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re: I think people need to accept that the housing window has closed
Posted on 7/31/26 at 12:22 pm to Odysseus32
Posted on 7/31/26 at 12:22 pm to Odysseus32
For me it's not the housing that's the biggest problem, it's child care.
Daycare is astronomical these days, and I'm pretty sure I just spent a grand on back to school stuff. Granted thankfully I can afford it and could have done things cheaper, but for two kids I spent $250 on school supplies, plus new shoes, backpacks, school uniforms, etc. That shite added up real quick.
But I do agree that the housing market is messed up. I don't know what the solution is. House prices are astronomical for what you get nowadays. The new houses are overpriced, and flippers have inflated the shite out of older house prices. And especially in Acadiana, if you want to live somewhere that didn't flood in 2016 you are going to pay a premium for it. No idea how to fix it, so I'm going to blame the realtors.
Daycare is astronomical these days, and I'm pretty sure I just spent a grand on back to school stuff. Granted thankfully I can afford it and could have done things cheaper, but for two kids I spent $250 on school supplies, plus new shoes, backpacks, school uniforms, etc. That shite added up real quick.
But I do agree that the housing market is messed up. I don't know what the solution is. House prices are astronomical for what you get nowadays. The new houses are overpriced, and flippers have inflated the shite out of older house prices. And especially in Acadiana, if you want to live somewhere that didn't flood in 2016 you are going to pay a premium for it. No idea how to fix it, so I'm going to blame the realtors.
1
Posted on 7/31/26 at 12:22 pm to Odysseus32
you're probably right.
the issue is homes have become a significant retirement booster/source of wealth. used to be pensions. what is this for the next generation(s)? that's the biggest issue here.
the issue is homes have become a significant retirement booster/source of wealth. used to be pensions. what is this for the next generation(s)? that's the biggest issue here.
Posted on 7/31/26 at 12:23 pm to GoCrazyAuburn
quote:
There just isn't supply for that. Not to mention that homes are just drastically more expensive than that. Yes, there are homes you can find. No, there is not near enough starter homes.
I wish I could post some of those houses I toured in the $200k-275k range. I think it would really shock some people in this thread
I mean just absolute dumpster fire properties. Not only are you paying that $200k-275k, you're taking on a $25-50k liability with all the repairs, replacements, and remodeling needed.
Posted on 7/31/26 at 12:23 pm to The Baker
quote:
Mine was 320k in 2024
Daycare is $1800 a month per child
Student loans are another $1000 a month
.... something something avacado toast and starbucks....
My 1950's 3 bed 1 bath home was 230k.
Daycare is $11k a year per child.
My student loans are long since paid for.
She, fortunately, did not take on the expense of college and still makes decent money.
I recently upgraded a 22 year old vehicle to an 18 year old vehicle, and her 11 year old vehicle has been paid off for years.
I've never had avacado toast, so go frick your dead mother, boomer.
We might be able to afford a family vacation to some shithole like Gatlinburg in 3-4 years.
I honestly just have a hard time giving a frick about anything outside of my own family's immediate needs because of the way things are. It should not be this hard to just live.
Posted on 7/31/26 at 12:28 pm to Odysseus32
I think it may have closed for most single people.
It takes two incomes now.
It takes two incomes now.
Posted on 7/31/26 at 12:28 pm to Odysseus32
I bought my house in 2020 when I was making 40k/year. Was tight but i could afford it. I'm making more than triple that now and I'd be wincing if I had to buy it today at what it recently appraised for. Especially with what the interest rate on a loan would be. The good thing is that i have a shite pile of equity in it but I'm probably going to stay in this one until I die at the rate things are going.
This post was edited on 7/31/26 at 12:29 pm
Posted on 7/31/26 at 12:31 pm to Shexter
quote:
used to think my dad was joking when he'd say "In 1970, I paid $28k for my first house."
Then I thought it was crazy that I paid $98k for my first house in 1995.
I can't imagine how difficult it is to pay for a starter home these days when they start at over $200k.
Home values have to increase over time, the alternative would be much worse. Real estate ROI should be around 8% per year. That means every ten years the value should double. Your $28k to $98k in 25 years is about right. $98k over twenty years should be around $400k.
The real issue is not home prices or inflation in general. The real issue is wages have not kept up with inflation. Why is that? Partial reason is illegal immigration and H1B workers. Corporations upsetting the supply/demand by importing cheap immigrant labor.
If only we citizens would hold our government accountable and stop these practices.
Posted on 7/31/26 at 12:31 pm to touchdownjeebus
quote:
It’s following the same path as a college education. It used to be you could swing it yourself or with parents help, then it took loans. Now, even with loans, it’s untenable for many, even if they don’t realize it yet.
If this bubble bursts and there isn’t insane student debt crippling future generations, they’ll more likely be able to afford homes.
I hope that bubble pops before my kids are that age.
Posted on 7/31/26 at 12:35 pm to Shexter
quote:
$2,200 mortgage payment + $1800 daycare + $1000 student loans.
You're out $5k before the other bills even kick in.
Thabkfully my mortgage is only $650 but I'm about to be paying 14k/year for health insurance once my kid is born. Add in daycare and I'm terrified lol.
Posted on 7/31/26 at 12:35 pm to The Pirate King
quote:
Not only are you paying that $200k-275k, you're taking on a $25-50k liability with all the repairs, replacements, and remodeling needed.
