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re: Half of US young adults live at home, fueling luxury good boom
Posted on 12/15/22 at 10:32 am to PhiTiger1764
Posted on 12/15/22 at 10:32 am to PhiTiger1764
quote:
My point stands with 5% down payment
quote:
what 25 year old has $15k liquid sitting around? You're talking about maybe 1% of the population and that's likely being extremely generous.
OK fixed it for your new scenario.
quote:
Regardless, since I know you love finding disagreements where none exist, I have already acknowledged that things are different with 6%+ rates.
Blow me with this cop out. You said something incredibly stupid and were called on it, not just be me either.
1
Posted on 12/15/22 at 10:34 am to PhiTiger1764
quote:yeah and that house you talked about was worth an additional 25k+ with said low interest rates
I have already acknowledged that things are different with 6%+ rates.
Posted on 12/15/22 at 11:15 am to GetCocky11
quote:
And $235,000 at 6%-7%
Where the hell are you all seeing $240k starter homes? Anything in the Atlanta area at that price is either in the ghetto or collapsing on itself.
Posted on 12/15/22 at 11:17 am to ItNeverRains
quote:
Varn Villa late night pool parties at 18 was insanely fun times.
A fellow Varn Villain. What years were you there?
Posted on 12/15/22 at 11:18 am to DirtMcGirt13
quote:
Am I the only one that when I turned 18 was trying as quickly as possible to get the hell out of my parents house?
Kids today are weird. None of them seem eager for any kind of freedom that we wanted as young men. A lot of them really don't care about getting their driver's license. I couldn't wait to drive, because driving meant freedom.
Posted on 12/15/22 at 11:19 am to weagle99
This explains the long lines i see at Gucci in the Galleria.
Posted on 12/15/22 at 11:22 am to weagle99
quote:
great news for luxury retailers, because saving on daily necessities like rent and groceries is freeing up disposable income for discretionary spending,
That's one way to spin it. Another way is to just call a spade a spade and state that these deadbeats had 18 months of moratorium rent free apartments and pissed it all away into Gucci and Balenciaga.
Posted on 12/15/22 at 11:24 am to VADawg
If we really want this to change, we're going to have to ditch terms like "starter home," "deserve," and "should cost."
There is an attitude problem here. It's not the whole problem, but it's part of it.
There is an attitude problem here. It's not the whole problem, but it's part of it.
Posted on 12/15/22 at 11:24 am to PhiTiger1764
quote:
Ok. Yes things are more unaffordable now with higher interest rates. Assuming 10% down payment, that’s about $1,670/mo with PMI. After PMI it’s $1,580/mo.
But when interest rates were 3%, that’s just a $1,200/mo mortgage. Is that impossible for a 25 year old making say $60k?
MYes it’s tougher now with higher interest rates, but this was going on before higher rates.
Ok, so that’s just the mortgage.
Now let’s talk about every utility that has damn near double in just the last couple of years.
Someone mentioned a used car. We’re currently shopping for a used car for my grandmother whose 1996 GEO Prism finally died. You can’t find anything with less than 150k miles on it for less than $10k right now.
I came across the same make and model of my car on a lot (2016 Malibu) and they want more for it today then what I paid four years ago.
This post was edited on 12/15/22 at 11:25 am
Posted on 12/15/22 at 11:24 am to billjamin
quote:
This explains the long lines i see at Gucci in the Galleria.
Every single Saturday during Covid. They would line up an hour early. I seent it as well in H-Town. $1200 for a Gucci belt, kid couldn't have been older than 19.
Posted on 12/15/22 at 11:25 am to RedPants
quote:
Anything in the Atlanta area at that price is either in the ghetto or collapsing on itself.
Likely both at that price.
Posted on 12/15/22 at 11:42 am to LNCHBOX
quote:
what 25 year old has $15k liquid sitting around? You're talking about maybe 1% of the population and that's likely being extremely generous.
I know math is difficult but 5% of $240k is not $15k.
Just because you couldn’t save $12k by 25 doesn’t mean only 1% of people can do it. Sorry.
Posted on 12/15/22 at 11:43 am to Tomatocantender
quote:
Every single Saturday during Covid. They would line up an hour early. I seent it as well in H-Town. $1200 for a Gucci belt, kid couldn't have been older than 19.
It wasn't just Saturday, it was every day. I used to have an office at We Work in Galleria 1 and would walk through the mall to grab lunch almost every day and there were crazy lines at all the luxury stores.
Posted on 12/15/22 at 12:39 pm to boxcarbarney
quote:
Kids today are weird. None of them seem eager for any kind of freedom that we wanted as young men. A lot of them really don't care about getting their driver's license. I couldn't wait to drive, because driving meant freedom.
IMO, a lot of this is related to parents wanting to be their kids' friends instead of their parents.
Posted on 12/15/22 at 12:51 pm to DirtMcGirt13
quote:
Am I the only one that when I turned 18 was trying as quickly as possible to get the hell out of my parents house?
I had the best of both worlds. I lived at home through college at LSU but partied at my friends' apartments all the time.
Posted on 12/15/22 at 1:00 pm to weagle99
BS...don't believe these crooks and their polls...
Posted on 12/15/22 at 1:37 pm to Salmon
quote:
also the average income for a 25-34 year old is $50k
And I imagine most 25 year olds would fall below that average. I definitely did.
This post was edited on 12/15/22 at 3:10 pm
Posted on 12/15/22 at 1:41 pm to PhiTiger1764
quote:
I know math is difficult but 5% of $240k is not $15k.
I thought we were talking up to $300k homes for a value, you got me good here.
quote:
Just because you couldn’t save $12k by 25 doesn’t mean only 1% of people can do it. Sorry.
A liquid $12k for someone that is at most 4 years out of school is the extreme minority, especially right now.
Any statistic you want to look at will back that up. But by all means, keep being a contrarian.
Posted on 12/15/22 at 1:48 pm to boxcarbarney
quote:
A fellow Varn Villain. What years were you there?
94-98
Posted on 12/15/22 at 1:50 pm to LNCHBOX
quote:ehh i usually agree with you on this stuff, but a 25 year old should be able to put away 10-20k for a downpayment. i had that within 18 months or so of graduating
A liquid $12k for someone that is at most 4 years out of school is the extreme minority, especially right now.
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