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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 10:49 am to GetCocky11
Posted on 8/24/23 at 10:49 am to GetCocky11
quote:hardworking, educated people should be grateful for the opportunity to buy a rundown condo in the ghetto
Where does this come from?
Why do you assume people think they’re owed instacart? It’s a weird line of logic
1
Posted on 8/24/23 at 10:51 am to dcrews
quote:
you have people that aren't anywhere close to poor that can't afford even a "starter" home.
And won't be able to really ever afford them without help or extremely disciplined saving because of rent costs
Posted on 8/24/23 at 10:57 am to dcrews
quote:compound this with cash investors snatching up anything affordable in a semi decent area.
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.
Posted on 8/24/23 at 11:00 am to PureBlood
quote:
Why stop there... why not go all the way back to Carter of hell, FDR.
Yup.
many on both sides are always quick to blame all of their problems at whoever the opposition elects. all of our problems are caused by a mix of em all. there has to be better options out there
This post was edited on 8/24/23 at 11:01 am
Posted on 8/24/23 at 11:06 am to Thib-a-doe Tiger
Whats wrong with it? How about the 2nd link you posted that has a $643/month HOA fee for a condo with an exterior that trashy looking 
Posted on 8/24/23 at 11:10 am to Loup
quote:
many on both sides are always quick to blame all of their problems at whoever the opposition elects. all of our problems are caused by a mix of em all. there has to be better options out there
You can try to use that line of reasoning for most presidencies. Joe Biden has actively fricked up this country to the point where it is now. Gas was under $2 a gallon in many parts of the country before he took office. like the day before.
Posted on 8/24/23 at 11:12 am to lsupride87
quote:
Lol, pesky facts
Ooh I like your graph! Pissing on the hubris of the braggarts who bought their first house at 21 and “did everything right” to be financially comfortable. Reality is most people either 1) inherit money or get help from upper mid class parents 2) learn bad habits from their non-wealthy families and stay sloppy.
The financial smarties out there are few and far between.
LINK
Posted on 8/24/23 at 11:13 am to Tiger Prawn
quote:
How about the 2nd link you posted that has a $643/month HOA fee for a condo with an exterior that trashy lookin
There's a condo complex near me. 5 years ago, they were selling for around $100,000. Today, they're selling for around $250,000.
I mean, how does someone trying to buy compete with that?
Posted on 8/24/23 at 11:17 am to lsupride87
quote:yea my wife and I unfortunately were not able to buy before and every time I look its just fricking worse.
I truly feel for those that are younger as they are 100% screwed. They are going to grow up in a completely different/worse situation in building wealth than any American before them
Posted on 8/24/23 at 11:17 am to stout
I bought a $194k 3b/2b in August of 2020 with 0% down 3 months after graduating college on a $60k salary. Escrowed mortgage is $1022.
Friends called me insane, now I feel like a genius.
Friends called me insane, now I feel like a genius.
Posted on 8/24/23 at 11:20 am to Roux57
Definitely made a good decision. How much does that same house sell for now?
Posted on 8/24/23 at 11:25 am to Greace
I have paid extra on the mortgage in months I have had extra $$ to do so. I owe $177k and could sell this week for $245k. Certainly not mad about it one bit, with a 3.1% interest and $0 down and $0 at closing I will likely never sell this house.
Posted on 8/24/23 at 11:27 am to Greace
quote:
extremely disciplined saving because of rent costs
This is where I am.
I'm single with no kids and make what I consider good money, so it's easier for me to save, but I can't imagine having kids in this scenario.
Posted on 8/24/23 at 11:28 am to Rize
quote:
$4,500 a month after taxes when I move to Houston
Look in a different MUD (Municipal Utility District.) Your taxes can swing 30% less if you move to a mile (or less) in any direction.
Do not buy in Fort Bend County if you can help it. While state law forbids homeowner's assessed value from increasing more than 10% a year, Fort Bend was very clear that my home was going to "increase in value" 40% over the next four years.
Posted on 8/24/23 at 11:31 am to stout
30 year?
I have 15 year
I have 15 year
Posted on 8/24/23 at 11:34 am to Bayou_Tiger_225
quote:Stats prove out that discretionary spending is not being reined in.
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
Looking at data from 2021, I understand it is 18 months old.
Entertainment spending was up 22%, Apparel and services up 21%, alcohol up 16%, transportation up 11%,
People are spending money at alarming rates that is not housing. Yes, housing is up, too high. Interest is up, insurance is up. But we still want to spend money on other things.
LINK
Posted on 8/24/23 at 11:35 am to Pedro
quote:Honestly my wife and I were about 6-8 months away from being financially ready to buy our house(a 6 month rainy day fund that was separate from our housing fund) when we bought. We sat down and determined that it was worth the risk to go ahead and buy, and decided to put down a smaller down payement. Was absolutely worth it. Locked in our rate at 3.1% Our current house would cost us $570 more a month in just P&I if we had waited.
yea my wife and I unfortunately were not able to buy before and every time I look its just fricking worse.
Posted on 8/24/23 at 11:35 am to stout
quote:
Buying a home is now a luxury.
Posted on 8/24/23 at 11:37 am to GreatLakesTiger24
Capitalism and private property ownership is gradually being phased out.
Posted on 8/24/23 at 11:39 am to tigerfoot
quote:
Entertainment spending was up 22%, Apparel and services up 21%, alcohol up 16%, transportation up 11%,
People are spending money at alarming rates that is not housing.
my man that is comparing spending to 2020
it would make all the sense in the world that things like entertainment and shopping would increase from 2020
all your link shows is that people went back to 2019 discretionary spending
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