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re: How will young people ever get ahead?
Posted on 5/3/23 at 7:56 am to Allthatfades
Posted on 5/3/23 at 7:56 am to Allthatfades
Boomers have really fuq’d millennials and zoomers…and whomever comes next.
No generation in earth’s history has ever taken such an outsized share of wealth from subsequent generations.
No generation in earth’s history has ever taken such an outsized share of wealth from subsequent generations.
1
Posted on 5/3/23 at 7:57 am to stout
quote:
No. Desirable land is expensive.
There is still land. It just may not be in the area all of your friends are in.
Also, gentrification needs to happen more. There are tons of nice old houses but again no one wants to fix them up.
Here in Lake Charles, there are parts of an old neighborhood called Oak Park that have some huge nice older houses. If you get too far near 12th St in Oak Park it is ghetto but the parts by Prien Lake Rd are still OK crime-wise and has so many huge nice houses for great deals. Instead, the younger people are opting for new houses they can barely afford with small lots in Mroganfield or something.
You know what my parents didn't have to do in the 90's? Literally anything you just described. Now, did they buy into a "nice" neighborhood? Nope. But it was a firmly lower-middle class neighborhood in the middle of Lafayette that had been developed in the last decade and a half. Houses were still all new-ish, nothing run down.
The fact that my parents could acquire a reasonably new 3/2 (albeit quite small) in town in Lafayette with zero needed renovations for the equivalent of $80k is the entire point. Saying that, well, young adults can move into an older house that needs renovations outside of the city for $200k isn't exactly the counter argument that people seem to think it is.
Posted on 5/3/23 at 7:58 am to BabyTac
quote:Shows how out of touch you are with the current market. Job hopping is by far the best way to see income gains today.
I didn’t job hop every 2 years
Posted on 5/3/23 at 7:58 am to Jon A thon
quote:
This just isn't anything that should affect you getting ahead. Even if thus is true, you don't have to buy the 50k vehicle. I'm nearing 40, have a household income in the 90+ percentile and have yet to buy a vehicle that expensive. And we don't drive beaters. Every person making 70k a year thinks that you need a Tahoe or an F150 loaded out with features. It's people's own stupidity that keeps them from getting ahead.
Have you went and bought a car recently?Your base car value starts at 30k and there’s high interest rates for no reason.
Posted on 5/3/23 at 7:59 am to Allthatfades
Most won’t.
A few smart ones will sacrifice and plan accordingly to get ahead
A few smart ones will sacrifice and plan accordingly to get ahead
Posted on 5/3/23 at 7:59 am to stout
quote:
Also, gentrification needs to happen more. There are tons of nice old houses but again no one wants to fix them up.
This is very true. Young couples need to stop looking for 2200 sq ft homes for 300k in flood zones and start looking at renovations. There’s lots of homes available, but nobody wants to put in the work.
Posted on 5/3/23 at 7:59 am to Joshjrn
quote:
Your point was that a kid bagging groceries made roughly the same as poor you in the 90's, which is wildly inaccurate.
$15/hr is roughly $30k per year for full time. My only point was in 1996 a GOOD starting salary is the equivalent of minimum wage today.
quote:
Nobody is building starter homes anymore because land is too expensive
But isn’t this really something we’ve only seen develop over the last 5-10 years with zero interest rates? I agree that the cost of housing is ridiculous now but I don’t think it’s sustainable.
Also, I know one person that bought a house in his twenties with family money. Everyone else rented until we’ll after they were married because getting a down payment was a struggle. Being a young single home owner is a stretch and always has been.
quote:
But anyone who doesn't see the looming problem isn't paying attention.
If you want to talk about what the Fed has been doing to destroy the middle class and make necessary items (food, energy, housing, transportation) ridiculously expensive you won’t get an argument from me. I personally think we’re going to see another asset market crash to correct the last 12 yrs of stupidity….but that’s a different topic.
Posted on 5/3/23 at 7:59 am to VADawg
quote:
The only places homes like that still exist are in places where you have to dodge gunfire walking to the mailbox.
I'm not sure where it became a thought that to get ahead, a young person is expected to buy a shitty house in the ghetto and renovate it.
This post was edited on 5/3/23 at 8:00 am
Posted on 5/3/23 at 8:00 am to WaydownSouth
quote:
Locked in 3% interest during 2020 on a 2100 sqft house. Replaced counter tops, put in a wine fridge, replaced roof, oven, microwave, stove, and dishwasher. Re-did the back patio, had some folks paint. Only thing left is to replace the air conditioner, which just had it serviced, said it should last until next summer at the least
similar to what we’ve done. we bought the cheapest house in an established nice neighborhood. we’ve invested $50k into the house, backyard, and landscaping. Refinanced in 2020 into the mid 2%. It’s now estimated to be worth $120k more than we paid for it. So folks saying it’s not possible aren’t trying hard enough or aren’t willing to settle for a fixer upper or something that isn’t their dream home. OR may have just missed the opportunity to do so. I’m in no way arguing it isn’t tough.
