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Started By
Message
re: The math for buying a home no longer works, per WSJ
Posted on 12/21/23 at 9:57 am to DownshiftAndFloorIt
Posted on 12/21/23 at 9:57 am to DownshiftAndFloorIt
That is the issue. One of the cousins recently built a much larger home than they wanted/needed because it was the smallest one the contractor would build.
Eta: I had a small home that flooded in 2016 and every contractor wanted to do a full remodel with all the upgrades. I finally decided to tell them I decided to rent it out so I could put normal finishes instead of all the upgrades and wall moving/spa bathrooms they wanted to sell me on.
Eta: I had a small home that flooded in 2016 and every contractor wanted to do a full remodel with all the upgrades. I finally decided to tell them I decided to rent it out so I could put normal finishes instead of all the upgrades and wall moving/spa bathrooms they wanted to sell me on.
This post was edited on 12/21/23 at 10:00 am
3
Posted on 12/21/23 at 9:57 am to Scruffy
quote:
Scruffy
Posted on 12/21/23 at 9:58 am to madamsquirrel
quote:maybe roger could loan him his "how to build a house" books
That is the issue. One of the cousins recently built a much larger home than they wanted/needed because it was the smallest one the contractor would build.
Posted on 12/21/23 at 9:59 am to GreatLakesTiger24
quote:
I just looked at my verizon bill and it looks like my new iphone 13 was about 700. 36 $19 payments, 0 interest.
The wonton excess, luxury and financial irresponsibility in this post is disgusting.
Posted on 12/21/23 at 9:59 am to madamsquirrel
And good luck financing a DIY home build. No bank is loaning you money for that shite anymore.
It's fricking tough out here. I was lucky enough to get my feet under me before it all went to shite.
It's fricking tough out here. I was lucky enough to get my feet under me before it all went to shite.
Posted on 12/21/23 at 10:00 am to Scruffy
quote:
The millennial generation has been out of college for damn near 20 years at this point.
That is the issue.
Exactly. The old heads in these threads never realize that millennials are old and grey now.
quote:
Then you can include the younger generations who are incredibly nihilistic and you are heading for a political and social nightmare that, I’ll point out, the older generations aren’t going to die before experiencing
Yep. There is a vocal group of younger folks who have no interest in the system and have no hope and will burn it all down if they can.
Posted on 12/21/23 at 10:01 am to GreatLakesTiger24
quote:
people can look at realties beyond their personal situation. it's really not that difficult of a concept.
That’s exactly what I’ve been doing in here. I know what it’s like to be young and trying to get started in life. It’s hard. It sucks in fact. Nothing today’s young people are facing is new or unique. And making excuses for it isn’t helping them, in fact it’s hurting them because many of them are already just giving up. They need to hear the truth instead of excuses. And the truth is getting start in life will be hard and require hard work and sacrifice. They’re going to have to struggle just like everyone else before. Life is hard and gives you nothing you don’t work for and earn for yourself. But it’s entirely possible to make it and will pay off in the long run.
Posted on 12/21/23 at 10:02 am to Scruffy
quote:
I do extremely well, and when I include my wife’s income we have no problems at all.
same, we aren't doing the best of my friends but we are alright. My parents help out here and there too. I am lucky. No amount of cooking at home (nearly all we do) and cutting expenses can solve things like child care being way more expensive than it was when i grew up
Posted on 12/21/23 at 10:03 am to Dawgfanman
quote:
quote:
Is someone making $35k/yr smarter than someone making $75k/yr? Because they manage to get by at that $35k.
A family making 35k gets enough govt subsidies that they really make closer to 50k. Probably get damn near 10k at tax time.
You aren't helping the argument.
35k. 50k.
The 75k can't do better?
There are problem solvers and problem makers.
If 75k can't get ahead any better than 50k, which one are they?
Posted on 12/21/23 at 10:03 am to jclem11
quote:Exactly. I’m not even an older millennial and I am 35. Millennials extend into their 40s, with the oldest being 42-43.
