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re: Cost to buy = $2,700/month. Cost to rent = $1,850/month
Posted on 5/24/23 at 9:07 pm to stout
Posted on 5/24/23 at 9:07 pm to stout
I'm real late to this thread, but I feel like we've heard this bubble is going to pop for 3 years now.
There is still 1/2 the volume of inventory that there was in 2019. Until that changes (likely due to mass foreclosures), things will continue. The kicker is Washington DC will do everything the can do prevent the mass foreclosures, so I don't expect this to change much until there is 8%+ unemployment and we're a long way from that even with tech layoffs in the news like they are.
There is still 1/2 the volume of inventory that there was in 2019. Until that changes (likely due to mass foreclosures), things will continue. The kicker is Washington DC will do everything the can do prevent the mass foreclosures, so I don't expect this to change much until there is 8%+ unemployment and we're a long way from that even with tech layoffs in the news like they are.
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Posted on 5/24/23 at 9:12 pm to stout
Suburban living is unsustainable. This is necessary to price most Americans out of large home ownerships and force them into small family apartments or single pods for individuals. We need to reduce our carbon footprint and sacrifices must be made
Many aren’t going to willingly adapt unless their current way of living becomes unaffordable. That’s the only way to bring them to heel and comply
Many aren’t going to willingly adapt unless their current way of living becomes unaffordable. That’s the only way to bring them to heel and comply
Posted on 5/24/23 at 9:13 pm to fallguy_1978
quote:
I agree that real estate is stupid right now but I also think young people try to live lifestyles that aren't comparable to their parents
While I agree with you, it's for different reasons.
You think what they're spending is unsustainable, I think it's sustainable because they are spending every dollar they earn.
For example, I invest heavily into my retirement, HSA, brokerage, and 529 account for kids future.
Meanwhile, other people we personally know elect to not carry health insurance because "it's $400 a month", and put $0 towards retirement.
What is happening right now is actually sustainable because they are not saving a dime for anything.
This post was edited on 5/24/23 at 9:33 pm
Posted on 5/24/23 at 9:17 pm to deeprig9
quote:
Boomers were your age when inflation in the late 70's hit and our gasoline was being rationed. And now you are lecturing them about inflation.
quote:about 70k in 2023 dollars
The median money income of households in the United States rose to $15,060 in 1978,
New single family home price in 1978
quote:about 260k in 2023 dollars
55,700
quote:
Political Calculations' initial estimate of median household income in January 2023 is $80,440
quote:
In the third quarter of 2022, the median price of existing homes in the U.S. was 392,000 U.S. dollars,
quote:
The average sale price of new homes sold in the U.S. declined to $501,000, with the time-shifted trailing twelve-month average dipping below $527,500.
Posted on 5/24/23 at 9:27 pm to thegreatboudini
quote:Paying off for me now. Kids won't have loans.
529 account for kids future
This post was edited on 5/24/23 at 9:33 pm
Posted on 5/24/23 at 9:31 pm to stout
quote:
How long do you think the housing market can handle 7% mortgage rates? Mortgage applications are way down
This is the whole point in raising the federal funds rate. They are trying to get people to stop spending and borrowing to reduce inflation. Prices will inevitably drop when demand does. Simple economics.
That said, the Fed waited to long to address which is going to drive higher unemployment and a deeper recession. They played politics.
Posted on 5/24/23 at 9:31 pm to deltaland
quote:Their unwillingness to adapt is also why they have this issue. If housing near the city center is expensive, move farther out until you can afford it. Not a big sacrifice. If people are herded into boxes in the high density cities that's because they let that happen, they chose it.
Many aren’t going to willingly adapt unless their current way of living becomes unaffordable
This post was edited on 5/24/23 at 9:39 pm
Posted on 5/24/23 at 9:38 pm to deeprig9
JohnnyKilroy mysteriously disappeared.
Hen peck hen peck hen peck hen peck and then run away.
Hen peck hen peck hen peck hen peck and then run away.
Posted on 5/24/23 at 9:39 pm to brett408
Homes sales may slow down, but home prices are going to continue to go up, maybe not exponentially like last year, but no less than 3-5% on average increase in many hot markets.
