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Started By
Message
1
Posted on 8/16/25 at 2:03 pm to blueboy
quote:
Yes, and cars are quickly following.
Cars are cheaper today than they used to be, in real terms.
Posted on 8/16/25 at 2:05 pm to The Pickwick
Logically though, on average, people don't pay off their 30 year mortgage. Refi, sales, etc. I imagine the 15 and 20 year folks do at a higher clip just because that tends to signal some sort of intent.
Posted on 8/16/25 at 2:10 pm to GRTiger
There’s a lot of old people in the US 
Posted on 8/16/25 at 2:10 pm to GRTiger
quote:
You're not always wrong.
Posted on 8/16/25 at 2:13 pm to The Pickwick
God bless em
Posted on 8/16/25 at 2:21 pm to SlowFlowPro
quote:
However, I get anxiety thinking of how many people who bought cars 22-24 who are absolutely fricked, value-wise...and those are the "straight up" buyers. The ones who rolled tons of negative equity into the new note, who may not get out of it until 2029 or 20230?
You get anxiety from this? Weird.
Posted on 8/16/25 at 2:24 pm to CrimsonTideMD
You're presumably a doctor and you can't find the right in someone like Slow? Embarrassing admission if true.
Posted on 8/16/25 at 2:34 pm to SlowFlowPro
You are not going to get an honest dialogue on a topic that people refuse to question. So many people associate home ownership with success in life and a goalpost for moving into adulthood.
Posted on 8/16/25 at 2:40 pm to lynxcat
quote:
You are not going to get an honest dialogue on a topic that people refuse to question. So many people associate home ownership with success in life and a goalpost for moving into adulthood.
There has been 4 pages and the anti ownership side can’t refute that maintenance costs are simply baked into rent. They just ignore it.
Rent will continue to rise over the course of several years and that at some point a mortgage ends.
The response is simply “well I mean who actually pays off their mortgage”
I guess they think people who buy a house in their 30s always die before their 60s?
So who is not interested in an honest dialogue again?
This post was edited on 8/16/25 at 2:41 pm
Posted on 8/16/25 at 2:56 pm to SlowFlowPro
I put nothing down, got a 2.65 rate, picked the smallest house plans the builder had, and so I’m in a good spot. Now I can’t move anywhere ha. Home ownership has been good for us in that sense. Now, the maintenance I haven’t factored in yet, but it hasn’t been horrible.
Posted on 8/16/25 at 3:00 pm to Kingshakabooboo
quote:
That’s why rent or lease on a house in a given neighborhood is generally higher than what a mortgage note would be on similar home in same neighborhood.
This is not always true, especially if you combine all the insurance, taxes, maintenance, etc.
They go over this in the video.
Posted on 8/16/25 at 3:51 pm to SlowFlowPro
quote:
That’s why rent or lease on a house in a given neighborhood is generally higher than what a mortgage note would be on similar home in same neighborhood.
quote:
This is not always true,
Now you are just arguing to argue.
Posted on 8/16/25 at 3:56 pm to SlowFlowPro
Did not watch video, did read the gemini summary. I don't disagree with it.
My in-laws (retired) sold their house at Lake Oconee and dumped the gains into their retirement accounts, and the returns nearly pay the rent at their new midtown ATL highrise condo. Previously, they were paying their mortgage out of their retirement income, but by cashing out their equity in a sale, in this market, and using their returns to fund the rent, they are actually spending less money than they were spending.
Every situation is different, I agree with the premise that "owning a home is the new college degree" but there's exceptions and situations and circumstances that are different for everyone, in different markets, in different career/family stages.
My in-laws (retired) sold their house at Lake Oconee and dumped the gains into their retirement accounts, and the returns nearly pay the rent at their new midtown ATL highrise condo. Previously, they were paying their mortgage out of their retirement income, but by cashing out their equity in a sale, in this market, and using their returns to fund the rent, they are actually spending less money than they were spending.
Every situation is different, I agree with the premise that "owning a home is the new college degree" but there's exceptions and situations and circumstances that are different for everyone, in different markets, in different career/family stages.
