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Posted on 5/12/25 at 5:23 pm to Eighteen
quote:
This is why the “you just need to tighten up and cut out expenses” messaging doesn’t work with the younger generation
You touched on it in your post but the reality that many older people don’t seem to understand is that back in the day, necessities were relatively affordable and luxuries were just that, luxuries.
That has largely flipped. Today’s luxuries are actually quite cheap. It’s the necessities that have skyrocketed.
Here’s just one example. You can buy a brand new 65 inch 4k smart tv for 400 bucks today. A 32 inch color tv in 1980 would set you back about 800 (nearly 3,000 in today’s money).
Today’s tv represents like 12 days of rent. A 1980s tv would have been like 4 months of rent.
Posted on 5/12/25 at 5:23 pm to RaoulDuke504
quote:
Americans need to earn 70% more than 6 years ago to comfortably afford a median price home
And there's people out there who think this is not only sustainable, but, a good thing. Some are even posting in this thread.
Posted on 5/12/25 at 5:24 pm to Spankum
quote:
Well, I don’t think home prices have gone up by 70%….so there appears to funny math going on.
I bought mine in 2017 for 195k. My next door neighbor just sold hers for $450k. Mine is nicer and bigger. So conservatively speaking, in my area, which is traditionally a working class area, it's more like a 150% price increase.
I think the 70% number might be the national average, but in some areas it's a hell of a lot more than that.
I remember as recently as a year ago all the OT real estate agents assuring us that we weren't in a bubble and everything is fine, buy buy buy. I remember this.
Real estate agents are inherently ignorant low-IQ people, for the most part.
Posted on 5/12/25 at 5:24 pm to Spankum
quote:
Well, I don’t think home prices have gone up by 70%….so there appears to funny math going on.
No idea where you're living but this is out of touch. Houses in both DFW and Tyler (my hometown) have doubled in both price and interest rate during this time
Posted on 5/12/25 at 5:37 pm to Ihatethiscity
A good name and a reputation for integrity are worth a tremendous amount.
This post was edited on 5/12/25 at 6:49 pm
Posted on 5/12/25 at 5:44 pm to GetCocky11
quote:
Loans were a lot cheaper 6 years ago.
You have both higher rates and much much higher home prices.
Money has been cheap for a long time. That along with keeping up with the Joneses meant developers built mainly larger more expensive (though often cheap) homes. Why build old school starter homes when people buying first homes were buying 3k sqft homes. The starter home neighborhoods fell into disrepair and crime. Something needs to start the impetus to build what the market is dictating is a starter home now.
Posted on 5/12/25 at 5:51 pm to Ihatethiscity
Thank you for so eloquently proving my point.
Posted on 5/12/25 at 5:52 pm to chalmetteowl
That is what I have convinced my 22 year old daughter and her husband to do. They bought 3 bed/ 1 bath house 6 months ago. House is about 1100 sf with a carport and sits on 2 acres. They paid $250k for it. My daughter has a college degree and a job in marketing but he didn’t go to college. Been working his arse off since he graduated and makes $36 an hour with about 20 hours OT a week. He has been paying twice as much towards principle than he pays on the monthly note. They could stop doing that and buy a nice boat, toys, etc. as they have no kids yet but mom and I have helped them see into the future (hard to do for all young people) and see how sacrificing some now sets them up for 10 years down the road.
Posted on 5/13/25 at 1:34 am to Dire Wolf
quote:The study that's referenced in this thread is from 6 years ago so I'm not sure what 2020 has to do with the conversation
The rates dropping in 2020 is a big reason why prices are the way they are now
Posted on 5/13/25 at 6:39 am to wutangfinancial
My 2.25% will be paid off soon... 
Posted on 5/13/25 at 6:42 am to RaoulDuke504
I trust this random person
Posted on 5/13/25 at 6:43 am to RaoulDuke504
I sometimes wonder if it is a survival mechanism, or maybe it's just getting older and a better perspective, but lately I am finding myself appreciating that I have a bed to fall asleep in, fresh produce and meat in the fridge, as well as a safe place to live.
Posted on 5/13/25 at 7:10 am to RaoulDuke504
Pretty much everyone I work with offshore have a second job at home. It’s wild.
Posted on 5/13/25 at 8:09 am to Dirk Dawgler
quote:
They bought 3 bed/ 1 bath house 6 months ago. House is about 1100 sf with a carport and sits on 2 acres. They paid $250k for it. My daughter has a college degree and a job in marketing but he didn’t go to college. Been working his arse off since he graduated and makes $36 an hour with about 20 hours OT a week.
This sounds fricking miserable, tbh. Good for them I guess, but you shouldn’t have to have dual income with one being 60 hours a week to afford a 3 bedroom, 1 bath house in the middle of nowhere
Posted on 5/13/25 at 8:11 am to RaoulDuke504
Yup, it’s official. I’m moving to Thailand.
Posted on 5/13/25 at 8:27 am to Dirk Dawgler
quote:pics?
my 22 year old daughter
Posted on 5/13/25 at 8:42 am to deeprig9
quote:
Real estate agents are inherently ignorant low-IQ people, for the most part.
Have a couple of family members that are real estate agents. Can confirm the low iq label for at least those two. They both about had a stroke when I told them I sold a property without an agent. They couldn't understand why I didn't want to pay an agent a 6 percent fee to be a third party in a transaction with a buyer.
Posted on 5/13/25 at 8:45 am to bad93ex
quote:
What are the methods that an administration can employ to lift the wages of workers?
Cut spending, cut taxes.
Posted on 5/13/25 at 8:47 am to Solo Cam
quote:
The study that's referenced in this thread is from 6 years ago so I'm not sure what 2020 has to do with the conversation
the study is referring to what you would need to earn to buy a house in 2019 vs 2025
dropping rates from low to practically nothing in 2020 combined with low inventory, is why we are where we are today.
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