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re: Baffled as to how single people afford houses currently
Posted on 10/12/23 at 9:50 am to Thundercles
Posted on 10/12/23 at 9:50 am to Thundercles
quote:
Baffled as to how single people afford houses currently
Welcome to Bidenomics. Look, I taught economics for 20 years and this is the deal. The employment numbers are bullshite. They are 2nd jobs and govt jobs that are propping the number up. Inflation is WAYYYY fricking out of control and somehow they've convinced half the population that it isn't. Because they are dumb as shite. Interest rates are high because the Fed is raising them. The ONLY time you raise rates is to slow down a HOT and quickly growing economy. I don't see that economy at all. I see a pretty shitty economy to be honest. The inflation is being caused by the printing of money at a rapid pace, coupled with people not working and a still kind of fricked up supply chain. The numbers coming out of the White House are penciled whipped to hell and back or just flat out spins/lies. I tell people that kids in their 20's and 30's won't be able to afford a home for another 10 years. And that's probably conservative. Get your house in order and save like a fricking lunatic because this is going to get worse.
This post was edited on 10/12/23 at 9:51 am
3
Posted on 10/12/23 at 9:50 am to Thundercles
It is a problem for everyone. I'm a single income household (5 people total) and we are pretty much stuck in our current house for the foreseeable future. Our house value has gone up almost $200k in 5 years but we can't do anything with that equity because moving would still require a more expensive house.
We also have a 15 yr mortgage at 2.5%. Taking on a new note alone would destroy our monthly budget. We love our house and have no desire to move but it is a bit uncomfortable to know there are no real upgrade options or even choices for us right now. We would have to wait until we could do a full cash deal and avoid any loans.
We also have a 15 yr mortgage at 2.5%. Taking on a new note alone would destroy our monthly budget. We love our house and have no desire to move but it is a bit uncomfortable to know there are no real upgrade options or even choices for us right now. We would have to wait until we could do a full cash deal and avoid any loans.
Posted on 10/12/23 at 9:51 am to Thundercles
A lot of people I’ve known got help from their parents, with a down pmt at least.
The problem is no one wants to sell now and lose their low rate. So supply will stay low and prices high. Add in a tight labor market and there isn’t much “distress selling” either.
The market will fix things eventually and renting has a lot of advantages especially if you’re young and single. Nothing wrong financially or otherwise with renting in a lot of cases.
The problem is no one wants to sell now and lose their low rate. So supply will stay low and prices high. Add in a tight labor market and there isn’t much “distress selling” either.
The market will fix things eventually and renting has a lot of advantages especially if you’re young and single. Nothing wrong financially or otherwise with renting in a lot of cases.
This post was edited on 10/12/23 at 9:55 am
Posted on 10/12/23 at 9:51 am to sodcutterjones
After the brain dead pedophile was put in the White House, I immediately refinanced at 2.9%. Got my note down $400 a month. After the ex left, this action allowed me to easily afford my home on one income.
Posted on 10/12/23 at 9:52 am to Thundercles
quote:
Baffled as to how single people afford houses currently
I could buy Dallas if I was still single.
Posted on 10/12/23 at 9:53 am to Thundercles
You move to a smaller city or one you can afford.
It sucks but personally I hate big cities so I’m fine with this. I’m hoping by the time I’m 30 I will never have to live in a big city again. But we will see how it works out.
It sucks but personally I hate big cities so I’m fine with this. I’m hoping by the time I’m 30 I will never have to live in a big city again. But we will see how it works out.
Posted on 10/12/23 at 9:53 am to Thundercles
quote:
If the average person is making 70k, that's 5,800 per month which means even at a high credit score allowing 45% DTI the most they could get a loan for is a 2,600 payment
Dude. What?
Posted on 10/12/23 at 9:54 am to TejasHorn
I wouldn’t even think about buying a house unless I was pretty sure I wanted to live there forever (or at least 20 years). I sure as hell don’t want to live anywhere near Dallas that long.
Posted on 10/12/23 at 9:56 am to theunknownknight
quote:
Answer’s in your question
How is that the answer? Do couples in which both parties work not bring in more money than a single person, typically?
