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re: Cost to buy = $2,700/month. Cost to rent = $1,850/month
Posted on 5/24/23 at 4:24 pm to stout
Posted on 5/24/23 at 4:24 pm to stout
quote:
do think younger generations have easier ways to make money but that is mostly internet driven and the same can be said for every generation since the end of probably the great depression.
For sure. But that doesn’t mean easier ways to make high levels of money. A work from home blogger is still only going to make so much.
3
Posted on 5/24/23 at 4:24 pm to stout
quote:
Different situation. These people didn't sell. They were foreclosed and two things drove prices down. At first, it was the sudden drop in demand and later once the glut of those foreclosures started flooding the market it tanked prices even further.
My next door neighbor bought his house out of foreclosure in that 08/09 timeframe and sold it this year for 3 times what he paid to some lady from California all cash.
I should have been out buying distressed real estate instead of being in 9th grade
Posted on 5/24/23 at 4:25 pm to JohnnyKilroy
quote:
You never answered how much you bought your house for
Nobody asked me.
But it you are asking me, it was $190k.
Posted on 5/24/23 at 4:26 pm to H2O Tiger
quote:
My next door neighbor bought his house out of foreclosure in that 08/09 timeframe and sold it this year for 3 times what he paid to some lady from California all cash.
It took a long time in many markets to recover to 07 prices.
Posted on 5/24/23 at 4:28 pm to pankReb
quote:
A work from home blogger is still only going to make so much.
Fair enough but there are also way more ways to set up and make passive income too.
My wife does some Amazon FBA with stuff she orders from overseas. I need to spend more time helping her grow it but overall it takes a few hours a week.
Prior to the internet, rental houses were about the only way to have decent passive income. Also, prior to the dot com boom RE had made more millionaires than any other industry on earth.
Posted on 5/24/23 at 4:31 pm to H2O Tiger
quote:
Some folks in the younger generation (me included) make more than enough and value our time enough to not want to take on the burden that is a fixer upper.
If it was the only way I could afford a house, I'd be out there with a hammer every day after work and have friends that are doing that.
And that's great! I'm not talking to you. I'm talking to the ones bitching about how Millennials and Gen Z can never buy a house. They're too expensive. The interest rate is too high. Do they have expensive new cars with a big payment? Do they have every gadget under the sun?
If we could have afforded it, we would have bought a house requiring little work as well. We bought what we could afford and if you hold onto it, you will eventually have equity to buy something else.
Posted on 5/24/23 at 4:32 pm to stout
quote:
Fair enough but there are also way more ways to set up and make passive income too.
My wife does some Amazon FBA with stuff she orders from overseas. I need to spend more time helping her grow it but overall it takes a few hours a week.
Prior to the internet, rental houses were about the only way to have decent passive income. Also, prior to the dot com boom RE had made more millionaires than any other industry on earth.
Gonna tell the Mrs. to get on Feet Finder.
We're working on accumulating some real estate for passive income. Before we met, Mrs. H2O Tiger had a condo in Dallas that we kept and rented out when we moved to Austin. I'd like to get a lake house here in the next few years or at least some land that I can put a barn dominium on and AirBNB/VRBO it out when I'm not using it.
I've got a website as well but it'll make about $50 this month and is more of a hobby than anything else. If it pays for the hosting I'm happy
Posted on 5/24/23 at 4:32 pm to pankReb
OK so I answered, now what?
Posted on 5/24/23 at 4:33 pm to stout
Definitely there are ways to make some passive income but they do still take time to manage. Back when I had spare time, I would make pens out of 30-06 bullets and sell them at around a 70% profit(and I was never able to keep them in stock). Unfortunately I moved to an area not as interested(there is still some though) and not nearly as much free time anymore. I know that wasn’t exactly passive income but the additional bit of cash flow was nice back when I lived in MS.
Posted on 5/24/23 at 4:33 pm to stout
quote:
Also, I notice the rental shortage from just 2-3 years ago seems to have resolved itself
Had $0 increase in my rent this year. Refreshing.
Posted on 5/24/23 at 4:35 pm to upgrayedd
quote:
This is why it annoys me when people shite on millennials and zoomers. They're being forced into serfdom due to criminal monetary policies.
