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High housing prices...
Posted on 7/25/24 at 3:15 pm
Posted on 7/25/24 at 3:15 pm
A lot of people complain about how the housing market skyrocketed in recent history. But, isn't it kind of obvious that millennials are the first generation where women have fully integrated the workforce. And are the first generation where it's the norm for both people in a household to work. I'm not pulling the numbers or data, but I bet if you just accounted for two incomes being the new normal household income, the sky high housing prices would make a lot more sense. It's really not crazy that 2 people making 60k a year each can afford a 300k starter home.
31
Posted on 7/25/24 at 3:18 pm to theliontamer
quote:
razy that 2 people making 60k a year each can afford a 300k starter home.
Thats assuming they have low debt (student loans/cars/vacations on credit cards)
Also, don't discount the day-to-day expenses that have increased quite a bit over the past 4 years. These essential expenses will quickly cut out a portion of your mortgage.
This post was edited on 7/25/24 at 3:20 pm
Posted on 7/25/24 at 3:21 pm to theliontamer
No, it's not crazy to think that. But most of those same people are saddled with debt and high costs of living otherwise.
Posted on 7/25/24 at 3:24 pm to theliontamer
It's the first generation where it's the norm to have a $200+ a month cell phone bill and $100+ a month high speed internet + streaming services (Netflix, Prime, Hulu, etc.)
Posted on 7/25/24 at 3:25 pm to jcaz
quote:
No, it's not crazy to think that. But most of those same people are saddled with debt and high costs of living otherwise.
I think a lot of us forget that $300K price tag also comes with a heftier homeowner's insurance policy and property tax bill (depending on resident state) thus gutting your cash even more.
At times like this balance is warranted.
Posted on 7/25/24 at 3:28 pm to theliontamer
What should be talked about is the high cost of housing keeping landlords from being able to accumulate more houses to rent
Posted on 7/25/24 at 3:28 pm to theliontamer
First off, in any major city a $300k starter home is near impossible unless you are willing to commute over an hour to work each way. Secondly, if you combine to make $120k pre-tax and want to save even a modest 10% for retirement you're already pushing it. Factor in about $8k per year in property taxes and you are very quickly struggling to pay that $300k note at 7.5% interest.
Posted on 7/25/24 at 3:29 pm to Shexter
quote:
streaming services (Netflix, Prime, Hulu, etc.)
It all went to complete shite when millineals thought they were cool ‘cutting the cord’.
Posted on 7/25/24 at 3:31 pm to theliontamer
There's a guy on youtube that has done the math on this - the American Dream is just a fantasy for these younger generations. They are overburdened with debt, prices high, interest rates high - it's just not possible for them.
We have to see a mechanism forcing more houses onto the market for sale.
We have to see a mechanism forcing more houses onto the market for sale.
Posted on 7/25/24 at 3:37 pm to theliontamer
quote:
but I bet if you just accounted for two incomes being the new normal household income, the sky high housing prices would make a lot more sense
Not completely. In a township about 10 miles from us, east of Downtown L.A., there was a lot of foreign money poured into it with people paying cash for houses. Some people were priced out which drove up prices even further out.
Posted on 7/25/24 at 3:37 pm to jizzle6609
quote:
Thats assuming they have low debt (student loans/cars/vacations on credit cards)
quote:
There's a guy on youtube that has done the math on this - the American Dream is just a fantasy for these younger generations.
People who make reckless decisions have always stuggled to buy a home.
Lazy people have always struggled to buy a home.
Stupid people who can't earn much money have always struggled to buy a home.
The only thing new is that there is an entire media/social media/influencer industry that profits off of scaring the hell out of people.
This post was edited on 7/25/24 at 3:39 pm
Posted on 7/25/24 at 3:37 pm to theliontamer
I think housing is affected by it, but is not the primary effect.
Look at the economics of income/jobs. If you double the workforce (by suddenly including women) without a massive increase in job demand, you're drastically dropping demand for their services, and with it wages/earning power. Follow that line of thought and it becomes inflationary on a generational scale, affecting housing prices, groceries, anything you can buy with $$.
Look at the economics of income/jobs. If you double the workforce (by suddenly including women) without a massive increase in job demand, you're drastically dropping demand for their services, and with it wages/earning power. Follow that line of thought and it becomes inflationary on a generational scale, affecting housing prices, groceries, anything you can buy with $$.
Posted on 7/25/24 at 3:39 pm to POTUS2024
quote:
American Dream i
Depends on the dream
Posted on 7/25/24 at 3:41 pm to theliontamer
quote:
It's really not crazy that 2 people making 60k a year each can afford a 300k starter home
frick that, you'd still be house poor.
Posted on 7/25/24 at 3:44 pm to theliontamer
Older woman I work with who just retired straight up told me we can thank women in the work place for doubling the supply of workers and pushing salaries down, to where now 2 incomes barely cover what one used to, and we hand our children over to someone else to raise.
What a fricked up system.
What a fricked up system.
Posted on 7/25/24 at 3:51 pm to theliontamer
quote:
But, isn't it kind of obvious that millennials are the first generation where women have fully integrated the workforce. And are the first generation where it's the norm for both people in a household to work.
It is not obvious at all. Most women worked post WWII and a majority of married women did soon thereafter. Why do millennials think they are the first to do anything?
From the Social Security Administration:
quote:
Labor force participation rates for all and married women aged 25–34, by birth cohort
quote:
DE Depression Era
EBB early baby boomer
Gen X generation X
LBB late baby boomer
MBB middle baby boomer
This post was edited on 7/25/24 at 3:52 pm
Posted on 7/25/24 at 3:53 pm to TigerDeacon
quote:
It is not obvious at all. Most women worked post WWII and a majority of married women did soon thereafter. Why do millennials think they are the first to do anything?
Yeah I'm almost 50 years old and pretty much everyone woman in my social circle who is my age went to college and entered the workforce. Now some did quit and stay home when they started having kids, but most did not.
Posted on 7/25/24 at 3:57 pm to jizzle6609
I think eventually people will be forced to cut back on usual spending and focus their money on housing, we will see a slowdown in consumer spending and of course the markets will act like the sky is falling. Everything is propped up on credit cards. Most wealth is built on speculation
Posted on 7/25/24 at 3:59 pm to MC5601
lol ok, yea sorry you cant live in the nice area of a major city with an average starting salary and student loan debt.
Posted on 7/25/24 at 4:27 pm to theliontamer
quote:
lol ok, yea sorry you cant live in the nice area of a major city with an average starting salary and student loan debt.
This is disingenuous. I make about $115k per year and I can't afford to live in a decent area within 30 min of Dallas. No student loans, just can't afford the mortgage for a 3/2 starter home that costs $500k+.
The kid you're talking about with average starting salary and debt must be really suffering as an apartment in a safe area of town starts at about $1500 a month for 600 sqft
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