Posted on 8/16/25 at 9:09 pm to SlowFlowPro
quote:
This is not always true
Of course not. But I would venture to guess that more times than not it is. And when it’s not true, the mortgage note plus repairs are’t a huge percentage more than rent. Not enough to offset my point that once a home is paid for you still have something of value versus lifetime of rent where you have nothing.
Posted on 8/16/25 at 9:30 pm to dcrews
quote:
To think that everything is the exact same as 30 years ago
I didn’t say they were the same and I acknowledge that it is more challenging today but it is still doable.
My son was 20 and making $18 an hour as an apprentice plumber while working towards his journeyman’s. He wanted to move out. I advised him against it and told him he was welcome to stay living at home as long as he needed as he was working towards his goals. But he was adamant about wanting to get out in the real world. I helped him figure out what he could afford and it wasn’t much and thought once he saw he would change his mind but it didn’t. So I helped him look and we eventually found a little 3 BR/ 1Bth home. It was a wood frame pier and beam built in 1958. They were asking $89k and he bought it for $80k at 6.2% He took advantage of Rural Development Zero down loan and used what little money, about 5k, he had saved to go into fixing the house up a bit. His note was $415 including property tax and insurance. He managed just fine in that house for four years. In that time he received his journeyman’s in plumbing, increased his pay to $30 hr - $60-$65k depending on overtime, and married a girl that just finished dental hygiene school. She got a job paying about $65k year. So together they make $130k. He just sold that house for $120k, took the 30k equity plus another $10k and hey had saved over last year and put $40k down on a very nice 3/2 brick home for $300k.
Now personally I had advised him to stay him old house for a few more years and save a shite ton of money but I get wanting to move up to somewhere nicer. But he started within his means and didn’t move up until he was comfortably able to.
I agree, if you make minimum wage flipping burgers it’s hard to buy a house. But it has always been that way. I also understand that it takes more to get in that nicer house now than when I was coming up. And the dump I started with equates to starting with an even dumpier place for today’s young adults. But it is still possible.
Posted on 8/16/25 at 9:36 pm to GRTiger
quote:
Do you imagine most people stick around in a house for 30 years?
You don’t have to stay in the same house for 30 years to have a paid off home. My house will be paid off in 4 years. It’s my 4th house. Bought first house when I was 21 and my current and 4th home will be paid off when I’m 55. Each house I sold, I rolled the equity plus some into the next. The fourth house I bought, I had enough equity rolling into it that I only financed for 15 years. I have also paid 1 to 2 extra notes per year every year I have had mortgages which has allowed me to build equity quicker and knock years off of mortgages.
Posted on 8/16/25 at 10:15 pm to Kingshakabooboo
Houses in BR is just too stupid expensive.
Posted on 8/16/25 at 10:57 pm to H2O Tiger
quote:
Mrs. H2O and I are in the market for a lake house. They aren't making any more dirt and lakefront is in high demand. We look at it as an investment more than anything.
As someone that owns more than one non-primary home, do NOT do it as an investment unless you plan to rent it out when you aren't there.
When you move in you have an entire house to furnish along with TVs, small appliances, rugs, dishes, pots/pans, cooking utensils, stuff for the walls, etc. Then you have to maintain it at a reasonable temperature, along with the water heater and fridge. Then you need internet for the security system. You need to maintain the yard. Then you have taxes and insurance that go up all the time. At some point you are going to start getting hit with the big tickets like roof, HVAC, and major appliances.
When you run it all out you don't make that much money. It is not like the math of renting vs owning a primary home. Then depending on value you can have capital gains tax on the sale. You might get some tax help on SALT deductions and interest if you have a mortgage but second homes are a lot more expensive than they appear unless you rent them and I can't abide that for several reasons but it works for a lot of people.
Posted on 8/16/25 at 11:09 pm to SlowFlowPro
Didn’t read the thread.
Just here to state that a back of the envelope calculation of your post count, general average of word count, all put into the timeframe of your account here leaves one of two facts. One, you are being paid to post here. If not, then your existence is one of the saddest, most tragic wastes of a human life I could possibly fathom.
Just here to state that a back of the envelope calculation of your post count, general average of word count, all put into the timeframe of your account here leaves one of two facts. One, you are being paid to post here. If not, then your existence is one of the saddest, most tragic wastes of a human life I could possibly fathom.
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