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Started By
Message
Troubles buying a home.
Posted on 3/14/25 at 9:26 am
Posted on 3/14/25 at 9:26 am
Year Inc Home Int Pmt %
1975 11800 38100 9.05 307.93 31.32%
1979 16530 62900 11.2 608.54 44.18%
1983 24550 75300 13.24 847.12 41.41%
1987 30850 104500 10.21 933.32 36.30%
1991 31553 120000 9.25 987.21 37.54%
1995 34076 114600 7.93 835.31 29.42%
1999 42000 136000 7.44 945.35 27.01%
2003 43318 161500 5.89 956.88 26.51%
2007 50233 217900 6.34 1354.43 32.36%
2011 50054 246900 4.45 1243.68 29.82%
2015 56516 289200 3.85 1355.79 28.79%
2019 68703 258000 4.13 1251.15 21.85%
2023 80610 419200 6.81 2735.66 40.72%
2025 75580 396900 6.72 2566.38 40.75%
For those that think they have it today worse than those in past when it comes to buying a home, I created this based on data from the Great Google. I started in 1975 because that should be when the dreaded Boomers started buying homes (born in 1950 and age 25 in 1975). For each of the years listed we have Median Income, Median home Price, Average interest rate, mortgage payment (based on median price, average int rate at the time and 30 years) and the percentage of monthly median salary the payment takes up. Did the calculations every 4 years. Looking at the data, young people are experiencing payments for median homes being 40.7% of median income. In the late 70's and 80's median home payments were 41% and higher. The boomers were facing a tougher time than young people today.
If we take a look at the Big Orange Meanie years, the percentage was in the 20's but young people voted against him. Now those young people are facing the consequences of the biden years (ones they supported and voted for). Similar thing happened in 1975 when people voted carter in.
1975 11800 38100 9.05 307.93 31.32%
1979 16530 62900 11.2 608.54 44.18%
1983 24550 75300 13.24 847.12 41.41%
1987 30850 104500 10.21 933.32 36.30%
1991 31553 120000 9.25 987.21 37.54%
1995 34076 114600 7.93 835.31 29.42%
1999 42000 136000 7.44 945.35 27.01%
2003 43318 161500 5.89 956.88 26.51%
2007 50233 217900 6.34 1354.43 32.36%
2011 50054 246900 4.45 1243.68 29.82%
2015 56516 289200 3.85 1355.79 28.79%
2019 68703 258000 4.13 1251.15 21.85%
2023 80610 419200 6.81 2735.66 40.72%
2025 75580 396900 6.72 2566.38 40.75%
For those that think they have it today worse than those in past when it comes to buying a home, I created this based on data from the Great Google. I started in 1975 because that should be when the dreaded Boomers started buying homes (born in 1950 and age 25 in 1975). For each of the years listed we have Median Income, Median home Price, Average interest rate, mortgage payment (based on median price, average int rate at the time and 30 years) and the percentage of monthly median salary the payment takes up. Did the calculations every 4 years. Looking at the data, young people are experiencing payments for median homes being 40.7% of median income. In the late 70's and 80's median home payments were 41% and higher. The boomers were facing a tougher time than young people today.
If we take a look at the Big Orange Meanie years, the percentage was in the 20's but young people voted against him. Now those young people are facing the consequences of the biden years (ones they supported and voted for). Similar thing happened in 1975 when people voted carter in.
24
Posted on 3/14/25 at 9:32 am to RollTide4547
well one problem is no one wants a "starter home" or fixer up anymore because it doesn't look good on instagram and YouTube.
You got kids in their 20s wanting 5 bedroom houses with pools to show off online.
You got kids in their 20s wanting 5 bedroom houses with pools to show off online.
Posted on 3/14/25 at 9:37 am to AubieinNC2009
quote:I was late to the home ownership game having done a horrible job of saving money so at 29 I bought a modest cape cod vinyl siding house in Nashville on a busy road.
well one problem is no one wants a "starter home" or fixer up anymore because it doesn't look good on instagram and YouTube.
