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re: Cost to buy = $2,700/month. Cost to rent = $1,850/month
Posted on 5/25/23 at 9:55 am to LaLadyinTx
Posted on 5/25/23 at 9:55 am to LaLadyinTx
The prices really took off in the last 5 years or so. If they bought the house 10 years ago for half of what it would sell for now then I can definitely see that.
Hell, 10 years ago my neighborhood was solidly middle class. Now with the housing boom, it's become more upper middle class as more and more tech people move in, including us.
Hell, 10 years ago my neighborhood was solidly middle class. Now with the housing boom, it's become more upper middle class as more and more tech people move in, including us.
0
Posted on 5/25/23 at 9:56 am to LaLadyinTx
quote:
'm wondering why all these millennials can't afford housing. My son and his wife are 36. They do not have college degrees and only have average jobs. They own a home and one of their cars is fairly new. All their friends own homes. Some are college grads and some are not. They don't own homes in the fanciest new neighborhoods. My daughter (no pics) is 31. She went back to PT school. Many of her friends own homes...in fact, all of them that want to own them do. Millennials I work with own homes.
All of this is completely irrelevant if they didn't buy in the last 18 months or so.
Just in that timeframe, homes in my hood went up over 30%. Couple that with interest rates more than doubling, and the mortgage payment to get in our neighborhood has almost doubled.
This post was edited on 5/25/23 at 10:02 am
Posted on 5/25/23 at 9:59 am to LaLadyinTx
quote:
I'm wondering why all these millennials can't afford housing. My son and his wife are 36. They do not have college degrees and only have average jobs. They own a home and one of their cars is fairly new. All their friends own homes. Some are college grads and some are not. They don't own homes in the fanciest new neighborhoods. My daughter (no pics) is 31. She went back to PT school. Many of her friends own homes...in fact, all of them that want to own them do. Millennials I work with own homes.
Maybe Houston is just different. I see TONS of young 2 income professionals with homes that are much nicer than mine. Maybe y'all live in the wrong place.
I'm not sure why you're laughing.
We're talking about entering the housing market now. I'm guessing most of these people in your life bought before 2021.
Posted on 5/25/23 at 10:02 am to stout
Thank God I did a REFI in 2021. 20 years 2.2% 
Posted on 5/25/23 at 10:03 am to LNCHBOX
quote:
All of this is completely irrelevant if they didn't buy in the last 18 months or so.
So all these people that don't have housing or can't afford homes are generally not millennials. They've been old enough to purchase homes quite some time ago. You would be talking about Zoomers, Gen Z...not millennials.
So I'd say these folks who currently can't buy a home just continue to do whatever they are doing for a few years. That's literally what a lot of people did in the 80s when we experienced high interest rates and inflation. Move in with parents. If you're single, get a roommate. I'm not saying it's ideal. But for people to act like the world is coming to an end and it will not be better is just crazy.
The only way it doesn't get better is if interest rates are kept artificially and the govt puts in money to keep the bubble from bursting. In the 80s, the bubble burst and there were lots of foreclosures. The market corrected. My concern is that no administration will allow that to happen now.
Posted on 5/25/23 at 10:04 am to Dav
Folks that did that are sitting like fat cats. Brother and SIL bought in March of 2020 and got something like a 2% rate.
They also bought a house that was For Sale by Owner and had a family realtor friend do the paperwork for a few hundred bucks. Saved that 6% in commission too
They also bought a house that was For Sale by Owner and had a family realtor friend do the paperwork for a few hundred bucks. Saved that 6% in commission too
Posted on 5/25/23 at 10:04 am to GetCocky11
quote:
I'm not sure why you're laughing.
Laughing about people living in the wrong place. That is all.
Posted on 5/25/23 at 10:07 am to LaLadyinTx
quote:
So all these people that don't have housing or can't afford homes are generally not millennials
Younger part of the millennial cohort is late too. Born in 92-93, and you were probably getting ready to get a house when everything exploded in the past two years.
The older ones, born in the 80s, are generally doing fine in terms of wealth and housing.
Posted on 5/25/23 at 10:08 am to LaLadyinTx
quote:
But for people to act like the world is coming to an end and it will not be better is just crazy.
Has the purchasing power of a dollar ever been lower than it is right now?
Are average wages anywhere close to providing a similar purchasing power as back in the 80s like you brought up?
Posted on 5/25/23 at 10:10 am to Duke
Yep, 1993 here. If we had bought a couple of years earlier we could have paid almost half of what we did. It's a long term play though, so while the value of our house took a hit the last few months with interest rates, we're still happy with the decision. May just wait a bit longer before buying our next one.
Posted on 5/25/23 at 10:12 am to sidewalkside
Wife and I are splitting up. I've been looking at houses to rent and apartments. The cost of living is insane now.
Posted on 5/25/23 at 10:13 am to stout
Some fairly important information is being left out there.
Number of bedrooms/bathrooms, location, schools, etc, etc, etc
I can find you a 3/2 new construction with a good school district for 1850/mo
Number of bedrooms/bathrooms, location, schools, etc, etc, etc
I can find you a 3/2 new construction with a good school district for 1850/mo
Posted on 5/25/23 at 10:13 am to Duke
quote:
The older ones, born in the 80s, are generally doing fine in terms of wealth and housing.
Yea. On our second house now and we sold our first house for a 35% gain (net of selling costs) in just a few years. We have really good jobs but damn I’m glad we “got in the game” before stuff really went insane. Feel for the people that were planning on buying in 2020/2021 and got their plans blown up and the market blew past them.
Posted on 5/25/23 at 10:14 am to LaLadyinTx
quote:
Laughing about people living in the wrong place. That is all.
Where’s the right place?
Posted on 5/25/23 at 10:17 am to llfshoals
Here's the thing about averages, I'm sure you can
because you probably live in a below average area.
quote:
find you a 3/2 new construction with a good school district for 1850/mo
because you probably live in a below average area.
This post was edited on 5/25/23 at 10:19 am
Posted on 5/25/23 at 10:19 am to H2O Tiger
quote:
because you probably live in a below average area.
Isn’t that where people who make below average wages and can’t afford an average house live?
Posted on 5/25/23 at 10:20 am to stout
I need rates to come down about 3-4% points. Doubt that is happening anytime soon tho.
Posted on 5/25/23 at 10:21 am to Dawgfanman
quote:lots of people who make well above average wages can’t afford an average house (depending on how you define average)
Isn’t that where people who make below average wages and can’t afford an average house live?
Posted on 5/25/23 at 10:22 am to Dawgfanman
quote:
Isn’t that where people who make below average wages and can’t afford an average house live?
Yes. My point is he's saying he can find that house which is a given considering the number is an average. It's just as easy for me to find you a 3/2 in a good school district for well above average because, you know, averages.
Posted on 5/25/23 at 10:23 am to GreatLakesTiger24
quote:
lots of people who make well above average wages can’t afford an average house (depending on how you define average)
My wife and I do pretty well. I wouldn't spend the money it would cost to be in our current house if we were in the market right now.
Technically we could swing it I guess, but it wouldn't be the best decision.
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