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re: WSJ Piece: Young Americans Are Getting Left Behind by Rising Home Prices, Higher Stocks
Posted on 4/27/24 at 1:22 pm to 50_Tiger
Posted on 4/27/24 at 1:22 pm to 50_Tiger
quote:
Hey dumb frick, you remember 07-08 when the current Mid 30's Millennials were graduating college and looking to get on the ladder?
You dumb fricks pulled it up. But not only did you pull it up, you also ran policy to save your old asses at the expense of the same group who now faced the worse job market since your parents were alive . We then had to get even more advanced in ways to navigate tOG shite economy. Finally on the precipice post 2016 and again if you missed the boat before it left in 2019 you are GIGA screwed now.
Luckily for me I am married and have a home in the year 2024 as a 38 year old. However, lets not sit here and speak from the podium like 30-40 year olds have/had it so fricking easy
Yes, thank you thank you. I was hitting the job market right when it was all going down in 2008/2009, nobody was hiring and a good chunk of us were underemployed for years after that. Finally got a stable position and had to take two pay freezes at the beginning of my career. My wife and I are doing fine now, we want for nothing and live a good life, but I'd be lying if I didn't say I often wonder how much better we'd be doing if we hadn't had to deal with that.
And now our local school board which is made up of a majority of boomers, has run the district into the ground financially because of their selfish policies and it will cost a lot of young teachers their jobs. They were stunned that all of a sudden we had a 3 million dollar deficit. Again they got theirs and then they are like whoops our bad, sorry when everyone else is left holding th bag.
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Posted on 4/27/24 at 1:23 pm to ragincajun03
Everything fricking sucks right now and I think it continues that way. Taxes and prices are out of control. We’ve lost control of our spending.
Posted on 4/27/24 at 2:42 pm to Joshjrn
quote:
Trump isn’t a fiscal conservative; he’s a populist who pissed down your boot and told you it was raining. Feel free to support Trump in spite of this fact, but please spare us all the “Trump will right the fiscal ship” nonsense.
Republicans are just as shitty as Democrats from a fiscal standpoint. It's mostly all one big club, and we aren't in it.
Posted on 4/27/24 at 2:50 pm to ragincajun03
Boomers really screwed up the housing market. They complain about people using terms such as rizz and cap or trans when that really has 0 effects on anyones life. What they did to housing which effects every single person in the US makes them the worst generation in history.
I assume there will be a large correction within 5 years. It literally can't keep going on as is. There just isn't enough money from ordinary citizens to be able to. It'll sit unoccupied. Losing money.
Young people using weird terms and wanting to be a girl as a guy, who cares. Housing prices are much more important.
I assume there will be a large correction within 5 years. It literally can't keep going on as is. There just isn't enough money from ordinary citizens to be able to. It'll sit unoccupied. Losing money.
Young people using weird terms and wanting to be a girl as a guy, who cares. Housing prices are much more important.
This post was edited on 4/27/24 at 2:57 pm
Posted on 4/27/24 at 3:21 pm to Civildawg
quote:
But when you think about it, the current 7% to 8% if what 80s and early 90s babies' parents were used to as the norm.
Well yeah, but home prices for a starter home were like $75k not $300k. Huge difference when your interest rate is 7%
Hate to break it to y'all but $75K in 1980 = $300K today
Posted on 4/27/24 at 3:36 pm to Displaced
Don’t give up the house if at any way you can avoid it let someone else pay the mortgage find a really good property manager that has tons of clients and if you don’t find the renter you want in the month or two you need them lower rent and you will get one. I think my paperwork for me rental has it in the fine print that rate goes up a certain percentage due to inflation or something. I get roughly 75$ more ever year they extend I’m at year 4 now…. Which honestly is nice but does not keep up with current rental prices so I’m thinking out taking it down next year and do a quick touch up paint and some new fixtures and re rent
Posted on 4/27/24 at 3:40 pm to ragincajun03
Joe Biden and the rest of the federal govt are doing a great job. They really are. Things are swell. I hope the aliens blow us up soon.
Posted on 4/27/24 at 3:41 pm to flyingtexastiger
quote:
Hate to break it to y'all but $75K in 1980 = $300K today
The average family's lifestyle is significantly inflated today vs 40+ years ago too.
I'm not arguing that there haven't been structural issues with our system either, but this is definitely a contributing factor.
Posted on 4/27/24 at 3:56 pm to rintintin
quote:
It's not just about rates. As a percentage of income, homes are more expensive than ever.
Agree. It’s not pretty at all right now.
Posted on 4/27/24 at 4:00 pm to Locoguan0
quote:
There is no housing crisis.
There is no housing cost crisis.
There are a lot of people who unwilling to live in a place that isn't their dream location. I bought in St. George (oh, yeah, that's right) because the same house in a decent neighborhood in town would cost twice as much. Simple as that.
Look at Colorado. Everyone wants to live in the Front Range cities with quick access to the mountains. No one wants to live an hour east in the prairie lands because it is not the dream. No matter that the houses are half the price.
Because none of those places have jobs, dipshit. The Boomer School of Economics strikes again.
Posted on 4/27/24 at 4:03 pm to ragincajun03
quote:
WSJ Piece: Young Americans Are Getting Left Behind by Rising Home Prices, Higher Stocks
This post was edited on 4/27/24 at 4:04 pm
Posted on 4/27/24 at 4:08 pm to rintintin
quote:
In addition, prices for goods have skyrocketed in tandem which makes affordability even worse.