No it absolutely wasn't Instagram ready and I sold it 5 years later and upgraded to a decent brick house.
Just find something. Anything. Start the clock on home ownership. Best thing you can do.
Posted on 3/14/25 at 9:42 am to CAD703X
quote:
Just find something. Anything. Start the clock on home ownership. Best thing you can do.
Yeap I agree with this. get in now, you can refinance later for lower rates and use equity to go to a newer/bigger house later when/if needed
Posted on 3/14/25 at 9:47 am to AubieinNC2009
quote:
no one wants a "starter home"
There is a sense of entitlement. People think they deserve nice homes in nice neighborhoods when they are just starting out.
Posted on 3/14/25 at 9:49 am to RollTide4547
So home prices have come down,,,,,great….
Posted on 3/14/25 at 9:50 am to CAD703X
quote:
I was late to the home ownership game having done a horrible job of saving money so at 29 I bought a modest cape cod vinyl siding house in Nashville on a busy road.
Whats up neighbor. I got mine at 29 (2015) in Nash as well. Back then things were still reasonably priced here. I have some younger friends in the area who are in for a world of hurt when they try to buy a "starter home," but that's market specific.
Posted on 3/14/25 at 9:54 am to AubieinNC2009
quote:
well one problem is no one wants a "starter home" or fixer up anymore because it doesn't look good on instagram and YouTube.
There’s no such thing as a fixer upper.
I’m a full time investor and if anything resembles underpriced, people will buy it with cash in hours. I do it all the time.
Nobody but investors has a chance at any of these houses unless they are reserved for owner occupants by HUD, which is a very small percentage.
The days of buying a fixer upper and putting sweat equity into it are over. Have been for a few years.
Posted on 3/14/25 at 10:01 am to RollTide4547
This actually does paint a very clear picture, so much can be derived from this. Props to you for putting this together and thank you for sharing.
oh and
oh and
Posted on 3/14/25 at 10:04 am to RollTide4547
quote:
The boomers were facing a tougher time than young people today.
Oh now you did it!!
If there is one thing younger people don't want to hear, its that older people had it worse. Don't you know, no one has it worse than younger people?
Posted on 3/14/25 at 10:07 am to RollTide4547
If I tried to purchase a similar home that I grew up in I would never have a house. Our first home was a tiny little thing - 1200 sq ft, '81 in Shreveport, 30k -
Moved to Wichita Falls in '90 - 2300 sq ft - 59k and has been our residence since
Home of my youth - 4500 sq ft - 2 story colonial - River Ridge - easily in excess of 750k
Wanted one like that but just wasn't in the cards. Played the cards dealt
Moved to Wichita Falls in '90 - 2300 sq ft - 59k and has been our residence since
Home of my youth - 4500 sq ft - 2 story colonial - River Ridge - easily in excess of 750k
Wanted one like that but just wasn't in the cards. Played the cards dealt
Posted on 3/14/25 at 10:12 am to RollTide4547
Right now the home buyer is dealing with a variety of things that make it difficult to purchase a home.
-Inflation has whittled away everyone’s savings. That hurts when trying to come up with a 5-20% downpayment
-Home owners insurance has skyrocketed. Almost 2-3 times more expensive than just 2 years ago.
-Home prices have gone up since COVID. Some home prices have slowly and slightly lowered. But we are still in an housing shortage nationwide.
-There are a lot of buyers waiting on the sidelines for mortgage interest rates to get down from high 6s/Low 7s to a 5% range. When this happens, the home buying market will explode and homes will be flying “off the shelf”. Thus causing prices to rise again.
The main advice I can give anyone is Buy Your House now. You can always refinance when rates drop in the next year or two.
-Inflation has whittled away everyone’s savings. That hurts when trying to come up with a 5-20% downpayment
-Home owners insurance has skyrocketed. Almost 2-3 times more expensive than just 2 years ago.
-Home prices have gone up since COVID. Some home prices have slowly and slightly lowered. But we are still in an housing shortage nationwide.