Or homeowners/flood insurance lol
Posted on 7/31/26 at 12:37 pm to fightin tigers
quote:
Oh no, you can't immediately move into the wealthy area you want and buy a huge house!!
Seriously, every metro has "affordable" housing in decent areas to those with middle class income.
New Orleans means you have to live 15 minutes away in Chalmette but you can get an amazing starter for 175k or less
If you live in DFW with no kids and a household income of $140k your options are as follows
1. Rent a nice 2 bedroom apartment close to work, within 20 minute commute. About $2500 a month
2. Buy a builder grade 3/2 over an hour away from your office for $375k if you’re lucky. So now you get to spend a couple of hundred dollars a month commuting and you’re bordering house poor
3. Buy a literal shack in south Dallas thats a 30 minute commute and you may get robbed or killed. $325k.
And that’s two college graduates with good jobs.
Posted on 7/31/26 at 12:40 pm to The Pirate King
quote:
what an ignorant statement.
No its correct. You are being ignorant if you can't find a decent starter home neighborhood.
Respectfully, if you are blue collar as the OP suggests why are you looking in any other neighborhoods?
Name a city/ town and I'll find you a decent home in a decent enough neighborhood.
Posted on 7/31/26 at 12:41 pm to Shexter
quote:
I used to think my dad was joking when he'd say "In 1970, I paid $28k for my first house." Then I thought it was crazy that I paid $98k for my first house in 1995. I can't imagine how difficult it is to pay for a starter home these days when they start at over $200k.
My starter home was 200k in 2006. Bought it when I was 25 and have upgraded from there 3 times in 20 years. Having a wife who is career driven has been a big help.
You pretty much have to both be working in the beginning to be able to buy a 250k to 300k house on most salaries in your mid 20’s.
Posted on 7/31/26 at 12:41 pm to CPA Yung Boi
quote:
And that’s two college graduates with good jobs.
quote:
household income of $140k
quote:
DFW
I don't feel like that is how much two college grads with "good" jobs should make collectively in DFW.
But I get your point and agree the situation sucks right now.
Posted on 7/31/26 at 12:43 pm to baldona
quote:
Name a city/ town and I'll find you a decent home in a decent enough neighborhood.
Nashville, sub 300k 3 Bed/2 bath, freestanding home, within 20 minutes of downtown.
In a "good" area.
ETA:
I'm actually curious if you can do this. You may be able to, been a while since I lived there, but it's crazy expensive right now and my friends there still suffer through it.
This post was edited on 7/31/26 at 12:44 pm
Posted on 7/31/26 at 12:44 pm to CPA Yung Boi
quote:
If you live in DFW with no kids and a household income of $140k your options are as follows
1. Rent a nice 2 bedroom apartment close to work, within 20 minute commute. About $2500 a month
Respectfully, if its 2 college graduates they aren't looking for a family life and don't need a nice 2 bedroom.
My first apt with my wife was a 600 sq ft literally $600/ month. This was by choice. Not a "nice" neighborhood but it was very blue collar. We lived there far too long, saving up to buy our first house for about 3 years.
College graduates don't need to buy a home. They should rent something not great, save up, build a career, and buy a house when they have a good stable job.
If you really want to move up when you are young you should be renting so you are more easily able to move around for better jobs/ promotions
Posted on 7/31/26 at 12:44 pm to Odysseus32
Another solid option is for people who have homes to start thinking about them as bequethable assets.
My wife and I are working towards getting our house paid off *very* early. Not because I want to own my own house so much as I want to be able to have a place to live for my kids, if my wife and I decide to buy something else in the future. We wouldn't move out and sell; we'd move and keep.
I'm an older millenial, and I recognize that home ownership is sooo much more unaffordable than it was 5 years ago, let alone the 10 years ago I bought. The likelihood of one of my kids being able to afford a home like I did is low. I want to help however I can, even if that means holding on to a house that I may no longer want in 5 years.
My wife and I are working towards getting our house paid off *very* early. Not because I want to own my own house so much as I want to be able to have a place to live for my kids, if my wife and I decide to buy something else in the future. We wouldn't move out and sell; we'd move and keep.
I'm an older millenial, and I recognize that home ownership is sooo much more unaffordable than it was 5 years ago, let alone the 10 years ago I bought. The likelihood of one of my kids being able to afford a home like I did is low. I want to help however I can, even if that means holding on to a house that I may no longer want in 5 years.
Posted on 7/31/26 at 12:44 pm to CatfishJohn
quote:
I don't feel like that is how much two college grads with "good" jobs should make collectively in DFW.
How many people under 30 do you think are making more than $70k?
Only a quarter of ALL Americans make at least $75k
Posted on 7/31/26 at 12:45 pm to Odysseus32
quote:
the housing market has been co-opted.
So, what you're saying is - the market will never change due to market forces?
If, say, a business starts up that wants to be a notch up from DR Horton, but below the $300/sq foot mini McMansions and "build a better mousetrap", that will do nothing to the market?
Interesting.
How about "nice" mobile homes as starters to leapfrog up? Not much opportunity for appreciation, but maybe better than renting in the intermediate term?
It's just silly to say that the next generation won't be home buyers because who then buys all the homes when they go on the market?
#MuhBlackRock?
Posted on 7/31/26 at 12:49 pm to CPA Yung Boi
These are just the houses and not condos.
All of these are in bad areas?
This post was edited on 7/31/26 at 12:50 pm
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