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Started By
Message
re: Monthly mortgage payment based on a median existing home is now at a record $2,322
Posted on 8/24/23 at 10:12 am to lsupride87
Posted on 8/24/23 at 10:12 am to lsupride87
quote:This.
Nope, only 10 years ago my wife and I got married We bought a 1500 sq foot house in river ridge that was built in 1965 for 230k at 4% interest That same house now is 370k at 7.5%
This guys get it. Here is the perfect example to what has happened. It now cost you 370K to buy a home in the suburbs that was built in the 60s.
But yeah, the younger generation are just being little bitches.
0
Posted on 8/24/23 at 10:12 am to tigerfoot
quote:
Wages stagnated so they should not have bought expensive homes.
All homes are expensive now.
Posted on 8/24/23 at 10:12 am to lsupride87
I would probably not want to graduate in accounting if it were me.
They used to pay blacksmiths a nice living too.
They used to pay blacksmiths a nice living too.
Posted on 8/24/23 at 10:13 am to JohnnyKilroy
quote:
Wages stagnated because people bought expensive houses?
Think back to ECON 101. What causes prices to go up?
So people continued to buy homes at inflated prices even as their pay didn't keep up? That's a sound strategy
Posted on 8/24/23 at 10:13 am to deltaland
quote:Of course it has. It sucked, but it will correct. You just need to not be in overwhelming debt when it does.
In the 1980s when interest rates were high the average mortgage payment was around 870 which is about 2500 in todays dollars
It’s been this bad before
Posted on 8/24/23 at 10:13 am to tigerfoot
quote:
Because people kept buying houses they cant afford. If no one woulda overspent, they wouldnt have been so damn expensive.
But people chose to not forego comforts they felt they were entitled to.
Yeah. It definitely wasn't investment firms and private investors buying up real estate in mass numbers which drove inventory of homes down.
It was 100% because everyone else (but definitely not you and Thib, just everyone else) was trying to keep up with the Joneses.
Posted on 8/24/23 at 10:13 am to Thib-a-doe Tiger
quote:
I found a 155K townhouse for sale on zillow as the first result.
Young people don't want that because it doesn't have a two car garage, marble countertops and 10 foot ceilings.
My first two houses were less than 1,400 square feet in less than desirable locations, but I made it work and built up equity to be able to get my current house that would be considered probably below average for today's standards and it will probably be my forever home.
Posted on 8/24/23 at 10:13 am to deltaland
quote:Now do the rise in insurance and taxes on that home for your actual monthly payment
In the 1980s when interest rates were high the average mortgage payment was around 870 which is about 2500 in todays dollars
The rise in insurance is just as catastrophic. Because that’s an unavoidable payment
Posted on 8/24/23 at 10:14 am to RedHawk
quote:
Young people don't want that because it doesn't have a two car garage, marble countertops and 10 foot ceilings.
You obviously didn't click the links
Posted on 8/24/23 at 10:15 am to tigerfoot
quote:One of the best degrees to get. Guaranteed job and a proven direct path you can take for career growth
I would probably not want to graduate in accounting if it were me.
I hate accounting, but life isn’t rainbows. I picked a path I knew had guarantees
You comparing accounting, one of the safest job sectors there is to blacksmiths is pretty damn great
This post was edited on 8/24/23 at 10:16 am
Posted on 8/24/23 at 10:15 am to jpainter6174
quote:
And people today still make 35K
Yes they do, but not as starting professionals. Many make in the 20's-30's working fast foot or retail store jobs
Posted on 8/24/23 at 10:16 am to Thib-a-doe Tiger
Girlfriend works as a dispatcher. She made 32k just a few years ago.
Posted on 8/24/23 at 10:17 am to Greace
My kids found one in a town of 30k people in the middle of no where middle America for $185k. Built in 1940 with small yard no covered parking and one bathroom not on the main floor. Living the American dream is easy. (Sarcasm font did not work)
That is what you get if you want to live in a non-crime nice area. Luckily they are in medical and education and it is easy to find jobs for them (an hour commute though)
That is what you get if you want to live in a non-crime nice area. Luckily they are in medical and education and it is easy to find jobs for them (an hour commute though)
This post was edited on 8/24/23 at 12:11 pm
Posted on 8/24/23 at 10:18 am to Greace
quote:Nope. It ia proven, in this thread that there are affordable places to live.
All homes are expensive now.
They may not be as big, as nice, or in the area you think you deserve...but they are there. My first home was 60k on beams......I personally refurbed the entire home except electrical and roof. About 40 bucks a week spent on it. My daughter was born there, we had awesome old neighbors. Yes, all of our friends were buying nicer homes..they made much more than we did. It sucked. I was jealous.
Posted on 8/24/23 at 10:18 am to RedHawk
Again, there are zero houses or townhouses for sale in Auburn AL at $150k or less. Zero.
Posted on 8/24/23 at 10:19 am to tigerfoot
Where was it proven in this thread that there are affordable places to live? Those two ghetto apartments posted? Those are both easily over 2k a month
Posted on 8/24/23 at 10:19 am to tigerfoot
quote:
Nope. It ia proven, in this thread that there are affordable places to live.
What’s your opinion on working from home?
Posted on 8/24/23 at 10:21 am to tigerfoot
quote:Now I understand.
Yes, all of our friends were buying nicer homes..they made much more than we did. It sucked. I was jealous.
You had a had time, so you have zero empathy for everyone who is having a hard time right now.
Posted on 8/24/23 at 10:22 am to JohnnyKilroy
Also here is the argument
“Yes, I had the opportunity to buy a starter home in a nice suburban area. You need to buy an apartment in the ghetto. See, you don’t have it worse”
Their own argument is the definition of the younger generation having it worse.
“Yes, I had the opportunity to buy a starter home in a nice suburban area. You need to buy an apartment in the ghetto. See, you don’t have it worse”
Their own argument is the definition of the younger generation having it worse. This post was edited on 8/24/23 at 10:22 am
Posted on 8/24/23 at 10:22 am to lsupride87
quote:So starting salary shouldnt matter that much, correct? Wonder why it was mentioned?
One of the best degrees to get. Guaranteed job and a proven direct path you can take for career growth
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