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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 10:30 am to lsupride87
Posted on 8/24/23 at 10:30 am to lsupride87
quote:Worse than the 80s? Worse than the 30s? I will look for the bread lines on my way to lunch.
the overall group of youth today is entering the worse time in American history for building wealth in the traditional “American dream” way of home ownership
1
Posted on 8/24/23 at 10:30 am to tigerfoot
quote:Yes
Worse than the 80s? Worse than the 30s
Posted on 8/24/23 at 10:31 am to lsupride87
lol
Posted on 8/24/23 at 10:31 am to tigerfoot
Lol, pesky facts
This post was edited on 8/24/23 at 10:32 am
Posted on 8/24/23 at 10:31 am to Thib-a-doe Tiger
Because what you listed wasnt a townhome
Posted on 8/24/23 at 10:34 am to Thib-a-doe Tiger
quote:They aren’t.
It was an 1100 sqft house with maybe 400 square feet of grass. Why are young people too good for townhomes now?
You do also realize that Houma Louisiana isn’t the standard for US housing prices.
The new American dream. Graduating college and move to some dying small town in America so that you can be able to afford a townhome.
Posted on 8/24/23 at 10:35 am to lsupride87
quote:
We are at the worst time ever in terms of home prices outpacing income growth. You seem to want to pretend that isn’t true
I agree with this, but this too shall pass. It didn't take one day for us to get here and it will take longer than a day to correct.
Posted on 8/24/23 at 10:35 am to JohnnyKilroy
I built my home about 5 yrs ago. Interest rate 2.75%. Last year I bought a lot to build my last home. There's no way I can think about doing anything, other than waiting.
Posted on 8/24/23 at 10:36 am to lsupride87
I do think it’s funny that we have been using Houston as the big expensive city in this example, when in reality it’s a pretty affordable major city. Much more affordable than the other major cities.
Posted on 8/24/23 at 10:37 am to Bayou_Tiger_225
Its what all of these threads are
guys that bought homes 20-30 years ago in small towns telling everyone that it was so easy finding affordable homes for them, so it should be easy for everyone else too
I bought my home 14 years ago. It was an affordable starter home. I also live in fricking Shreveport. Its cheap here. I know that my experience isn't the same as someone looking to buy today in Dallas or even the surrounding area. I can't imagine how hard it is in the NE or on the west coast.
guys that bought homes 20-30 years ago in small towns telling everyone that it was so easy finding affordable homes for them, so it should be easy for everyone else too
I bought my home 14 years ago. It was an affordable starter home. I also live in fricking Shreveport. Its cheap here. I know that my experience isn't the same as someone looking to buy today in Dallas or even the surrounding area. I can't imagine how hard it is in the NE or on the west coast.
This post was edited on 8/24/23 at 10:38 am
Posted on 8/24/23 at 10:39 am to Loup
quote:
they need to throw Trump, Obama, the Bushes, Clinton, etc in there with him and change it to "we did that"
Why stop there... why not go all the way back to Carter of hell, FDR.
Posted on 8/24/23 at 10:43 am to Salmon
quote:
I bought my home 14 years ago. It was an affordable starter home. I also live in fricking Shreveport.
I have family that lives in Shitport. I mean Shreveport.
This post was edited on 8/24/23 at 10:45 am
Posted on 8/24/23 at 10:43 am to Bayou_Tiger_225
quote:I can see it has challenges. Those challenges must be considered in purchasing decisions, namely buying a home. These things are entirely predictable and can be managed. You may not be able to have things you think you are owed. No instacart, no ubers, no meals out, no vacations ,no overspending on a home because you dont want to live in a less desirable area. Then you manage that time in your life and you improve. I know of no person that bought their first home that would be at or above the median value of their time, as a starter home.
But can you not see that the current economic situation is one of the worst in modern American history?
Posted on 8/24/23 at 10:44 am to stout
One reason why WFH is a good idea and eventually companies will see they can pay less for labor based on employee location.
Posted on 8/24/23 at 10:45 am to tigerfoot
quote:
No instacart, no ubers, no meals out, no vacations ,no overspending on a home because you dont want to live in a less desirable area.
No Starbucks allowed right?
Posted on 8/24/23 at 10:46 am to Gee Grenouille
quote:
eventually companies will see they can pay less for labor based on employee location
Not sure it will go that way. People aren't going to be willing to be paid less because they will put up with living in the middle of nowhere
Posted on 8/24/23 at 10:46 am to Gee Grenouille
(no message)
This post was edited on 8/24/23 at 10:47 am
Posted on 8/24/23 at 10:48 am to tigerfoot
quote:
you think you are owed
Where does this come from?
Why do you assume people think they’re owed instacart? It’s a weird line of logic
Posted on 8/24/23 at 10:48 am to tigerfoot
quote:
You may not be able to have things you think you are owed. No instacart, no ubers, no meals out, no vacations ,no overspending on a home because you dont want to live in a less desirable area. Then you manage that time in your life and you improve.
And I get that. But I promise you the overwhelming majority of young people don’t believe theses luxuries are owed. They just want a decent home, a used pick up truck that doesn’t cost them 40 grand, and a grocery bill that doesn’t put them back on their college dorm room budget
Posted on 8/24/23 at 10:48 am to BabyTac
quote:
Can’t afford it, don’t buy it. That simple.
The issue is, eventually the lower and middle classes won't be able to afford ANY housing.
Interest rates are rising (and will likely never see the 3%-4% range again) and housing prices are out of control. Combine that with wages that aren't increasing ANYWHERE near the same rate as those interest rates/home values, and you have people that aren't anywhere close to poor that can't afford even a "starter" home.
This post was edited on 8/24/23 at 10:49 am
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