- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Millenial homeowners "get real" about their success
Posted on 6/4/19 at 8:18 pm to Hammertime
Posted on 6/4/19 at 8:18 pm to Hammertime
quote:
If you can't afford to come up with the money for and pay an FHA loan on a $150k house, you don't deserve to have a house
This is the problem in a nutshell. Everyone grows up with their minimum expectations not being realistic.
The housing market has skyrocketed and it's not affordable to start off like their parents did.
My parents bought a 3 bedroom, 1 bathroom home in a nice neighborhood in 1975 for $8,000.00.
$8,000 in 1975 is just under $40,000 today. Yet those homes in that neighborhood sell for about $180k today.
At the time my dad worked at what is now Albemarle (which is where he retired from) and my mom was a stay at home wife. That was 3 yrs before I was born.
The average family can't have a house note, car note, insurance, etc etc on the husband's average salary today. There are families who bring in $120k-$150k a year and live month to month because they are trying to "keep up with the Jones'".
7
Posted on 6/4/19 at 8:22 pm to OweO
quote:
The average family can't have a house note, car note, insurance, etc etc on the husband's average salary today. There are families who bring in $120k-$150k a year and live month to month because they are trying to "keep up with the Jones'".
Well that’s their fault and I have no sympathy for them.
Posted on 6/4/19 at 8:29 pm to OweO
They want to start off with and expect something nice. Bought my first home just out of med school. A fixer upper that I did a ton to in the few months I had between the end of med school rotations and start of residency. Then over the next few year made gradual improvements. Sold it for quite a bit more a few years later and used that towards down payment on new home.
I don't get why more don't do this. Hell, you can YouTube everything now. I had to look that shite up in books and limited dial up internet.
I don't get why more don't do this. Hell, you can YouTube everything now. I had to look that shite up in books and limited dial up internet.
This post was edited on 6/4/19 at 8:33 pm
Posted on 6/4/19 at 8:40 pm to OweO
quote:
The housing market has skyrocketed and it's not affordable to start off like their parents did. My parents bought a 3 bedroom, 1 bathroom home in a nice neighborhood in 1975 for $8,000.00. $8,000 in 1975 is just under $40,000 today. Yet those homes in that neighborhood sell for about $180k today.
This isn’t exactly apples to apples, then vs now. Yes, the house was cheap but the yearly income was considerably lower. And, my parents purchased a house in 75 as well and the interest rate was double digits as it was the going rate.
It’s always been tough getting that home.
Posted on 6/4/19 at 9:17 pm to OweO
That $40,000 house didn’t have wood floor, granite counter tops, a double oven, or whatever other frivolous upgrades every new house today has.
I’ve done quite well at 33. We got a house at 28 and it was a good decision because we are able to keep from moving. If we jumped to a new house every few years, renting would be better financially in the long term.
These people don’t even know why they want a house. They’re just parroting what they’re told. If you move more than ONCE in that 30 year span that you own and restart that mortgage, you just put yourself behind people who rent. Take the money you put into a down payment and invest it.
I’ve done quite well at 33. We got a house at 28 and it was a good decision because we are able to keep from moving. If we jumped to a new house every few years, renting would be better financially in the long term.
These people don’t even know why they want a house. They’re just parroting what they’re told. If you move more than ONCE in that 30 year span that you own and restart that mortgage, you just put yourself behind people who rent. Take the money you put into a down payment and invest it.
Posted on 6/4/19 at 10:13 pm to OweO
quote:
There are families who bring in $120k-$150k a year and live month to month because they are trying to "keep up with the Jones'".
See it every day.
A friend had the nerve to point out how much I spent on a toy the other day. Made a comment that I had more money than I know what to do with.
I pointed out he makes three times what I make.
But where as he has a brand new 80k truck, his wife a brand new car, toys, and a house note. I buy used vehicles. I drive them into the ground. And I side hustle as much cash as I can.
I probably have 10x the amount of emergency cash in my safe that they have to their name.
Nothing to do with privelege or inherited wealth. Everything to do that I accept the limitations of my current income and do everything I can to live within even more strict limitations.
And if I decide to splurge, I don't make it a habit.
Posted on 6/5/19 at 1:20 am to OweO
quote:
“keep up with the Jones'".
Biggest problem among 20-30 yr olds right now and social media is absolutely exacerbating it.
If you scroll through Instagram seven times a day, someone is bound to be having a better day than you. And conversely, you’re not posting what a shitty day you’re having.
This life is simple: find the easiest way to be happy...and it isn’t through people taking goddamn selfies.
Posted on 6/5/19 at 7:40 am to OweO
quote:
My parents bought a 3 bedroom, 1 bathroom home in a nice neighborhood in 1975 for $8,000.00.
The median home price in 1975 was 40k. Your parents must have bought a trailer.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News