This post was edited on 5/3/23 at 8:47 am
Posted on 5/3/23 at 8:00 am to Allthatfades
If you can't see that inflation is and has been increasing at a much faster rate than wages are, then you're just ignorant of the situation
Posted on 5/3/23 at 8:00 am to VADawg
quote:
The only places homes like that still exist are in places where you have to dodge gunfire walking to the mailbox.
Well, that was definitely my strategy for escaping my parents' house. Definitely lived in some shite neighborhoods when I was in my early 20s. Someone has to live there.
Even now, I don't live in a great neighborhood, but I have my eye on retiring well before 60 and I don't have any trouble covering my bills. So much in life is about tradeoffs, and I hate to sound like Muh Boomer, but people just aren't willing to make them sometimes.
Posted on 5/3/23 at 8:00 am to WaydownSouth
quote:
Locked in 3% interest during 2020 on a 2100 sqft house. Replaced counter tops, put in a wine fridge, replaced roof, oven, microwave, stove, and dishwasher. Re-did the back patio, had some folks paint. Only thing left is to replace the air conditioner, which just had it serviced, said it should last until next summer at the least.
Me and the wife were about to build on some land I own and I backed out when the material cost went up. I am a contractor and can do it cheaper than most and still decided to wait.
Instead, we bought a 20-year-old hurricane-damaged house on an acre. 3800 sq ft living with a 1300 sq ft living guest house. I made it nice with all the latest and greatest. We could double our money on it today. I don't want to sell due to the rate we locked in on it so we will stay here for a bit to see what happens.
We lived in the guest house and I did a lot of the work myself to build up the equity.
Posted on 5/3/23 at 8:01 am to SquatchDawg
quote:
The costs are higher but so is entry level income available…degree or not.
Do you just...like...not understand inflation at all or what, guy?
Posted on 5/3/23 at 8:01 am to stout
quote:
I will give you easier but it isn't cheaper. Sweat equity is a real thing.
You think these people are gonna renovate the houses themselves? Ha
Doing a full decent renovation of an old 3/2 house is gonna be $150k at least plus the cost to buy the house
Or you get a new “starter home” for $250-300k
Posted on 5/3/23 at 8:01 am to Eli Goldfinger
quote:
Boomers have really fuq’d millennials and zoomers…and whomever comes next.
No generation in earth’s history has ever taken such an outsized share of wealth from subsequent generations
You say this as if you believe your wealth is tied to the wealth of others.
Wealth is not near as finite as you think it is.
Posted on 5/3/23 at 8:01 am to GetCocky11
quote:
I'm not sure where it became a thought that to get ahead, a young person is expected to buy a shitty house in the ghetto and renovate it.
Boomers are always looking for a way to get rid of millenials
First the ghetto, then Ukraine
Posted on 5/3/23 at 8:03 am to SquatchDawg
quote:Some truth to this. Prior to the 80s, a 'starter home' was a 900 sq ft, 2 bed / 1 bath house shaped like a square. Today's 'starter homes' are 2,700 sq ft 4 bed / 3 bath houses that only ultra rich people had a couple of decades ago.
The issue is kids think they should live and have what their parents do right out of the gate.
Posted on 5/3/23 at 8:03 am to Joshjrn
quote:
You know what my parents didn't have to do in the 90's? Literally anything you just described.
Cool so your parents didn't have to fix up a house.
You used to be able to order a whole house from Sears too. Times change and so does the market and people have to adapt
In today's world fixing a few houses and moving up over time is not desirable but is a great wealth builder and a way to avoid being in massive debt like your friends.
This post was edited on 5/3/23 at 8:04 am
Posted on 5/3/23 at 8:03 am to Ronaldo Burgundiaz
quote:
Prior to the 80s, a 'starter home' was a 900 sq ft, 2 bed / 1 bath house shaped like a square. Today's 'starter homes' are 2,700 sq ft 4 bed / 3 bath houses that only ultra rich people had a couple of decades ago.
The bullshite in this thread never ends.
Posted on 5/3/23 at 8:04 am to tiggerthetooth
quote:
Im not sure that's feasible in Silicon Valley.
Well then get the frick out of Silicon Valley. I could get a job in Manhattan at my current income but don’t feel like living in a cardboard box.
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