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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 11:47 am to tigerfoot
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.
1
Posted on 8/24/23 at 12:44 pm to Bayou_Tiger_225
quote:
but because the cost of living has increased dramatically compared to wages.
This.
Boomers can wax poetic about current generations eating 10 grains of rice and half a chicken leg for lunch every day, staring at the ceiling instead of having a TV with any streaming services and working 90 hours a week to afford the most basic of housing all they want.
Fact of the matter is, costs of everything (let alone housing) are rising at a ridiculously faster pace than wages.
This isn't about people working at Taco Bell thinking they deserve a $300k house, a brand new car and Starbucks every morning.
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