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re: Let go of 30% of workforce yesterday.
Posted on 9/23/25 at 1:06 pm to ronricks
Posted on 9/23/25 at 1:06 pm to ronricks
It may be boomer money, but it’s wishful thinking that it’s inheritance. 1/3 of homes are cash sales right now, and that number is growing each year, the numbers are far higher in high COL cities. It just shows that people buying houses can finance them outside of the mortgage system.
1
Posted on 9/23/25 at 1:17 pm to lsuconnman
The Great Wealth transfer is a very real thing and its only just started. Its going to impact all levels of economy when it really kicks in and whoever is President is going to get credit for it when it's nothing more than GenX and Millennials spending dead Boomer money.
Posted on 9/23/25 at 1:23 pm to ronricks
quote:
The Great Wealth transfer is a very real thing and its only just started. Its going to impact all levels of economy when it really kicks in and whoever is President is going to get credit for it when it's nothing more than GenX and Millennials spending dead Boomer money.
I’m not convinced this is true. Yes, Boomers have a shite ton of wealth, but literally 10 Boomers have nearly all of it.
I guess maybe for housing particularity, it may work out that the inherited home will be sold and there will be enough cash to put a down payment on another home. But a shite load of Boomers still have mortgages and consumer debt, and end of life care can run even what we thought were the most responsible dry. We see it time and time again.
Wealth will be passed down, but I don’t think we’re just some generation transfer away from economic prosperity
Posted on 9/23/25 at 1:36 pm to armsdealer
quote:
$200/sf is not affordable for most, even if you cut the size in half.
I think people forget your basic job, 2 full incomes at high school graduate entry level full time jobs could easily buy a nice house 30 years ago. Now you need 4 people in those jobs rooming together just to rent an apartment. If we want to go way back a single income like that use to be able to pay all the household bills and buy a house.
I am not in those most people, my wife and I both have good jobs and we can afford a $400,000 house.
What are you talking about? Why can't they afford that? 6% interest rates are very normal and average. This idea that interest rates need to be incredible low for people to "afford" a home is simply ignorant and wrong.
Again, they can afford the homes. They can't afford a home and a bunch of consumer BS they don't need.
We are coming down from a bubble when people got free government money, cheap interest rates, and housing was still cheap.
We are vastly over reacting right now. In 2-3 years the market will have shifted.
The problem with Americans is that we want everything to shift yesterday as soon as we want something new. The world doesn't work like that. Things take time.
Posted on 9/23/25 at 2:08 pm to Mingo Was His NameO
quote:The tract homes he was referring to is called "Built to Rent" (BTR). They have become quite popular in the investment community in recent years. But like I said - at an all time high for starts it's like 80K units. That is an extremely tiny dent in the overall housing shortage - which we still have.
The deceptiveness of institutional home buying, particularly of “affordable” housing (middle class people can actually afford it), is pretty clear to me. Less and less “normal” people are able to afford homes, and you hear anecdote and anecdote about full cash offers coming in for people selling.
Now that’s what doesn’t add up
The main problem with housing is the housing shortage. I don't care what plans or programs we try to throw at affordability, supply and demand matters the most. Without institutional capital building at least some supply, the prices might be even higher.
Posted on 9/23/25 at 2:13 pm to baldona
quote:
What are you talking about? Why can't they afford that?
Because the average home price is almost 4x their income and interest rates, insurance, and taxes have doubled or more in like 5 years.
Are you seriously this stupid?
(I already know the answer to this)
Posted on 9/23/25 at 2:22 pm to baldona
quote:
a bunch of consumer BS they don't need.
like what?
Posted on 9/23/25 at 2:27 pm to JohnnyKilroy
quote:
like what?
Cell phones and Netflix that costs less than a Happy Meal and can provide hours and hours upon entertainment essentially for free
Posted on 9/24/25 at 7:57 pm to xBirdx
quote:
What’s it matter how much you are there? That’s not a good thought process…unless it’s significantly cheaper
You are still paying rent no longer if you are there 10 days a mth or 30.
You aren’t building any equity. You can’t sell and make money.
Bc why would I buy a house when I would be there maybe 20 days a year?
I'd have a mortgage for a home and rent wherever I am for work. I use the money that would be spent on a mortgage to invest
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