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re: Monthly mortgage payment based on a median existing home is now at a record $2,322
Posted on 8/24/23 at 9:13 am to 777Tiger
Posted on 8/24/23 at 9:13 am to 777Tiger
quote:No, it’s not. Check out the Op, historical data defines it for you
it's kind of hard to define what's a worse position to start from
0
Posted on 8/24/23 at 9:14 am to GetCocky11
quote:
When did you buy your home?
If you were to buy your home today, in 2023, at its current value, with today's interest rates, with a similar downpayment, what would the payment be?
2017. But I bought my first home in 2008 and my rate was 6.5%.
My note would be somewhere around $2600 on my current home. Within my budget, which is where most of these people have gone wrong.
Posted on 8/24/23 at 9:14 am to 777Tiger
quote:
it's kind of hard to define what's a worse position to start from
that isn't true at all
Posted on 8/24/23 at 9:14 am to stout
My mortgage payment is 3,200. Life will be a lot better when interest goes back down to 4%
Posted on 8/24/23 at 9:14 am to stout
I see these figures and sigh as I sit in my paid off home with my paid off truck sitting outside while I sip my coffee. 
Posted on 8/24/23 at 9:14 am to stout
quote:
On a post tax basis, the median new homebuyer is spending close to 70% of their income on monthly payments.
This is absolutely insane. Most people aren't actually doing this, right?
Posted on 8/24/23 at 9:15 am to Thib-a-doe Tiger
I take it you’re different and live in a modest one bedroom in Thibodeaux?
This post was edited on 8/24/23 at 9:16 am
Posted on 8/24/23 at 9:16 am to stout
I’m very fortunate to have a fixed 2.5% rate.
Posted on 8/24/23 at 9:16 am to QJenk
quote:
This is absolutely insane. Most people aren't actually doing this, right?
It's a conflation of two different stats to create a new one that I doubt is even close to reality.
Posted on 8/24/23 at 9:17 am to lsupride87
quote:
they still did it through a worse position than you or me
The only thing I will say to this, and it's not disagreeing with you, is that there has never been a time in history where there are ways to have multiple income streams set up so easily.
The wife and I started a new business on the side and just started selling last month on Amazon and Walmart and it's growing every day. Kicking myself for not doing it sooner. Our first full month we cleared around $3500 and worked on it for about 5-6 hours per week.
You and I aren't far apart in age and we didn't have that as an option starting out nor all of the other opportunities the internet and social media provide to promote and grow a business.
Posted on 8/24/23 at 9:17 am to stout
When Democrats say things, you better listen and you better believe there agenda is exactly what they say. It may sound foolish and a pipe dream when being said, but it's what they will push through however they can do it.
Go back about 2-3!years or so. Democrat big money funders were saying that in the future people would not own anything. People want to rent and go where they want when they want. Well, they made sure to make owning a home in the future unreachable and unsustainable.
The dirty secret they fail to reveal though is that someone has to own the items you rent and that someone is them. This is about transferring wealth and power to a few and once they get that wealth and power there is no way of getting it back to the people.
Go back about 2-3!years or so. Democrat big money funders were saying that in the future people would not own anything. People want to rent and go where they want when they want. Well, they made sure to make owning a home in the future unreachable and unsustainable.
The dirty secret they fail to reveal though is that someone has to own the items you rent and that someone is them. This is about transferring wealth and power to a few and once they get that wealth and power there is no way of getting it back to the people.
Posted on 8/24/23 at 9:17 am to stout
Add in the $2K in car payments for 96 months and you really have something.
Posted on 8/24/23 at 9:17 am to JohnnyKilroy
quote:My daughter and SO both got STEM degrees, both kept their scholarships through school and got out with zero debt. Both enjoyed college, Greek organizations and kept part time gigs to help with spending money.
"Things have never been better and all you young people do is complain. What I would do to have all the opportunities yall have when I was growing up. Everything was a lot harder then and the economy was wayyyy worse"
They make damn near 200k, both saving roughly 20%. They are in ten times the better position I was in in my mid-late twenties. They are looking at homes, and could go out and get a 500k home, they are looking at 180k homes.
This thing is easily manageable, nothing has been taken away from the young people. Just do what the hell you are supposed to do and make good decisions and you are living a very successful life and retiring young.
Posted on 8/24/23 at 9:17 am to NIH
quote:
I take it you’re different and live in a modest one bedroom in Thibodeaux?
Nope. 2300 sqft. Plenty for 4 people and a dog.
The difference is I didn't borrow the max of what I qualified for, or even half of that.
Posted on 8/24/23 at 9:18 am to Thib-a-doe Tiger
quote:
Yeah that's it. It's not the keeping up with the Jones's at all. People are borrowing more (at "normal" interest rates), putting down less, and buying more home than they need.
Young person needs a new car be a their high school junker finally gave out. Any decent used car is $25k
Younger person has to move out of their parents house. They don’t have enough money saved so they have to rent. Rent is stupid expensive so they can’t save enough money to put together a large down payment, so they put together 3% on a cookie cutter DSLD start home that is now selling for $320K.
That doesn’t sound like keeping up with the Jones’s. That’s just trying to live a regular life.
Posted on 8/24/23 at 9:18 am to WDE24
quote:
I know people keep providing reasons why housing will remain this expensive, but it’s unsustainable and has to correct at some point.
The correction is the government working with RE PE companies to buy houses and rent them to the population.
Posted on 8/24/23 at 9:19 am to tigerfoot
quote:So Joe made America great again and it isn’t going to shite?
This thing is easily manageable, nothing has been taken away from the young people. Just do what the hell you are supposed to do and make good decisions and you are living a very successful life and retiring young.
Posted on 8/24/23 at 9:19 am to tigerfoot
quote:
they are looking at 180k homes.
In Charlotte that's a crack den. Charlotte isn't even insanely expensive.
Posted on 8/24/23 at 9:20 am to tigerfoot
quote:
This thing is easily manageable, nothing has been taken away from the young people. Just do what the hell you are supposed to do and make good decisions and you are living a very successful life and retiring young.
Thanks obama
Posted on 8/24/23 at 9:20 am to stout
quote:
The wife and I started a new business on the side and just started selling last month on Amazon and Walmart and it's growing every day. Kicking myself for not doing it sooner. Our first full month we cleared around $3500 and worked on it for about 5-6 hours per week.
what do you sell?
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