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re: I think people need to accept that the housing window has closed
Posted on 7/31/26 at 3:36 pm to armytiger96
Posted on 7/31/26 at 3:36 pm to armytiger96
quote:
I can also grasp the fact that entry level pay in most professions are significantly higher than they were when I entered the market
This is factually untrue
0
Posted on 7/31/26 at 3:36 pm to armytiger96
quote:.
No I can grasp the fact that they are higher. I can also grasp the fact that entry level pay in most professions are significantly higher than they were when I entered the market.
i do not know how old you are, gramps, but the entry level pay isn't "significantly higher" in any field in the 15 years since I graduated college. Sure they're higher but this funny thing called inflation and wage stagnation exist.
Posted on 7/31/26 at 3:38 pm to armytiger96
quote:
No I can grasp the fact that they are higher. I can also grasp the fact that entry level pay in most professions are significantly higher than they were when I entered the market.
whew boy you just keep doubling down on your inability to understand concepts.
Posted on 7/31/26 at 3:41 pm to Pettifogger
quote:
Tell me the likely socioeconomic and demographic profiles of your anticipated renters
Housing prices are outrageous and younger folks no doubt have it harder than previous generations.
But also letting a "this is not my ideal situation" stop you from buying your first home is not good advice.
I bought my first home at 28 in 2015. It was certainly in a neighborhood that the demographic was what you are referring to. Didn't even get a good interest rate. Hell it wasn't even close to work. I would have loved to have bought in a nicer neighborhood but we couldn't afford it so we bought one, fixed it up, and sold it three years later with almost 70K in equity.
The neighborhood wasn't great but it was our home and me and the Mrs. look back on that time fondly. Living in a less than ideal situation for just a couple years set us up nicely. We are on our 3rd home and live on the golf course now. Might not have been able to if we didn't buy that first house in a not very great area.
I feel bad for those in their 20's and 30's that want to buy a house that can't. i don't necessarily feel bad for those that want to but can't make a few sacrifices for the short term.
Posted on 7/31/26 at 3:41 pm to stout
quote:
Gen Z seems to be the first generation since boomers to accept that they will have to buy fixer-uppers as their first home but data shows they soon come to regret it.
Renovations make zero financial sense for first time homebuyers unless you have the knowledge and time to complete them substantially themselves. Labor has gotten so expensive and contractors are so unreliable if you aren’t staying in a home and depreciating the renovations through your own enjoyment it really doesn’t make any sense to me.
I just dropped $55k on two basic arse bathrooms.
I could have done it myself for probably half that but it would have taken me forever and I frankly do t trust myself to do that level of work correctly.
I can afford it but it is what it is, but young people are strapped for even enough cash to get into a fixer upper, much less finance renovations.
Posted on 7/31/26 at 3:42 pm to Odysseus32
quote:maybe work more than 6 months in 2026 and make $140k like the other journeyman plumbers
If you become a plumber for a union and you make 70k in 2025
Id bet in the very lowest cost of living communities in the US, a union journeyman clears more than $70k and that’s not even including the benefits and pension packages
Posted on 7/31/26 at 3:43 pm to GoCrazyAuburn
quote:
Pretty wild watching someone argue that its reasonable that the max home someone can realistically afford making the median household income is $250k putting 10% down and that "seems about right
I didn't say that was the max they could afford. I think it is a prudent purchase.
Im saying you can live your life and all of that is easily within reach.
Posted on 7/31/26 at 3:43 pm to Odysseus32
It is very easy to fix all the problems in America but no one will do it because it would make women upset :(
Posted on 7/31/26 at 3:44 pm to CPA Yung Boi
quote:
You need $40k cash to buy a $250k home and be financially comfortable. To buy a $400k home you need at least $70k
Neither of those are true.
You can get better interest rates or lower notes, that is true.