-There are a lot of buyers waiting on the sidelines for mortgage interest rates to get down from high 6s/Low 7s to a 5% range. When this happens, the home buying market will explode and homes will be flying “off the shelf”. Thus causing prices to rise again.
The main advice I can give anyone is Buy Your House now. You can always refinance when rates drop in the next year or two.
Posted on 3/14/25 at 10:19 am to RollTide4547
Good info here and cool data. I think the issue is everybody wants to focus on the argument of the houses were just as tough to get in my day as today and not factor it costs of other things such as energy, internet, vehicles, etc. I feel like these have to be factored in when looking at why younger generations aren't buying houses today like in the past.
Posted on 3/14/25 at 10:22 am to AubieinNC2009
quote:
well one problem is no one wants a "starter home" or fixer up anymore because it doesn't look good on instagram and YouTube.
Partially correct. Now a starter home or fixer upper is in a less secure area. People are paying for security.
Posted on 3/14/25 at 10:25 am to TurkeyBaconLeg
quote:
Inflation has whittled away everyone’s savings. That hurts when trying to come up with a 5-20% downpayment
See 1979. Interest was over 11 percent and inflation was awful.
It was the Carter effect.
They had it really tough.
Early Reagan years when trying to fix everything Carter did was rough.
Same thing currently trying to fix what biden fricked up.
Posted on 3/14/25 at 10:31 am to RollTide4547
Thank you for compiling this data & sharing.
I don't think it's quite as open/shut as you're making it out to be. To play devil's advocate:
-People are now paying approx the same % wise as the 70s, but with half the interest rates of the past
-The property value itself has gone from about 3x median income -> 4x median income
-The 90s-2010s were an amazing time for homebuyers BUT
-The Biden admin, % wise, has been about as bad for homebuyers as the Carter admin
In addition to the already mentioned rise in property taxes, we also have an extra $150-200 bucks of internet and phone service plans that are basically required to function in society. Imo that's the difference between grinding for a home eating beans & rice vs. not having a home at all
I don't think it's quite as open/shut as you're making it out to be. To play devil's advocate:
-People are now paying approx the same % wise as the 70s, but with half the interest rates of the past
-The property value itself has gone from about 3x median income -> 4x median income
-The 90s-2010s were an amazing time for homebuyers BUT
-The Biden admin, % wise, has been about as bad for homebuyers as the Carter admin
In addition to the already mentioned rise in property taxes, we also have an extra $150-200 bucks of internet and phone service plans that are basically required to function in society. Imo that's the difference between grinding for a home eating beans & rice vs. not having a home at all
Posted on 3/14/25 at 10:34 am to AubieinNC2009
quote:this is complete and utter nonsense
You got kids in their 20s wanting 5 bedroom houses with pools to show off online.
Posted on 3/14/25 at 10:36 am to blueboxer1119
quote:
The days of buying a fixer upper and putting sweat equity into it are over. Have been for a few years.
Dumb, really dumb.
Now if you want to argue homes in want of repair are less desirable to today's young buyers, that's a different issue. But there are homes available for value added improvement all over the place.
Posted on 3/14/25 at 10:39 am to LARancher1991
quote:
I think the issue is everybody wants to focus on the argument of the houses were just as tough to get in my day as today and not factor it costs of other things such as energy, internet, vehicles, etc.
I work with a couple dozen 20 somethings. Most all of them stop and get $5+ cup of coffee on the way to work when they could make it at home for 40 cents. Leave for a $20 lunch everyday when they could bring in leftovers. They all drive less than 3 year old NICE cars when they could drive a 10 year old beater mobile. It's about choices. I choose to make my own coffee and drive a 2011 ford fiesta, 280K miles, manual transmission that I paid 2800 for 4 years ago. Bring my lunch every day.
Posted on 3/14/25 at 10:39 am to RollTide4547
I bought my first home in 1979. It was brand new, but small and cheap with a 1 car carport and no garage. Those starter homes aren't being built anymore. It's because builders of new homes make more money with similar labor costs if they build larger, expensive homes.
That leaves the starter home market with condos or old fixer uppers.
That leaves the starter home market with condos or old fixer uppers.
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