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re: Housing prices are alarming
Posted on 6/10/19 at 8:57 am to GreatLakesTiger24
Posted on 6/10/19 at 8:57 am to GreatLakesTiger24
quote:
a lot of people on here deny this. I really don’t get it.
If you look at all the new developments in places like dfw, atl, etc., the prices of the homes just don’t match with the average incomes. Something’s gotta give.
Just like pre 2008 people stretch to afford it and put themselves in an unstable position.
If people were truly smart they would buy a fixer upper and work some sweat equity into a house. Sure you might not get the big McMansion like your friends but at least you won't struggle to make the monthly mortgage, insurance, and tax payments.
Then in a few years cash in that sweat equity and move into something else, rinse and repeat until you have your final house, but too many people want it now because their friends have the big McMansion and they have to keep up.
I also blame a lot of the current debt picture on social media. Social media has made the "Keeping up with the Joneses" disease even worse. They see Suzy and Bob enjoying a vacation in the Bahamas so even if they can't afford it Barbara and Mark now feel like they have to keep up and finance a vacation to Hawaii.
You might not think it's true but it happens.
Posted on 6/10/19 at 9:01 am to stout
quote:
f people were truly smart they would buy a fixer upper and work some sweat equity into a house. Sure you might not get the big McMansion like your friends but at least you won't struggle to make the monthly mortgage, insurance, and tax payments.
man i started this experiment with my mom's house (still in it) but god it sucks. being an old house makes it literally 2-3x harder, though
like in a standard house with standard stuff, you can easily replace a lot of shite. in an old house with irregular shapes, things like fixing windows or door frames is beyond me
Posted on 6/10/19 at 9:04 am to stout
quote:it may have made it worse, but the McMansion craze and the 2008 crash happened before the olds even had Facebook
I also blame a lot of the current debt picture on social media. Social media has made the "Keeping up with the Joneses" disease even worse. They see Suzy and Bob enjoying a vacation in the Bahamas so even if they can't afford it Barbara and Mark now feel like they have to keep up and finance a vacation to Hawaii.
Posted on 6/10/19 at 10:13 am to stout
quote:
but too many people want it now because their friends have the big McMansion and they have to keep up.
Guy I know was lower middle income his whole life. Got a big payday, enough for him to retire at a minimum of 5k/month guaranteed income the rest of his life if he didn't spend it and just invested in income properties.
He opted to buy two expensive vehicles, a 10 year old mcmansion in a flood zone with 100k in upgrades that increased the value of the house by maybe 15k. He plans to start looking for work next summer after he graduates.
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