All I want is a 2 bedroom condo and I can't even afford that now...on a low 6 figure salary. Even the ghetto is unaffordable.
Once you're out of the market, it is very very difficult to get back into the market.
This post was edited on 4/27/24 at 4:10 pm
Posted on 4/27/24 at 4:47 pm to flyingtexastiger
quote:
Hate to break it to y'all but $75K in 1980 = $300K today
In 1980 flat, $284k, but sure. $75k in 1990 when my parents bought their starter home? $179k.
As I’ve mentioned on here before, they bought a house nearly new in what was then, and is now, a fairly shitty part of Lafayette. It’s currently worth more now today, adjusted for inflation, than it was when they bought it, and it’s now 35 years older and more run down, surrounded by equally old and run down houses.
Now, this isn’t a personal gripe for me. I own my own home, but my household income is also significantly higher than the median. My point is that “kids these days just want to keep up with the Joneses” is bullshite as an explanation for why young people can’t afford to buy homes.
This post was edited on 4/27/24 at 4:53 pm
Posted on 4/27/24 at 4:52 pm to Limitlesstigers
quote:
Because none of those places have jobs, dipshit. The Boomer School of Economics strikes again.
I love that an entire generation views themselves as housing investment geniuses because they were able to buy reasonable starter homes in attractive areas and then got to watch their equity skyrocket over the course of their lives because they kept supporting restrictive NIMBY zoning bullshite. Now that they’ve completely strangled the attractive areas to live, their solution is to tell people to go live where no one in the several hundred year history of this nation has ever wanted to live
Posted on 4/27/24 at 4:57 pm to Joshjrn
quote:
I love that an entire generation views themselves as housing investment geniuses because they were able to buy reasonable starter homes in attractive areas and then got to watch their equity skyrocket over the course of their lives because they kept supporting restrictive NIMBY zoning bullshite. Now that they’ve completely strangled the attractive areas to live, their solution is to tell people to go live where no one in the several hundred year history of this nation has ever wanted to live
Posted on 4/27/24 at 5:27 pm to Joshjrn
quote:
love that an entire generation views themselves as housing investment geniuses because they were able to buy reasonable starter homes in attractive areas and then got to watch their equity skyrocket over the course of their lives because they kept supporting restrictive NIMBY zoning bullshite. Now that they’ve completely strangled the attractive areas to live, their solution is to tell people to go live where no one in the several hundred year history of this nation has ever wanted to live ?
I don't know if they're generally this stupid (maybe the leaded gasoline had an effect on their ability to conceptualize things) or they're just coping with the fact that they have made a ton of mistakes running this country and don't want to admit defeat.
Every dumb take online I see on economics is either some blue haired Zoomer or a BoomerCon.
This post was edited on 4/27/24 at 5:30 pm
Posted on 4/27/24 at 5:28 pm to Joshjrn
You can see the absurdly shortsightedness in a few posters here.
The "figure it out like we did" and "just buy a smaller house" type responses.
I have no gripe here as I've secured a home with a 3% interest rate and am actually looking to buy a 2nd house in the next year. Right now is just not comparable to historical markets.
Personally, I think prices will come down a bit in the next couple of years and make things more reasonable but I don't blame any young person right now for renting.
The "figure it out like we did" and "just buy a smaller house" type responses.
I have no gripe here as I've secured a home with a 3% interest rate and am actually looking to buy a 2nd house in the next year. Right now is just not comparable to historical markets.
Personally, I think prices will come down a bit in the next couple of years and make things more reasonable but I don't blame any young person right now for renting.
Posted on 4/27/24 at 5:40 pm to Limitlesstigers
quote:
I don't know if they're generally this stupid (maybe the leaded gasoline had an effect on their ability to conceptualize things) or they're just coping with the fact that they have made a ton of mistakes running this country and don't want to admit defeat. Every dumb take online I see on economics is either some blue haired Zoomer or a BoomerCon.
I don’t think it’s avoiding blame for mistakes; they already blame everyone else for the political state of their city/state/nation, anyway. I think it’s vanity. It’s very important to them that the “success” they have had is because they were particularly smart, or savvy, or hardworking, or whatever. And that’s not to say that some percentage of them aren’t right in that. But the overwhelming majority just rose with the tide, and they would rather swallow their own tongue than acknowledge that.
Posted on 4/27/24 at 5:41 pm to ragincajun03
The boomers have to hurry up and go away. They ruin everything.
Posted on 4/27/24 at 5:57 pm to StayStrapped
I think the term Boomers has just become synonymous with old people. The youngest of them are around aged 60 and probably still working. The oldest are late 70s.
They weren't by and large the generation making policy decisions 35 years ago. Many of the people in charge today (Biden, Pelosi, McConnell) are older than Boomers.
They were beneficiaries of being born at an opportune time in the US, and I'm not saying they aren't partly responsible for the current state of the country either.
They weren't by and large the generation making policy decisions 35 years ago. Many of the people in charge today (Biden, Pelosi, McConnell) are older than Boomers.
They were beneficiaries of being born at an opportune time in the US, and I'm not saying they aren't partly responsible for the current state of the country either.
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