Exactly. The old heads in these threads never realize that millennials are old and grey now.
quote:The younger generations have been told by schools, the news, their parents, etc., that the world will end via climate change, wars, etc., and they do not give a shite anymore.
Yep. There is a vocal group of younger folks who have no interest in the system and have no hope and will burn it all down if they can.
Those nihilistic fricks are going to have political power VERY soon.
Posted on 12/21/23 at 10:05 am to DownshiftAndFloorIt
Well I have 4 millenial children.
You said
You said
quote:then proceeded to agree with me that a contractor isn't building it and a bank is not financing DIY. So where does the $100k come from?
You could easily build a raised 1200sqft house for $100k.
Posted on 12/21/23 at 10:05 am to Chucktown_Badger
quote:
Lamenting people who are working to actively destroy this country isn't bitching about our lot in life, it's calling out people who hate this country.
Just a subtle reminder that these ridiculous interest rates we're all talking about are brought to you courtesy of massive government money printing and spending, and incentivized laziness. Vote accordingly.
7% interest rates are ridiculous?
The historical average is probably closer to 8%.
When people post about old people thinking that they know "better",experience really does have its perspective.
Posted on 12/21/23 at 10:07 am to JohnnyKilroy
i think i'm going to upgrade to one of the newer phones with a good camera out of spite
Posted on 12/21/23 at 10:09 am to Darth_Vader
quote:and as far as buying a house goes, it's objectively much harder now than it was for people your age
I know what it’s like to be young and trying to get started in life. It’s hard. It sucks in fact.
the facts cannot be denied
Posted on 12/21/23 at 10:10 am to meansonny
quote:
You aren't helping the argument. 35k. 50k. The 75k can't do better?
The family making 75k has taxes that lower them closer to the same level as the family making 35k who is getting subsidies.
And in general, they are “doing better”.
Posted on 12/21/23 at 10:11 am to meansonny
quote:It is ridiculous when the cost of the items are insanely higher than they were in the past, especially when compared to income.
7% interest rates are ridiculous?
People always talk about the 70s and high interest.
I’ll tell you what, give me the prices from back then and the income from the 70s and you can give me the 13% interest rate.
Instead, we essentially get a barely increased income while prices have skyrocketed.
That argument of yours fails hard.
Yea, I’ll take the 70s.
Hell, give me the 80s or 90s.
This post was edited on 12/21/23 at 10:16 am
Posted on 12/21/23 at 10:13 am to madamsquirrel
401k loan? Credit union? Family loan? shite idk. The point was you can build a serviceable house for $100k. Idk where you get the money from.
Posted on 12/21/23 at 10:13 am to GreatLakesTiger24
quote:
and as far as buying a house goes, it's objectively much harder now than it was for people your age
the facts cannot be denied
50% of home purchases were first time homebuyers.
The year prior, it was 45%.
"Objectively harder" how?
Banks don't like them?
Sellers don't like them?
Realtors don't like them?
The government doesn't like them?
Posted on 12/21/23 at 10:18 am to Scruffy
quote:
It is ridiculous when the cost of the items are insanely higher than they were in the past, especially when compared to income.
This is the real problem.
Despite the focus on building big and expensive homes for the past 20 years...affordable homes are still available in most cities for young people that are willing to put up with the embarrassment of living in a dated, smaller house/condo in a boring neighborhood.
The real problem is saving for a down payment when you are paying 40% more for eggs, 20% more for meat, and 30% more for insurance, etc. when wages are either stagnant or barely increasing at all. THAT is a real problem. Inflation is a hidden tax on all of us, but it hurts the young and the poor the hardest. So you stay renting, which exposes you even more to the pressures of inflation.
And don't get me started on Biden's "inflation reduction act". That's the opposite of what spending like that actually accomplishes.
Gen Z'ers...look on the bright side. If this keeps up for another decade, your crippling student loan payments will feel cheap.
Posted on 12/21/23 at 10:20 am to DownshiftAndFloorIt
quote:
The point was you can build a serviceable house for $100k.
Maybe you have the time and the knowledge but most people do not
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