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Message
re: Monthly mortgage payment based on a median existing home is now at a record $2,322
Posted on 8/24/23 at 1:08 pm to NIH
Posted on 8/24/23 at 1:08 pm to NIH
quote:
It’s almost as if retired 75 year olds are out of touch.
Im not retired or 75 but for the older people looking at various stats, it is confusing when people are saying "they cant afford xxxxxx".
From a thread earlier this week regarding car loans:
quote:
Today’s average new car loan has a monthly payment north of $750, with an interest rate of 9.5%.
Seasonalized rates of severe delinquency for auto loans are the highest since at least 2006.
The squeeze faced by borrowers might soon ratchet tighter, with a payment holiday for student loans set to expire at the end of the month. According to credit-reporting agency TransUnion, more than a third of consumers with student loans took on new auto loans during the pandemic.
And this is an excerpt from an AP News article today:
quote:
Americans didn’t let persistent inflation and lingering worries about a recession cut into summer spending on dining out and drinking.
Retails sales at restaurants and bars surged from May through July compared with a year ago, despite prices remaining relatively elevated for restaurants and bars. Sales in the sector jumped 11.8% in July and 9.5% in June from a year ago, according to the Commerce Department.
AP News Article
This is where some confusion lies on my part....people are taking out crazy loans on new cars, going out to eat more, credit card debt is at record highs etc. People don't seem to quit spending.
0
Posted on 8/24/23 at 1:08 pm to jordan21210
quote:
Most of those people are up to their eyes in debt and live on cash flow with 0 savings. Always rolling negative equity from F250 to F250.
I know that. He knows that. He knows I know he knows that. Doesn't matter to him
Posted on 8/24/23 at 1:09 pm to Thib-a-doe Tiger
quote:What I’m owed
I'm sorry that this way of life seems incompatible with what you think you are owed, but it's the way people who don't have to stress about money constantly live.
I’m 26. I worked my arse on in high school to earn myself a full scholarship to college. Graduated on time and got accepted into grad school. Worked part time at a firm that offered tuition reimbursement for straight A’s to pay for it. Lived at home the entire time. Took a job with a Big 4 firm and worked like a dog for 3 years to parlay that into a nice industry job. Currently married and in a house that I was able to buy right before the market went to hell.
10-15 years ago I’d be in high cotton . Instead I’m living like your average Joe. Bringing my lunch everyday. Same car since freshman year of college. Yearly vacation to someplace like orange beach.
I’m okay, even now. But I understand and empathize with my current generation. We as a whole are struggling, and many people in this country are just too blinded to see it.
Posted on 8/24/23 at 1:11 pm to dcrews
quote:
No one thinks they are owed anything, but this notion that abstaining from starbucks and bringing your own lunch to work offsets the grand canyon sized gap between how far costs have risen versus wages over the last 20 year is utter nonsense.
I didn't say it solved all of your problems, but if you can't start small buy cutting out frivolous spending, then you have no shot to begin with. There are very very few people who are buying starbucks who aren't wasting tons of other money as well.
Posted on 8/24/23 at 1:11 pm to Thib-a-doe Tiger
Edit: nm, I misread your post
This post was edited on 8/24/23 at 1:13 pm
Posted on 8/24/23 at 1:13 pm to deltaland
quote:
Owner bought it for like 250k 10 years ago. Locals were reaming his arse on Facebook for listing it for that price. It was entertaining
How much work did he put into it? doesn't look like much?
How much land comes with it?
Posted on 8/24/23 at 1:16 pm to Bayou_Tiger_225
quote:
I’m 26. I worked my arse on in high school to earn myself a full scholarship to college. Graduated on time and got accepted into grad school. Worked part time at a firm that offered tuition reimbursement for straight A’s to pay for it. Lived at home the entire time. Took a job with a Big 4 firm and worked like a dog for 3 years to parlay that into a nice industry job. Currently married and in a house that I was able to buy right before the market went to hell.
10-15 years ago I’d be in high cotton . Instead I’m living like your average Joe. Bringing my lunch everyday. Same car since freshman year of college. Yearly vacation to someplace like orange beach.
I’m okay, even now. But I understand and empathize with my current generation. We as a whole are struggling, and many people in this country are just too blinded to see it.
I read this as "I busted my arse going above and beyond to make it and I did"
That's the way it's supposed to work. I'm older than you but my story, including the same degree and career path, are the same.
