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re: Americans need to earn 70% more than 6 years ago to comfortably afford a median price home
Posted on 5/14/25 at 7:55 am to Dirk Dawgler
Posted on 5/14/25 at 7:55 am to Dirk Dawgler
quote:
What the frick are you talking about? They earn $170k combined with his OT at 22. They could easily afford a $500k house and still have money to burn on vacations and toys. With him just working 40 hour week, they could easily afford a $400k house. They were smart and bought an older home that was in good shape and could easily be paid off in less than 10 years with their current income. Either one of them could have paid the note on the house by themselves if they were single just working regular hours. Either her salary or his hourly could have stood alone to buy the house. He is 22, not 52. Twenty hours of OT pay to him is time well spent more so than sitting on his arse playing video games and eating dinners brought to him by Uber eats in some apartment while whining about how the housing market is so unfair for people his age. He works to get ahead and bought a home that works within his budget. Miserable? They and their 2 dogs seem to be enjoying adulthood and the 2 acres.
Like I said, good for them. Sounds miserable.
Also, your daughter is 22 so maybe it’s believable, but the OT is in more people’s finances than any group of people I’ve ever seen. As I’ve said before, outside of client data, I get i don’t know how much money more than like 2 or 3 people make. Maybe.
This post was edited on 5/14/25 at 8:06 am
0
Posted on 5/14/25 at 8:03 am to Dirk Dawgler
quote:
Twenty hours of OT pay to him is time well spent more so than sitting on his arse playing video games and eating dinners brought to him by Uber eats in some apartment while whining about how the housing market is so unfair for people his age. He works to get ahead and bought a home that works within his budget. Miserable?
To each his own, but working 60 hours every week sounds awful.
ETA: also if your daughter was single, the mortgage payment on a 250k house would be like 2/3 of her take home income.
This post was edited on 5/14/25 at 8:08 am
Posted on 5/14/25 at 8:12 am to RaoulDuke504
Houses are affordable. People just think they need to live in their dream neighborhood is a hip city.
Posted on 5/14/25 at 9:08 am to Ihatethiscity
quote:
Millennials better stop eating half a vegetable on a single slice of bread
Avocado is a fruit.
Posted on 5/14/25 at 5:29 pm to el Gaucho
quote:boomers are between 60 and 80.
Us Boomers raised the price on homes
2019: The average age of first-time homebuyers was 33.
2022: The average age of first-time homebuyers increased to 36.
2023: The average age of first-time homebuyers was 35.
2024: The average age of first-time homebuyers reached 38, and the overall average age of home buyers hit 56.
The average agree of home buyers is going up but still below boomer age. Boomers sell and live off that investment. They don't buy
Posted on 5/14/25 at 6:48 pm to Darth_Vader
quote:
do think that’s part of the problem. What constitutes a starter home today is nothing like what was considered a starter home even 20 years ago. And one of the drivers of this phenomenon is a lack of real starter homes. I think part of the problem there is if someone were to start building them, maybe even build a whole neighborhood of them, they’d be filled up quickly with government funded section 8 hood rats. Then no one would want to move in and neighboring neighborhoods would see their property values collapse because now they’re “in the hood”. So basically a lot of it boils down to new home buyers avoiding low-cost starter homes, even if they can find them, because of the justified fear of what their neighborhood will look like in 10 years.
The starter home dilemma is very complex. Yes, starter homes are bigger and fancier than they used to be but people now have to wait longer to be able to afford to get married and have kids. Now first time home buyers are in their 30s instead of their 20s and have to plan to immediately fill up a house with kids rather than take their time. At 23 I would have been fine with 1400 square feet but if I am buying at 33 I need more room for a family
Posted on 5/14/25 at 6:57 pm to Ihatethiscity
quote:
Half the houses in the garden district and capital heights look like that and are $300k+ if updated. Try again.
Yeah, small 2BR 1950s-60s houses in nice places are exactly what a ton of younger people are looking for!
I've lived most of my life in San Diego and Brooklyn and spend a lot of time in Pensacola as well. Good luck finding an affordable smaller house anywhere decent in those areas.
The 2BR older houses that are actually affordable are in places many posters in these threads complain that people don't want to live: small dilapidated towns with no jobs.
This post was edited on 5/15/25 at 4:15 pm
Posted on 5/28/25 at 3:16 pm to RaoulDuke504
How many jobs pay 70% more than they did six years ago?
Also, this is more evidence that 2019 was the last good year for awhile.
Also, this is more evidence that 2019 was the last good year for awhile.
Posted on 5/28/25 at 3:29 pm to RaoulDuke504
Glad we bought in 2018. Honestly wish we would have spent more, but you can’t predict the future
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