanted a fixer and I absolutely did not. We both work extremely demanding jobs and mine requires me to travel a ton. I told her the last thing I wanted to do was live in a construction zone and work on my house on the weekends.
Posted on 5/24/23 at 3:19 pm to stout
quote:
No assumptions. It's based on data. The average family has no savings and lives check to check. It's also what I see in the other side of my business handling assets for banks and private equity firms.
You realize there is a flipside to the “anecdotes aren’t data” statement, right?
Posted on 5/24/23 at 3:19 pm to SlowFlowPro
quote:
Now I could swing a lot more.
You have my number. We should grab lunch one day
Posted on 5/24/23 at 3:21 pm to H2O Tiger
quote:
When we were house hunting my wife wanted a fixer and I absolutely did not. We both work extremely demanding jobs and mine requires me to travel a ton. I told her the last thing I wanted to do was live in a construction zone and work on my house on the weekends.
This. Unfortunately I work a job that has me actually working more than 50 hours a week, and I don't mind some repairs or making updates, but I wanted a home I could move into and that works.
Posted on 5/24/23 at 3:21 pm to JohnnyKilroy
quote:
You realize there is a flipside to the “anecdotes aren’t data” statement, right?
Sure but there is a lot of data backing up what I said and much of it has been discussed here showing household debt vs savings.
Posted on 5/24/23 at 3:23 pm to stout
quote:
It's also what I see in the other side of my business handling assets for banks and private equity firms.
Scary that PE is allowing food to mouth to invest.
Posted on 5/24/23 at 3:23 pm to Gifman
The housing market is not going to “pop.”
There isn’t enough housing inventory, so I don’t see how the price can possibly drop.
However, we may have really significant societal issues because we have an entire generation that can’t afford a home.
There isn’t enough housing inventory, so I don’t see how the price can possibly drop.
However, we may have really significant societal issues because we have an entire generation that can’t afford a home.
Posted on 5/24/23 at 3:23 pm to JohnnyKilroy
quote:
How large was your down payment?
Low. Small. It was like FHA low. But not FHA.
This post was edited on 5/24/23 at 3:24 pm
Posted on 5/24/23 at 3:24 pm to Jcorye1
quote:
This. Unfortunately I work a job that has me actually working more than 50 hours a week, and I don't mind some repairs or making updates, but I wanted a home I could move into and that works.
There's nothing wrong with this FYI but I think the argument I, and many people accused of being irrational boomers/genxers, are making is that this is what many of us did to get ahead. It's OK if younger generations don't want the same but don't blame the generations ahead of you when you have had the opportunity to do what we did (and then some) but don't want it.
Posted on 5/24/23 at 3:24 pm to Jcorye1
quote:
quote:
When we were house hunting my wife wanted a fixer and I absolutely did not. We both work extremely demanding jobs and mine requires me to travel a ton. I told her the last thing I wanted to do was live in a construction zone and work on my house on the weekends.
This. Unfortunately I work a job that has me actually working more than 50 hours a week, and I don't mind some repairs or making updates, but I wanted a home I could move into and that works.
Move to a less expensive area. I.e. the country. Boonies. Where tens of thousands of other employees are not fighting each other (with their wallets) for the same 5 houses.
Posted on 5/24/23 at 3:24 pm to stout
quote:
There's not a whole lot I wouldn't be willing to try to learn and do in order to save $90K but maybe I am different.
If the person is a lawyer billing at a certain rate, yes you might actually be different.
Depending on what someone does, it might be financially foolish to take on a fixer upper, particularly if they don't have any skills.
Frugality is great when it makes sense. When you're being frugal because it's a part of your identity, you might be missing other opportunities.
You're painting this couple that didn't want to do what you would have done as the antithesis of hard work and the american dream when they might not even be people complaining. It's just very weird, man.
Posted on 5/24/23 at 3:27 pm to Jcorye1
It's the same reason I don't mow my own yard, for $50 I can have a couple hours of my weekend back.
We bought a 20 year old house since the new ones were builder grade crap, but I loved being able to move right in. Eventually we'll take on some smaller projects
We bought a 20 year old house since the new ones were builder grade crap, but I loved being able to move right in. Eventually we'll take on some smaller projects
Posted on 5/24/23 at 3:29 pm to meansonny
quote:
Move to a less expensive area. I.e. the country. Boonies. Where tens of thousands of other employees are not fighting each other (with their wallets) for the same 5 houses.
My commute to the airport to get on a plane to fly across the country to work would be a real bitch. Sure, lets tack a 2 hour drive each way onto that
Posted on 5/24/23 at 3:29 pm to deeprig9
quote:
Low. Small. It was like FHA low. But not FHA.
I don’t believe for 1 second your property tax bill for a property you purchased in 2017 is higher than your principal, interest and insurance.
Posted on 5/24/23 at 3:33 pm to Loup
Hes been in congress since before that time line. 
Posted on 5/24/23 at 3:33 pm to Odysseus32
quote:
If the person is a lawyer billing at a certain rate, yes you might actually be different.
What if he is a plant baw that just wants to fish on his days off?
quote:
You're painting this couple that didn't want to do what you would have done as the antithesis of hard work and the american dream when they might not even be people complaining. It's just very weird, man.
Because many ITT are painting boomers and Gen X as being tone deaf to current "struggles" when in reality it's probably more accurate to say that priorities are different between the generations.
You see the older group in here talking about DIY on their houses and the opposite from the younger generations. Many of them have said they simply do not want to do the work and have their weekends off. That's totally fine but just be honest about it and quit blaming others when you have no equity or live check to check as a result.
Posted on 5/24/23 at 3:36 pm to stout
quote:
You see the older group in here talking about DIY on their houses and the opposite from the younger generations. Many of them have said they simply do not want to do the work and have their weekends off. That's totally fine but just be honest about it and quit blaming others when you have no equity or live check to check as a result.
Some folks in the younger generation (me included) make more than enough and value our time enough to not want to take on the burden that is a fixer upper.
If it was the only way I could afford a house, I'd be out there with a hammer every day after work and have friends that are doing that.
Posted on 5/24/23 at 3:40 pm to stout
quote:because you’re reducing a macro issue into some anecdote. The numbers don’t lie. It’s a lot worse than it used to be and that’s a fact.
Because many ITT are painting boomers and Gen X as being tone deaf to current "struggles" when in reality it's probably more accurate to say that priorities are different between the generations.
quote:some people are able to look at the big picture and not relate everything to their own life.
That's totally fine but just be honest about it and quit blaming others when you have no equity or live check to check as a result
Posted on 5/24/23 at 3:40 pm to JohnnyKilroy
It isn't higher than all combined, but higher than all categorically. My property tax is higher than my principal. My property tax is higher than my interest. My property tax is higher than my insurance. But it is not higher than my principle/interest/insurance combined.
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