We’re still several years away from having adequate inventory levels.
We’re still several years away from having adequate inventory levels.
Posted on 5/24/23 at 9:41 pm to Jake88
quote:
Paying off for me now. Kids won't have loans.
Just going off the average OT poster, your kid isn’t going to college. Minimal things it can be used for if they don’t (assuming they’re an average run of the mill oil field baw)
Posted on 5/24/23 at 9:42 pm to Paul Allen
My In laws built a house in the late 70s. Still living there.
They recall having to make cuts in square footage, etc. due to high interest rates then.
Ended up with about a 1800 sf house.
Do people today even want a 1800 sf house custom built? No way. Gotten used to wanting a 3000+ sf home.
They recall having to make cuts in square footage, etc. due to high interest rates then.
Ended up with about a 1800 sf house.
Do people today even want a 1800 sf house custom built? No way. Gotten used to wanting a 3000+ sf home.
Posted on 5/24/23 at 9:47 pm to Paul Allen
Stop parroting this line in every housing thread. You copy and paste the same reply in every single one. We have enough houses but we don’t have enough houses in desirable areas. Urban centers are decaying and many people are trying to move to more desirable areas. Another reason is because people are holding on to their 3% loan rate that is keeping inventory low.
Posted on 5/24/23 at 9:50 pm to Civildawg
Don’t patronize me.
Posted on 5/24/23 at 10:09 pm to stout
quote:
Also, I notice the rental shortage from just 2-3 years ago seems to have resolved itself.
Plenty of rent houses around in my part of SE Louisiana in today’s world, especially when you don’t pay rent or live in a rent house in a majority home owned neighborhood that also pisses off the neighbors. I’d rather a renter in my neighborhood be in a house for multiple years VS someone new every 6 moths.
Posted on 5/24/23 at 10:16 pm to East Coast Band
quote:
Do people today even want a 1800 sf house custom built? No way. Gotten used to wanting a 3000+ sf home.
I think the real question here is, can you still get a 1800 sq. ft. home custom build. When we were house hunting it was almost impossible to get a builder on the phone. Most custom builders are working massive projects and aren't going to take the time to build what DR Horton/Milestone/Meritage can slap together in a couple of months
Posted on 5/24/23 at 10:28 pm to tiger1014
quote:I'm not average, but I have friends who I suppose are, and their kids go to college because they've instilled the idea that it is a must. I'm not quite certain what your response meant, but I've had a few Old Fashioneds in the last hour, so...
Just going off the average OT poster, your kid isn’t going to college. Minimal things it can be used for if they don’t (assuming they’re an average run of the mill oil field baw)
Posted on 5/25/23 at 1:28 am to GoCrazyAuburn
quote:
Not in mountain brook or homewood. It is a $350k house at best and I'm being very generous because it is in crestline park area.
Can't imagine even paying $350k for that house in crestline.
Would just rather live further out in Trussville, Leeds, or Chelsea.
This post was edited on 5/25/23 at 1:29 am
Posted on 5/25/23 at 1:46 am to Jake88
quote:
By 1981, inflation had risen to 9.5%. The Federal Reserve combated inflation by increasing the federal funds rate, an overnight benchmark rate that banks charge each other. Continued hikes in the fed funds rate pushed mortgage rates to an all-time high of 18.45% in 1981. at those who think they've had it tougher than generations past.
I hope you didn’t get too excited with the thought of posting these numbers as a “gotcha moment”, boomer. Seeing as how I already referenced them on the previous page.
I will say it’s always entertaining to see when someone’s point made early on continues to be proven as the thread goes on. LINK
Posted on 5/25/23 at 1:55 am to pankReb
quote:
Continued hikes in the fed funds rate pushed mortgage rates to an all-time high of 18.45% in 1981.
They always fail include the other critical piece of info. Don’t fall for it.
Posted on 5/25/23 at 2:00 am to GreatLakesTiger24
They refuse to see it. If you point that out they think you’re whining.
That’s also ignoring car prices and student loans.
Corporate serfdom. Boomers could help do something about it but they’d rather wag their finger.
That’s also ignoring car prices and student loans.
Corporate serfdom. Boomers could help do something about it but they’d rather wag their finger.
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