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Posted on 5/14/23 at 3:48 pm to Joshjrn
quote:I've done that, and posted it.
Fun experiment: Look up that house on Zillow and see what it's worth now.
The response?
"Oh, 'no one' would live there now."
But to your point, until last year loan rates were obviously contributory to pricing. Monthly costs at a given pricepoint were far lower than in the past, making expensive homes more affordable, and comparisons in pricing somewhat deceptive.
Recently as rates began to run up, fomo drove demand, and the latest bubble. I'd like to hope most millenials took advantage of the lower rates, and subsequent price escalation.
Posted on 5/14/23 at 4:00 pm to NC_Tigah
quote:
I've done that, and posted it.
The response?
"Oh, 'no one' would live there now."
The house we bought for 128k in 2005 or so is worth 182k now according to Zillow. Interest rates were about where they are now too, maybe a bit higher. I think our rate was 6.8%.
It's not real surprising to me that home hasn't doubled in value. It's serving its intended purpose, an alternative to apartment living.
Posted on 5/14/23 at 5:03 pm to Auburn80
What I’ve seen is a lot of millenials just can’t give up “want” items that they’ve engrained into their daily lifestyles. Many would be substantially better off by making just a few minor spending adjustments, but avocado toast and overpriced coffees will be the end of them.
Posted on 5/14/23 at 5:04 pm to fallguy_1978
My kid is a 35 year old baby boomer. Bought his first house for 90k in a redevelopment district. No money down. Never graduated from college. Works six days a week. Now lives in a 1920s bungalow in a small, safe town, Never has owned a new car
He and his wife and our two grandchildren are happy as clams. We give them no assistance. They will have to wait to inherit…if we don’t end up in assisted living
G.
You folks make me laugh…
He and his wife and our two grandchildren are happy as clams. We give them no assistance. They will have to wait to inherit…if we don’t end up in assisted living
G.
You folks make me laugh…
Posted on 5/14/23 at 5:11 pm to NC_Tigah
quote:
quote:
They arent "thriving".
They aren't?
Perhaps it depends on interpretation of "thriving"?
How are they doing compared to you at the same age?
This is always my thought to. I know there are challenges but my dad rented a room from an old lady when he first graduated and went to work. People have lots of nice things.
Posted on 5/14/23 at 9:05 pm to NC_Tigah
quote:
I've done that, and posted it.
The response?
"Oh, 'no one' would live there now."
If you don't mind, humor me. I've yet to see a true exception to the rule, so this would be a nice curiosity
quote:
But to your point, until last year loan rates were obviously contributory to pricing. Monthly costs at a given pricepoint were far lower than in the past, making expensive homes more affordable, and comparisons in pricing somewhat deceptive.
More affordable in theory, until they started getting slammed by massive property insurance increases. I genuinely don't know how the "average" household is managing.
Posted on 5/14/23 at 9:27 pm to lynxcat
quote:
Personal anecdotes are meaningless
I agree
quote:
when discussing the situations faced by generations.
The situations discussed by generations include people claiming how they "cant". People blaming other generations for their current situation. People who are not looking at solving problems.
About 3 billion years of evolution has built into my brain to recognize that this is either immaturity which will eventually be outgrown or a weak mental fortitude which deserves whatever fate it settles on.
It doesn't take a high IQ to win the homeownership game. Honestly.
Posted on 5/14/23 at 9:42 pm to Joshjrn
quote:
Fun experiment: Look up that house on Zillow and see what it's worth now. Remember that that house is now 20 years older, needs more work, outdated, etc, etc
That is kind of a simpleton question.
My entire case in point was 25 miles from the central business district.
In 1977, my parents house was the suburban sleep hub for the business district in downtown Atlanta.
In 2003, my home was the suburban sleep hub for the business district that happened to be in the county that my parents live in.
Today, my former home in gwinnett County has its own central business district (over 1M people live in the county).
I understand the premise of your post. But my premise for the first home is based on proximity outside of the central business districts.
If you don't expect to pay more with proximity to tens of thousands more jobs that many years later???
Posted on 5/14/23 at 11:05 pm to Warfox
quote:
Some millennials are doing really well in comparison to their historical (and current) peers; others just average; others poorer; and yet others far worse than even that.
I'm 29 and I would consider myself to be doing fairly well, some of that is through my own hard work and some was simply because of luck.
Have received no help from anyone, biggest keys to success were living conservatively (especially staying out of any debt except my mortgage) and properly leveraging my skills/talents to maximize earnings. I also married later (at 27) and have no kids yet.
There was luck as well, I purchased my home at the end of 2020 (prices had increased by 50% in my neighborhood less than 6 months later) so I was able to get a good price before the housing spike and also take advantage of low interest rates (2.9% in my case).