I had this conversation with a married friend the other day. I mentioned about money being kinda tight right now. He was shocked, and didn't understand why saying "but you're single and have a really good job" I told him imagine paying all of your mortgage/rent, utilities, and all of your bills by yourself without your wife's income. He understood once I broke it down like that to him.
Posted on 10/12/23 at 10:04 am to WG_Dawg
quote:
1) Buy a condo or townhome instead of a house
Terrible idea. you don't own any land and are 100% subject to the whims of the board and deciding if they want to resurface the parking lot or planting new gardens or replacing the roof etc. Your monthly maintenance fee is equal to so much purchasing power of a single family property.
Posted on 10/12/23 at 10:04 am to Thundercles
We need to start building affordable housing. And by that, I don't mean government assistance. Scale the homes back down in square footage. in 1970, the average home was about 1500sf, 3b/2b home, 8'ceilings.
Now, every one expects a starter house to be 4b/4b 2500sf, 10' ceilings because low rates allowed it.
Now, every one expects a starter house to be 4b/4b 2500sf, 10' ceilings because low rates allowed it.
Posted on 10/12/23 at 10:04 am to sodcutterjones
quote:
With millions of illegals pouring in, I dont know where Democrats think we can house all these people, let alone our own citizens.
They'll give stipends to them, while American citizens struggle to pay their electrical bills. Or they'll build tenements right next to your nice neighborhood.
Posted on 10/12/23 at 10:06 am to Sao
quote:
the average person is making 70k, that's 5,800 per month
The average person isn’t making $70k though.
Also, I make a decent bit more than $70k and don’t take home $5,800/month.
Posted on 10/12/23 at 10:10 am to Cdawg
I was just thinking about that this morning. Working on my grandma's house which is about 1100 Sq ft with 2BR/1ba and she raised 5 kids in there who all turned out just fine.
I could build that house myself in a few months for about $40k even with today's insane material costs. Prices are high now, but expectations are much more so ridiculous.
I could build that house myself in a few months for about $40k even with today's insane material costs. Prices are high now, but expectations are much more so ridiculous.
Posted on 10/12/23 at 10:15 am to WG_Dawg
quote:
2) Don't buy in a highly populated downtown area
Everyone wants to live close to the microbrews and hipster coffee shops. Won't get that too far outside a city.
Posted on 10/12/23 at 10:16 am to CatfishJohn
quote:
These people have very little to do with housing issues. They aren't in the same market as young professionals in America.
But they do. They end up renting or in Section 8 low end housing pushing all those in the smaller homes out to other better more expensive areas. In this case the shite does flow uphill. It's a trickle up effect causing housing prices to rise from the low end houses to the upper end houses due to low supply and more demand.
Posted on 10/12/23 at 10:18 am to Cdawg
quote:
We need to start building affordable housing. And by that, I don't mean government assistance. Scale the homes back down in square footage. in 1970, the average home was about 1500sf, 3b/2b home, 8'ceilings.
Now, every one expects a starter house to be 4b/4b 2500sf, 10' ceilings because low rates allowed it.
So true. Around here, nobody has built a reasonable 1,500sqft 3bd/2bath house in decades.
Posted on 10/12/23 at 10:19 am to notsince98
There are tons of new build 1500sqft and under in south texas and San antonio
This post was edited on 10/12/23 at 10:20 am
Posted on 10/12/23 at 10:21 am to notsince98
Because it's impossible to convince the average white girl that a 1200 Sq ft 1.5 bath house is perfectly serviceable for a family of 4.
Mind blowing to them as well that you would ever consider having guests over at such a shack!
Expectations are more of a problem than anything else these days. Wives must work to make enough money to afford the absurd standard of living considered to be "basic" these days.
Mind blowing to them as well that you would ever consider having guests over at such a shack!
Expectations are more of a problem than anything else these days. Wives must work to make enough money to afford the absurd standard of living considered to be "basic" these days.
Posted on 10/12/23 at 10:21 am to justaniceguy
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