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Started By
Message
re: Cost to buy = $2,700/month. Cost to rent = $1,850/month
Posted on 5/24/23 at 11:23 am to GoCrazyAuburn
Posted on 5/24/23 at 11:23 am to GoCrazyAuburn
quote:the house next door is 2bd 1bath 1290sqft older couple paid $1.2M for it... having to redo all the flooring, then flooring guy messed up and had to get someone else to come do the flooring, all the landscaping, remove some unpermited porch... said she has spend over $400k in the last 6 months.
There was a 1200 sq. ft house that sold for almost $500k a few weeks back I saw. Just laughable.
1
Posted on 5/24/23 at 11:23 am to Rebel
quote:
I would say they are being forced into serfdom because of their voting preferences.
This has been going on for multiple election cycles over decades.
What boomers voted for 40 years ago is coming home to roost today. Millennials simply haven't voted long enough to have that large of an effect and contrary to popular belief young people generally don't turn out in big numbers.
Posted on 5/24/23 at 11:23 am to jizzle6609
When and how? I’m hungry!
Posted on 5/24/23 at 11:24 am to GoCrazyAuburn
quote:
Yep, this is the other side of the issue. People aren't moving because their current mortgage is too good to give up.
I would only consider moving if my company wanted me to move. I don’t know if they could ever make it worthwhile in the current environmnt.
Posted on 5/24/23 at 11:25 am to SuperSaint
quote:
the house next door is 2bd 1bath 1290sqft older couple paid $1.2M for it... having to redo all the flooring, then flooring guy messed up and had to get someone else to come do the flooring, all the landscaping, remove some unpermited porch... said she has spend over $400k in the last 6 months.
Posted on 5/24/23 at 11:25 am to stout
Just be a welder in rural Arkansas
Posted on 5/24/23 at 11:26 am to stout
quote:
7% mortgage rates
The difference between 3% and 7% for 400K is aprox 800-900/month. The reality is that historically 6% rates are the norm. 3% rates are extremely abnormal.
Posted on 5/24/23 at 11:27 am to Rebel
quote:
I would say they are being forced into serfdom because of their voting preferences.
Sorry, but this problem is a bipartisan one. The republicans have done just as much to get us in this situation as anyone else.
Posted on 5/24/23 at 11:27 am to stout
quote:
How long do you think the housing market can handle 7% mortgage rates? Mortgage applications are way down
The 80's say, "Hold my beer!"
Posted on 5/24/23 at 11:28 am to Supermoto Tiger
quote:
3% rates are extremely abnormal.
Yes, but they existed for long enough that now a huge portion of owners are locked in at sub 4% rates, so the resulting distortion of home values can last literally decades and possibly become permanent.
Posted on 5/24/23 at 11:28 am to stout
quote:
It's obviously market specific
To that point I have rentals in highly transient cities, intentionally. So I’m porbably an exception. The one I have in Cali is in Monterey - highly desirable area and a transient military population. Also, while I don’t have the data laid out in front of me I’m pretty certain most of the south and east coast have been sheltered from the correction so far. All of my properties continue to appreciate.
Posted on 5/24/23 at 11:29 am to upgrayedd
quote:We will all be serfs to companies like BlackRock eventually
This is why it annoys me when people shite on millennials and zoomers. They're being forced into serfdom due to criminal monetary policies.
Posted on 5/24/23 at 11:29 am to Supermoto Tiger
quote:
The difference between 3% and 7% for 400K is aprox 800-900/month. The reality is that historically 6% rates are the norm. 3% rates are extremely abnormal.
Sure. By the same reasoning though, 6% on a $400k starter house is extremely abnormal too.
This post was edited on 5/24/23 at 11:30 am
Posted on 5/24/23 at 11:31 am to Supermoto Tiger
quote:
The difference between 3% and 7% for 400K is aprox 800-900/month. The reality is that historically 6% rates are the norm. 3% rates are extremely abnormal.
Comparing apples to oranges without taking into account all factors including how slow wage growth has been vs home price appreciation. That wasn't as much of a factor in previous times when rates were this high.
This post was edited on 5/24/23 at 11:32 am
Posted on 5/24/23 at 11:33 am to upgrayedd
wrong
Posted on 5/24/23 at 11:33 am to stout
It’s kind of refreshing seeing idiots afraid of 7%. We're worse than that economically and that is ignored.
Posted on 5/24/23 at 11:35 am to Rebel
quote:
I would say they are being forced into serfdom because of their voting preferences.
They voted for Trump?
We probably aren't even feeling Biden's inflation yet.
Also, even ignoring the current political landscape, this was the Boomer generation at yutes:
And this was GenX:
I imagine they weren't voting for too many Republicans back in the day
Posted on 5/24/23 at 11:36 am to tigersmanager
quote:
wrong
Cheap money has in fact been a bipartisan policy since 2008.
Posted on 5/24/23 at 11:37 am to upgrayedd
quote:
The reality of the situation is that these kids have gone to college, amassed a massive amount of debt (because universities are expanding unnecessarily due to charging these kids out the arse because they have government backed loans), and are having to dig themselves out of debt by working for wages that are completely stagnant and only allow for them to barely stay above water.
The idea of buying a house, starting a family, and being financially stable in the long term before 30 is becoming less and less attainable even for people who work hard.
Boomers and older GenX will NEVER admit this.
Times have changed and it's worse for youths. Yes, the goods are generally better (other than the albatross in college), but that doesn't make up the full difference. Other than this, they don't even really have a reply.
Posted on 5/24/23 at 11:38 am to lsufan112001
quote:Oh right - you were addicted to your artificially low interest rates. What a surprise.
You can thank Ftard Biden
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