I also purchased two, reliable, used vehicles in 2020, right before the used vehicle market skyrocketed.
I was also able to double my income from 2020 to 2022.
I have a good emergency fund and am now able to start saving money in earnest, my weak spot is investing so still learning in that area.
I was raised in a very conservative home and my dad is quite fiscally responsible so that contributed as well.
Posted on 5/15/23 at 5:36 am to Joshjrn
quote:Right.
I've yet to see a true exception to the rule
At this point, we're atop a combination home-price and interest-rate bubble. So if your premise is the market currently sucks for buyers, you'll get no argument from me.
The claim though, for years, has been "nothing is affordable" in terms of starter homes. "Affordability" in these discussions was often based more on desire than need. It was an attitude which pushed many young potential buyers away from affordable "settle home" purchases in the 2010-2020 timeframe, and into the rental market. I suspect if we're honest at this point, many would probably like a redo on those decisions.
With regard to your "rule," here's a poster's earlier comment. How does it align?
quote:
The house we bought for 128k in 2005 or so is worth 182k now according to Zillow. Interest rates were about where they are now too, maybe a bit higher. I think our rate was 6.8%.
or this? ...
quote:
I'm 29 ... I purchased my home at the end of 2020 (prices had increased by 50% in my neighborhood less than 6 months later) so I was able to get a good price before the housing spike and also take advantage of low interest rates (2.9% in my case)
This post was edited on 5/15/23 at 5:48 am
Posted on 5/15/23 at 2:44 pm to NC_Tigah
quote:
Right.
I presume you're addressing the orange columns.
That's why I'd like to see the actual sourcing. e.g., you or I may bare the full brunt of those obamacare costs. But for most Americans, the premiums are heavily subsidized.
Yeah, from direct experience my wife and I the last 2 years have paid less than $3 month for premium ACA policies and that is due to careful planning regarding taxable brokerages (stacking loss carry forwards through the years) and retirement accounts and HSA. While we could pull multiple sixes income it would be stupid to do so. The housing cost to median income chart leaves out the significant advantage home buyers received with laughably low mortgage rates the last few years prior to Fed tightening. I never saw 2.5% purchase mortgage rates when buying homes for 30+ years as an adult (first mortgage I got was 8.7%) until we moved here in 2020, that was absolutely a driver of home price increases but still affordable for most at sub 3% rates or allowed people to refi and save shite tons of money. Maybe a lot of people graduated with useless degrees greatly capping their earning potential and borrowed significant amounts of money to do so, that's just stupid decision making on the front end of someone's adult earning cycle.
Posted on 5/16/23 at 8:18 am to meansonny
quote:
Unless they feel entitled and too good for a starter home.
These do not exist in 2023. Unless you expect millennials or zoomers to live in the hood and risk getting assaulted or murdered.
It is not 1982 anymore, grandpa.
Posted on 5/16/23 at 8:30 am to jclem11
quote:Through 2021 they did. Hopefully you took advantage.
These do not exist in 2023.
Posted on 5/16/23 at 8:40 am to NC_Tigah
quote:
Through 2021 they did. Hopefully you took advantage.
I bought my house in 2018 and have a 3.6% rate.
Insurance and property taxes are what is kicking my arse rn.
Posted on 5/16/23 at 9:12 am to jclem11
quote:
These do not exist in 2023.
We’re looking at a very small window of time where anything driven by borrowing and low rates are at peak bubble. I’m looking at some property that has literally doubled in the last 6 years.
If it was me, I’d hold tight as these prices are not sustainable….as evidenced by this thread where people just can’t afford these homes at these rates. It’s got to correct.
That said, I’m the guy who tries to minimize debt and has been in the same house for 18 years with a refinanced rate of 2.8% with 9 years left on a 15 yr note. If I’d have been trading up with 30 year mortgages over the last 15 years I’d probably be on the lake or have a private island with where RE has gone once I started.
So what the frick do I know.
This post was edited on 5/16/23 at 9:14 am
Posted on 5/16/23 at 2:24 pm to jclem11
quote:
quote:
Unless they feel entitled and too good for a starter home.
These do not exist in 2023. Unless you expect millennials or zoomers to live in the hood and risk getting assaulted or murdered.
It is not 1982 anymore, grandpa.
I don't know Louisiana.
But there are starter homes in my county and in the county north of me. But the business districts are 25+ miles away (south, west, and east).
It's the boonies out here. Not downtown.
I understand why you can't find a starter home. You are looking the wrong direction.
Posted on 5/16/23 at 4:36 pm to tiggerthetooth
quote:
How many generations got career starts in a great recession with trillions in student loan debt? That alone says it all.
Ehh I started in 2010 and had no student loans.
Im just tired of Mil complaining about basically being given everything.
No one forced you to take out loans. Not one person.
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