The previous generations got rich by inventing modern monetary policy but doomed the later generations. The ultimate “buy now, pay later”
Posted on 5/24/23 at 4:36 pm to LaLadyinTx
quote:
They're too expensive. The interest rate is too high
But they are.
What they’re spending their money on is irrelevant when we’re discussing how overly inflated the housing market is. If the costs and rates were at a relatively normal level and they still can’t afford because of excess expenditures, then yes…..you have an argument.
Posted on 5/24/23 at 4:37 pm to Gifman
quote:
This is why it annoys me when people shite on millennials and zoomers. They're being forced into serfdom due to criminal monetary policies. The previous generations got rich by inventing modern monetary policy but doomed the later generations. The ultimate “buy now, pay later”
It really is bad out there. Just today I passed thousands of millennials dying on the roadside, Starbucks cups and old iPhones everywhere.
Posted on 5/24/23 at 4:38 pm to pankReb
Housing politics is funny. Both right and left are generally terrible. I suppose it isnt surprising. Houses are the main way of generating wealth for families and anything that could potentially lower the asset growth will be met with hostility.
These people also tend to vote more.
This all leads to an instinct to restrict new development and outright hostility (and its understandable) to multi-family housing.
Not enough supply to meet demand, prices are high.
Couple that with the interest rates exploding, locking in a lot of home owners to their current mortgage and the supply problem only gets worse.
These people also tend to vote more.
This all leads to an instinct to restrict new development and outright hostility (and its understandable) to multi-family housing.
Not enough supply to meet demand, prices are high.
Couple that with the interest rates exploding, locking in a lot of home owners to their current mortgage and the supply problem only gets worse.
Posted on 5/24/23 at 4:38 pm to Jack Ruby
quote:
A brand new car also cost $4,500 when they entered the workplace and 3/4 of the women were still housewives and there were no such expenses as cable, internet, cell phone, services, etc, and a college degree actually meant you could get a job almost anywhere just based on that alone... But hey... Gas was $1.22/gallon in 1978!!
I entered the workplace in 1983 and it sucked. With my accounting degree, my salary was $16,200. I'm the last of the boomers. We were a 2 earner household from day 1 because inflation was horrific. When I look at my salary then in today's $$'s, it's not that far off for starting salaries in my field. Jobs weren't super easy to find as it was during the oil bust. A brand new car (we bought a Old Cutlass...the most popular car that year) was $13,500.
The 80s weren't exactly like you think. They were pretty good if you were an older boomer. But it wasn't like that for young ones and Gen X.
It's a tale as old as time. Every generation thinks they have it harder.
Posted on 5/24/23 at 4:41 pm to Duke
quote:
Housing politics is funny. Both right and left are generally terrible. I suppose it isnt surprising. Houses are the main way of generating wealth for families and anything that could potentially lower the asset growth will be met with hostility.
Obama wanted to kill your asset growth by making every new development dedicate a portion of it to section 8.
Posted on 5/24/23 at 4:42 pm to Dawgfanman
quote:
It really is bad out there. Just today I passed thousands of millennials dying on the roadside, Starbucks cups and old iPhones everywhere.
In my area, I don't see them because they are in their parent's basement saving money and complaining about their plight on the internet.
Posted on 5/24/23 at 4:42 pm to Duke
quote:
Housing politics is funny. Both right and left are generally terrible. I suppose it isnt surprising. Houses are the main way of generating wealth for families and anything that could potentially lower the asset growth will be met with hostility. These people also tend to vote more. This all leads to an instinct to restrict new development and outright hostility (and its understandable) to multi-family housing. Not enough supply to meet demand, prices are high. Couple that with the interest rates exploding, locking in a lot of home owners to their current mortgage and the supply problem only gets worse.
All of this is absolutely correct.
Posted on 5/24/23 at 4:43 pm to LaLadyinTx
quote:
(we bought a Old Cutlass...the most popular car that year) was $13,500.
And you had to wait in line to fill it up but only on certain days and the finance rate was probably that of a credit card.
I was a kid in the early 80s but I know it was a rough time coming off of the failed policies of Carter.
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