Now compare your story to someone who chooses a job that has little room for advancement. Low skill low training jobs. Those people weren't homeowners 20 years ago either.
Posted on 8/24/23 at 1:16 pm to Thib-a-doe Tiger
quote:
There are very very few people who are buying starbucks who aren't wasting tons of other money as well.
even if someone went to Starbucks every day, they would only save ~$1500 a year on coffee. That is assuming someone who goes to Starbucks every day isn't taking advantage of specials on the app and whatnot.
If you want to attacked wreckless spending, it is booze that will get people quicker than coffee.
Posted on 8/24/23 at 1:22 pm to Thib-a-doe Tiger
quote:And in any other generation he would be better off than he is now. That’s the only point of this thread, and for some reason you can’t admit that because it makes you feel less of a man I suppose
I read this as "I busted my arse going above and beyond to make it and I did"
Posted on 8/24/23 at 1:22 pm to Dire Wolf
quote:
they would only save ~$1500 a year on coffee
ONLY
Thats almost my entire mortgage payment for one month.
There's not many cheap alternatives to booze
Posted on 8/24/23 at 1:24 pm to Thib-a-doe Tiger
I mean, $1,500/year ain’t much when we’re talking about saving to buy a home.
Posted on 8/24/23 at 1:24 pm to Thib-a-doe Tiger
quote:lol
Thats almost my entire mortgage payment for one month.
Posted on 8/24/23 at 1:25 pm to Thib-a-doe Tiger
quote:
ONLY
Thats almost my entire mortgage payment for one month.
i am not saying it is not reckless to spend $4 on coffee but it is also not the boogyman yall make it out to be. I can't cut coffee and have a downpayment for a house in a couple of years.
only absolute retards are spending $4 x 365 at Starbucks.
quote:
There's not many cheap alternatives to booze
not drinking
This post was edited on 8/24/23 at 1:26 pm
Posted on 8/24/23 at 1:25 pm to Thib-a-doe Tiger
The whole point of that is that it took an abnormal amount of effort and a more difficult career path to just become an average Joe, when in the past someone who did that could have some luxuries.
Im living the life of an average joe from 20 years ago. So what kid of life is today’s average Joe living.
That’s the point.
Im living the life of an average joe from 20 years ago. So what kid of life is today’s average Joe living.
That’s the point.
Posted on 8/24/23 at 1:28 pm to Dire Wolf
quote:
i am not saying it is not reckless to spend $4 on coffee but it is also not the boogyman yall make it out to be. I can't cut coffee and have a downpayment for a house in a couple of years.
only absolute retards are spending $4 x 365 at Starbucks.
I get your point, but the vast majority is spending more than $4.
Posted on 8/24/23 at 1:29 pm to Thib-a-doe Tiger
quote:
I didn't say it solved all of your problems, but if you can't start small buy cutting out frivolous spending, then you have no shot to begin with. There are very very few people who are buying starbucks who aren't wasting tons of other money as well.
The gap between rising cost and wages still exists, no matter if spending is wasteful or not.
If you can't afford to buy a home even if you don't spend a single dime on anything but water, rice and beans, then what difference does it make?
Even taking the approach of buying a shitty "starter" home for folks isn't plausible with wages and home prices as they are (no matter how much non-essential spending you cut out).
The wasteful spending argument is completely overblown (though it does exist rampantly). The big contributor of people not being able to afford a home is the lack of wage increases respective to cost of living increases over the last 2-3 decades.
Posted on 8/24/23 at 1:30 pm to TDTOM
quote:
I get your point, but the vast majority is spending more than $4.
i posted the menu for a reason. If you are getting black coffee or simple drinks, you are spending around $3.
if you are ordering anything else then you are fat and belong in a BMI argument thread.
Posted on 8/24/23 at 1:30 pm to dcrews
Obviously you are just buying the expensive beans. Probably buying $10 bottles of water too.
Posted on 8/24/23 at 1:31 pm to dcrews
quote:
The big contributor of people not being able to afford a home is the lack of wage increases respective to cost of living increases over the last 2-3 decades.
Yep, and as much has been shown in this thread in numbers and people still want to argue about it.
Posted on 8/24/23 at 1:32 pm to Dire Wolf
quote:
i posted the menu for a reason. If you are getting black coffee or simple drinks, you are spending around $3.
....and most people aren't. They are getting some venti 3500 calorie drink and bagel.
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