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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 11:42 am to tigerfoot
Posted on 8/24/23 at 11:42 am to tigerfoot
quote:I don’t know if you are right or wrong, but spending up in those categories in 2021 compared to spending during the lock downs of 2020 is not surprising and probably not the stats to use to support your claim.
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%,
0
Posted on 8/24/23 at 11:47 am to tigerfoot
quote:Discretionary spending being up is separate from the rise in home prices and interest rates.
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.
And I really don’t see the point in criticizing people for wanting secondary items that have been affordable up until the last two years , and expecting them to be okay with being house poor not because of their irresponsible decisions, but because the cost of living has increased dramatically compared to wages.
Posted on 8/24/23 at 11:49 am to NIH
quote:
$180k? That wouldn’t get you a starter home in a shitty Houston suburb.
you can have this fine pleasantville home for 151k. Up and up-and-coming neighborhood, right next to the port!
Posted on 8/24/23 at 11:51 am to Greace
quote:
Where is this 180k home? Because I couldn't find a single 180k house where I purchased
Bought ours for 139k and it’s a 5 bedroom 3,000 sq ft.
About the only positive of living in the delta, you can get a nice home dirt cheap.
Posted on 8/24/23 at 11:54 am to Bayou_Tiger_225
quote:
Graduating college and move to some dying small town in America so that you can be able to afford a townhome.
Dying small town of Houston? lol
quote:
You do also realize that Houma Louisiana isn’t the standard for US housing prices.
150K won't get me the same living arrangements in Houma as it will in Los Angeles? Go on
Posted on 8/24/23 at 11:56 am to Greace
quote:
No Starbucks allowed right?
That's called a luxury. You can drink community coffee for a month for what 2 cups of starbucks costs
Posted on 8/24/23 at 11:56 am to Salmon
quote:And this whole conversation revolves around that time period. THe graph posted by 87 shows it.
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
Home ownership was on a slight rise from 2016-2019, housing expenses were steady at about 33%. These changes have been mostly covid. Aside from that it was mostly linear.
Posted on 8/24/23 at 11:57 am to Thib-a-doe Tiger
quote:
Dying small town of Houston? lol
He was referring to Houma.
Posted on 8/24/23 at 11:59 am to tigerfoot
quote:
Of course it has. It sucked, but it will correct. You just need to not be in overwhelming debt when it does.
This and the biggest difference between now and the 80s is everyone’s standard of living they’re accustomed to and what it costs to maintain that.
1985- Tv with 3 channels. Tv breaks you fix it. VCR and rent a movie on weekends.
2023- 4 flatscreen HD TVs, cable package, 5 different streaming services. 150 or more a month. Tv breaks you spend 1500 replacing it.
1985- appliance breaks you fix it. 2023 throw it away, finance a new one.
1985- no internet 2023 high speed internet access, 80 or more a month.
1985- 1 landline phone, local calls only. 2023 everyone in family has 1200 dollar smartphone on payment plan, unlimited data plan, etc. hundreds of dollars a month.
You get my point
Posted on 8/24/23 at 12:01 pm to deltaland
quote:
1985- no internet 2023 high speed internet access, 80 or more a month. 1985- 1 landline phone, local calls only. 2023 everyone in family has 1200 dollar smartphone on payment plan, unlimited data plan, etc. hundreds of dollars a month.
This is the biggest boomer tell on this website
Posted on 8/24/23 at 12:01 pm to stout
Don't worry. It'll crash soon. Americans can't afford this. So they won't buy. No one buying means prices crash. It's on its way already.
Posted on 8/24/23 at 12:01 pm to Thib-a-doe Tiger
You said you bought an affordable townhome in Houma as your first place.
I.E. A dying small town.
I.E. A dying small town.
Posted on 8/24/23 at 12:01 pm to deltaland
quote:
2023- 4 flatscreen HD TVs, cable package, 5 different streaming services. 150 or more a month. Tv breaks you spend 1500 replacing it.
I've got one TV. A few streaming services but nothing totalling more than $50 a month.
quote:
1985- appliance breaks you fix it. 2023 throw it away, finance a new one.
Cost more to repair the appliance than to replace it.
quote:
1985- 1 landline phone, local calls only. 2023 everyone in family has 1200 dollar smartphone on payment plan, unlimited data plan, etc. hundreds of dollars a month.
Two phones both paid off. $80 a month.
Get my point?
Posted on 8/24/23 at 12:03 pm to deltaland
The guy who grew up in the 40s is calling you spoiled because all he needed for entertainment was a single radio for the entire house.
Posted on 8/24/23 at 12:03 pm to Thib-a-doe Tiger
A cup of coffee is a luxury. It's not caviar or crab legs.
Posted on 8/24/23 at 12:04 pm to JohnnyKilroy
Is he wrong though? CC debt is through the roof. You can't honestly say that it is only due to inflation or stagnant wages.
Most people waste tons of money on shite they don't need. Or buy shite they can't afford. Look at the prices people are paying for Taylor Swift tickets.
Most people waste tons of money on shite they don't need. Or buy shite they can't afford. Look at the prices people are paying for Taylor Swift tickets.
Posted on 8/24/23 at 12:05 pm to stout
The flip in existing home prices and new home prices is wild to look at … truly unusual times
TLDR; prices coming down across the board into 2024. Book it
TLDR; prices coming down across the board into 2024. Book it
This post was edited on 8/24/23 at 12:06 pm
Posted on 8/24/23 at 12:05 pm to Greace
quote:
A cup of coffee is a luxury. It's not caviar or crab legs
Coffee isn't a luxury, but $5-$15 cups of coffee are
Posted on 8/24/23 at 12:06 pm to JohnnyKilroy
quote:
This is the biggest boomer tell on this website
I was born in 1991
Posted on 8/24/23 at 12:06 pm to Bayou_Tiger_225
Yea we just werent in that spot sadly. It sucks because I feel like were doing a good job saving and everything but shite's just getting further away from being realistic still.
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