Posted on 7/31/26 at 3:45 pm to armytiger96
quote:
No I can grasp the fact that they are higher. I can also grasp the fact that entry level pay in most professions are significantly higher than they were when I entered the market.
Huh?
I made $5.50 an hour as a Freshman in high school in 2000. Current minimum wage is $7.50
Posted on 7/31/26 at 3:47 pm to Odysseus32
This is false
Posted on 7/31/26 at 3:49 pm to I 10 one lane merge
quote:
Agree fully. I see most now wanting all immediately. They don’t want to wait and work. But the reality is these economics forces them
Boomers on here say “I didn’t have central ac in my first house!!”
Yeah pops it wasn’t invented yet
Posted on 7/31/26 at 3:50 pm to fightin tigers
quote:
I didn't say that was the max they could afford.
But it is though, i'm not sure how you are failing to grasp that (abiding by the 28% rule). If they save for roughly 8-10 years, they can afford a $320k house. Again, this is the median household here. That is an absolutely absurd disconnect between the housing market and wage market. Also need to consider your typical first time home buyer also isn't making the median income from day 1.
quote:
Im saying you can live your life and all of that is easily within reach.
Basically what you are arguing is that starter home ownership really isn't feasible until you are making the median household income in the US. We are just going to fundamentally disagree that that "seems about right".
Posted on 7/31/26 at 3:51 pm to parrothead
quote:
i do not know how old you are, gramps, but the entry level pay isn't "significantly higher" in any field in the 15 years since I graduated college. Sure they're higher but this funny thing called inflation and wage stagnation exist.
It's public record. In 1996 Uncle Sam paid 2LT a base pay $1,675 a month in 2026 he's paying a 2LT a base pay $4,150 a month. This is 2.5x times greater.
According to CPI inflation calculator $1 in 1996 is worth $2.16 today.
So if government employee wages have outpaced inflation, I'm going to believe private sector has as well.
Again quit believing the rhetoric.
Posted on 7/31/26 at 3:52 pm to iwyLSUiwy
quote:young folks can sell pictures of their beehole online and make like $3k in ten minutes.
younger folks no doubt have it harder than previous generations.
Our generation had to fight with Kmart and pay to even get our pictures developed.
Posted on 7/31/26 at 3:52 pm to GoCrazyAuburn
quote:
Basically what you are arguing is that starter home ownership really isn't feasible until you are making the median household income in the US. We are just going to fundamentally disagree that that "seems about right".
There’s a lot of reasons for this and we can argue where and how much “blame” to place, but acting like it doesn’t exist and/or it doesn’t matter is crazy
Posted on 7/31/26 at 3:52 pm to Pettifogger
quote:
neither is pretending the world isn't radically different on this front.
There's a lot more people. The population has grown greatly. Land is more expensive due to that.
I don't understand complaining about that?
The solution is grow more land, decrease the population, or deal with it.
Of course things are more expensive with more people. There's more competition.
Posted on 7/31/26 at 3:53 pm to armytiger96
quote:
Again quit believing the rhetoric.
You are literally believing the rhetoric when it is convenient for you in this post
Posted on 7/31/26 at 3:55 pm to baldona
quote:
There's a lot more people. The population has grown greatly. Land is more expensive due to that.
I don't understand complaining about that?
The solution is grow more land, decrease the population, or deal with it.
Of course things are more expensive with more people. There's more competition
So, just to be clear, you are saying it’s harder for young people to buy a home because of things like the increase in institutional buying and immigration? Just making sure we’re clear here
Posted on 7/31/26 at 3:55 pm to CPA Yung Boi
quote:
There’s a lot of reasons for this and we can argue where and how much “blame” to place, but acting like it doesn’t exist and/or it doesn’t matter is crazy
Yea, I'm not even pointing blame anywhere. Hell, the young kids deserve plenty of it for how poorly they spend money (but in reality they are no different than their parents.) It is something that for the long term, we definitely need to get going the other direction.
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